MoonTrader
Long

Potential double bottom forming

BITFINEX:BTCUSD   Bitcoin / Dollar
The downtrend seems to have lost steam at the $235 level with the market failing to make new lows and currently in oversold condition. We can see a nice double bottom beginning to form on a higher time frame. This will be the make or break point for bitcoin's long-term trend decision. If we get rejected at the long-term dowtrend again, then it would appear that new lows are coming.

I am taking a small long trade here, but it should be noted that this pattern is not confirmed yet, although I think it's unlikely that we see another breakdown at this point. As always, it's up to you to decide if you're willing to accept the risk for the reward.

Related Ideas

MoonTrader
2 years ago
Update 4 April, 2015: My other ideas outlined this trade in more detail since the entry is not well-defined here. Took profit at the top of the supposed double bottom because it looks like it may not play out after all. Still good for a 3.2% gain.
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