MoonTrader
Long

Potential double bottom forming

BITFINEX:BTCUSD   Bitcoin / U.S. 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.

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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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