BTC:USD 4 hour chart DAILY UPDATE (day 48)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Over the past few days we have been on red alert, awaiting final confirmation that this bear market is over.

Step 1: Break through bear trend (red line)
Step 2: Turn that trend line into support
Step 3: Golden Cross on 50/200 day SMA

In yesterday’s post I pointed out the dragonfly doji that was forming on top of the trend line and was watching for the price to bounce. This morning I was very happy to see that everything is still moving according to plan.

If we can maintain support above $8,150 and develop a higher low over the next 24- 48 hours then I would consider Step #2 complete.

The 50 day MA has begin to posture up and is rapidly approaching the 200 day MA. Once those cross then all three steps will be checked off and I will be ready to open a leveraged long. In the meantime I am waiting patiently on the sidelines and would advise the same for everyone else.

Happy trading and remember that following is free!
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