RoyVan Der Reijnst

BTCUSD Crossroad yet to come

BITSTAMP:BTCUSD   Bitcoin / Dollar
135 2 2
Well, again we're playing a bounce.

It seems that we just took a decision at a crucial crossroads when we broke the triangle at the big red cross.

However, my idea is that the real decision is yet to come as we have to watch carefully how the bounce will play out.

Also mind that there's signs of the USD markets topping out, meaning that BTC and commodities in general could prove a safe haven for capital in the coming weeks.

I see retracing to the 365-370 as highly probable, at which point the real decision will be made. If the bounce doesnt come, a tight stop will save us from being pulled to depths that could even reach 2xx$ figures again.

Like the way you're thinking, alt ought i'm not thinking your H&S would be confirmed.
What do you expect from now?
+1 Reply
I still think 365-370 is a realistic target, the 4h charts MACD is about to cross, giving way to some upside momentum.

Although I expected a more fierce bounce, my outlook is pretty unchanged. I might want to lower my SL a dollar or 2-3, because last low came really close and this market is known for overshooting Lows and Highs.

I'm still waiting whether the 365-370 will become resistance or support.

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