Zivul33

Diagonal support must hold the bulls!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After our last failed pennant uptrend, we have come to another pennant formation in a larger time frame with a complex H&S which relies on diagonal support!

currently, the price action is below both ema's and entering a diagonal channel which won't have much time for reversal or the downtrend will continue.

Rsi shows a very rare oversold and the Ichimoku lagging span is going towards the diagonal support already. let's hope it finds its way to the cloud.

My recommendation is not to get in or short while the price action is within the yellow and red dotted channel; instead, place your entries/Long orders over the yellow and red dotted channel and once in go with the diagonal support as your Stop Loss.

Comment: The support is now officially broken.
Comment: Price in the diagonal channel.
Comment:
Comment:
Comment: Price action traveling through the diagonal channel!!
Comment:
Inverted hammer Doji with great volume and squeezing of Ichimoku cloud looking very bullish on daily!

cheers!
Comment: after my Doji call, we gained another green candle which didn't hold the bulls up over the diagonal channel and we only trade BTC over the channel as I mentioned.

BTC bearish sentiment with the price action and the lagging span under the price action is going to 9400 zone and if that doesn't hold the bulls 9060/9070 will be in soon.
We will wait till a good buy volume kick in for longs.
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Comments

Nice,keep up the good work.
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