TomProTrader

BTC/USD - Continuation Move?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Same thoughts as before, but upside possibility is increased now due to promising candlesticks .

There's a few conditions to be met in order to fully confirm the up move. They are:

1) Bitcoin 0.77% must NOT close below 6560 again in order for the bullish breakout to stand.

2) Price must break above 6660 (If taking an aggressive stance), or 6749 (Conservative trading strategy) and RETEST it for a safe buy opportunity. Now there's the huge shooting star signal, we now need to break the top of the shooting star range before taking a buy. By not waiting, it's too risky.

There's also a condition that qualifies for a short.

1) Break below 6550 would break side-wards support which negates ALL the higher lows recently. It'd be a nice short opportunity.

Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!

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Comment: Still waiting :-)
Comment: New analysis on Bitcoin posted. :-)

I hate how closely the Total Market Cap pattern is to the last time it turned from the bear market in 2014/15...
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Weavs844 Weavs844
@Weavs844, Weird its dropping down today... what were the odds of that happening?!?
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Weavs844 Weavs844
@Weavs844, WHAT A SHOCKER
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@Weavs844, does appear to correlate as you suggested indeed
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Thanks Tom. Appreceite it.
+1 Reply
TomProTrader FarmerTIm
@FarmerTIm, you are welcome.
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Do you believe that this move was a fakeout and we will dip back below the 8 month resistance (orange line)?
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TomProTrader ReeceHayner
@ReeceHayner, compare the levels against my analysis to answer :-)
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Potential Bullish setup for BTC/XBT

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