alexcrypto

Many signals for a big move. Odds to the upside.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
A big move is brewing, and signals give the odds to the upside.

Signals include:
1. Death cross almost avoided, the 50 and 200 MAs just kissed.
2. Price is respecting the triangle that if broken could give us significant projections either side and a bounce over the 20,000 mark if bullish on breakout
3. CMF showing a significant bull divergence suggesting a upside breakout
4. BB width at a low suggesting an impending explosive move

Bullish move will see a sustained momentum that could bring us to retest the 11,500 level that bears important significance for a sustainable bull run to over 20,000 if broken.

The bear scenario is quite grim with projections to well below the 6,000 level, with a likely retest of the sub 5,000 area with an extremely strong support at the 1,300 area where we broke out before the extremely strong momentum of the past year and half.

Trade safe. It is crucial to take little steps in your profit taking giving the nervousness of the current market conditions.


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