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MagnusTradingGroup
Apr 9, 2015 2:53 PM

Anticipatory Overview Long

Bitcoin / DollarBitfinex

Description

We are sitting on a prior consolidation level (230-235).
These are the possible outcomes:
  • 235 holds, we break up, inverse H&S resolves, target 280-290
  • 235 breaks resulting in a meassured move down to 180

Last time market retested such a major consolidation level from above,
OBV was in a downtrend, thus price continued the downtrend.

Rightnow we have a similar situation only that OBV is in an uptrend.
This may be a hint for a bullish resolution of this situation.
Also we have a tripple bottom with long wicks at this level, suggesting strong support.
Large volume is required to create a convincing breakdown.

Check out the charts linked bellow for more details about my bullish bias here.

Cheers : ]
Comments
Esper
Really nice chart!
nunoedgar.fernandes
I thought this idea to be reasonable indeed!
MagnusTradingGroup
Thank You !
FoxTrading
thanks for sharing, i agree with your idea
MagnusTradingGroup
thx for checking it out ; )
khoilevt
Good ideas
MagnusTradingGroup
As always :D
Douglas-Squirrel
235 broke, what timeframe do you have for 180 ?
MagnusTradingGroup
Depends on how long we stay above 210. once that level breaks, support down to 180 is thin.
If you ignore that we are in a year long downtrend, one could argue we are still in a range between 210-300. There are sevel hints that BTC is trying to consolidate it's fair value in this range. For the price it would mean spending atleast half a year more in this range. All time moving averages are within this range aswell as the average cost for minners to mine a bitcoin. So it wouldn't surprise me if we consolidate more within this range instead of continueing the downtrend in the manner everybody expects.

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