GeorgeSaber

BTCUSD, More Bullish than I'd like to admit

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I see a "failure swing" on the 12 hr chart, and BTC is currently trading above the previous downtrend.
Definition of a failure swing:
"Specific type of breakout from an overbought or oversold zone, First sign of a potential reversal after a lengthy trend. Occurs when an Oscillator breaks up from the oversold zone, creates a reversal point, pulls back, but fails to reenter the zone" - Wilder (1978)

We also see a bullish divergence on the double bottom on the 12hr chart.

Intraday chart shows an ABCD Diamond formation, which is a reversal formation as well.

DI+ above DI-
Peaks and Troughs on intra-day ADX don't really conform.

IF btc continues to range here, I smell and Alt Season coming, and the longer it can hold above the downtrend line, the less valid the line becomes.
If BTC goes bearish , and breaks below the downtrend, we've got problems.

If we break upwards from this failure swing, all bears will burn in hell.

I've been known to go long and short on BTC , I'm currently on the sidelines, and have small positions in XEM and POWR, as well as VOX.

Follow me on twitter for realtime updates, I rarely post here.

I always welcome your thoughts ideas and comments.

Thanks!
Long time since post. Welcome back.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out