robbiegrass

BTC bullish reversal near? touched 2017 log scale trendline

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As we can see in the bottom half of the analysis, BTC             has touched the 2017 log-scale trendline and bounced up from there.
BTC             also entered my buy zone (will add extra pictures in the update section)

Bearish volume is decreasing as seen on volume , green candles are getting bigger and are starting to take over red candles which could indicate reversal.

If we drop beneath 7750 that would be a bad sign. Do your own analysis and be prepared on both bullish and bearish scenarios.
Know how to trade either way because we are on a thin line between a big bull run or a lot more downtime.
Comment: Perfect rejection of log scale downtrend line (red line).
Purple zone indicates buy zone created by previous resistance/support zones
Comment: when 4h RSI has been this low, look in the past
Comment: momentairly downtrend in this short term channel
Comment: Very minor bullish divergence on 1H. Big decreasing price tho
Comment: If wave A = Wave C, possible low at around 8k
Comment:
Comment: bear flag, perfectly touched 0.618 fibo retrace, most likely extension if bear flag does not break to 8050 usd, 2nd target 7915
Comment: Bitcoin got up to that Optimale Trade Entry at 0.705 Fibo retrace. Breaking down bear flag, target 8050 USD
Comment: Big bear flag forming on the hourly, not really happy with this, will have to see how the market reacts to it. If this breaks downwards, im pretty confident that the log scale 2017 trendline will be broken. Hourly RSI very low so lot's of upside potential.

Sold my first position at 9500 and have now bought again at 8800 with my stop at 8350 for now.
Big bear flag forming on the hourly, not really happy with this, will have to see how the market reacts to it. If this breaks downwards, im pretty confident that the log scale 2017 trendline will be broken
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@robbiegrass 4 hr chart has a tweezer bottom as well plus your charts hopefully we are clear for a while
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I´ve got similiar chart. And I think its possible bounce area too

+1 Reply
@anoinvest, Hoping for 1 more spike down followed by a big buy up to confirm reversal!
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ThankUKind robbiegrass
@robbiegrass, how low for the last spike down would you be looking at ? Double bottom or going beneath the 8,3 we saw earlier hours ago?
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robbiegrass ThankUKind
@ThankUKind, I already bought at 8400 and another bit at 8800 with a stop at 8600 at the moment. So will break even if drops below 8600 again
Still hoping for a quick dip beneath 8k for a better buy in otherwise I still have nice entry
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ThankUKind robbiegrass
@robbiegrass, would that dip most likely happen by the weekend?? I bought at pretty much the same levels as you did. I like using stop loss but do worry that if I got stopped out at 8,6 (about where I would set mine as well) It will bounce back to quick to catch the next ride up.
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