FerroIgnique
Long

Short Term Bullish Option

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In the very short term we have a good case for a surge in price. The last 3 days the price has generally been trending up, wicks included. The Stoch RSI is poised to cross bullishly on the daily and if that pumps to 80+ we can see some major appreciation. My major concern is the overbought weekly Stoch and Stoch RSI ; along with the NVT FUD

My Narrative is that that Big Daddy Bitcoin smashed through all the SMAs , all the way to the 600 while alts have been stymied. The entire crypto market is waiting to see if alts like XRP and ETH can get over the 400. The 400 is very clear resistance on ETH, but XRP appears to be fighting thought.

My best case is that the stoch and stoch rsi cross bullishly only the daily, we blast through to the 600 MA as a target with a primary target and over performance at the blue circles; timeframe is one daily stoch rsi cycle, whatever that is.
Great Setup, I have a short position running on BTCUSD right now what do you think?
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FerroIgnique DACapitalTrading
@DACapitalTrading, I'm not here to give advice or critique trade set ups. What I will say is that a trades likelihood of being profitable is based on the amount of margin used v available and time horizon. For me, I look at how highly correlated the Stoch and Stoch RSI are to price action, I look at crosses, and especially when the crosses are sympatico over different time frames;' that is 'k' relative to 'd' on the 1h, 4h, 1d and 1W.



The stoch RSI trended down at near May 14th and that introduced a lot of chop, and price fell again when the Stoch proper dropped from overbought and ran to oversold. I think most the slack is out of this stoch cycle and the next stoch cycle will see prices appreciate.
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FerroIgnique FerroIgnique
I am long. We could both end up making money
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