clefsphere
Long

Bitcoin Analysis Stay Long or Go Short?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders! Hope you're having a great day and that you've been on the profitable side of the market these days.

Here's what I'm seeing on the Bitcoin chart:

First off, of course we're in an uptrend -and on every time level that I'm tracking here (Shortest time frame to Longest time frame). The green bands are signals of moving averages. They're all currently green. Just for fun, I have posted the Strategy results at the bottom using the 2nd (fast) band of the indicator.

Higher highs and higher lows are still in play which is bullish .

The direction of the moving average line is sloping upward, also bullish .


Next, the lower two indicators are Overdone indicators and help keep in check excessive moves. These indicators have signaled a few times and yet the positive run continues with a few pauses or slight downturns. That is fairly normal in a strong trending market. Overdone gets worked off and becomes less overdone and then upward we go.


Finally, I have some levels to watch drawn on the chart.

We're golden as long as no Daily close below 7394.81 . If there is a close below that we'll re-evaluate.

Near term target: 8631.81


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