themuzzman

Bitcoin TD 9 on the chart. Where are we heading?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is FINALLY trading outside the long downtrend that started back at the all time highs! What happened? The price touched the 50 day moving average and was smacked down. There is also a 9 sell signal from the Tom Demark Countdown which generally results in some profit taking. It's normal to see the price pause here and digest the recent bullish action. The best we can hope for is to get through this current daily candle and not break below $7,865 bringing it back into the downtrend channel . If tomorrow's action brings a green 1 on the chart, then once we get a green 2 trading above that green 1 then the bullish trade is back on the table. So, if Bitcoin price action can play defense over the next 2 days and setup, we can see higher prices mid week. Bottom line is the price cannot fall back into the downtrend channel . Anything outside of that would be a good start. The MACD is still bullish and has not turned down while the RSI is able to start resetting on the chart.
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