GetMoneyTony
Long

Why I'm Bullish on BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
These are only my thoughts so DYOR before entering a position. I have been using this to trade XBT for the last few weeks since we originally tested the magical $5850 number.


BTC 0.05% broke every macro downtrend from our ATH -0.47% and has shown the potential for a true double bottom:

1. Prior trend has been broken
2. First Trough broke lowest price in trend
3. We have had 3 Peaks now and this has shown before to the magic number for BTC 0.05% to break its' macro downtrend.
4. The Second Trough was textbook. For a valid trough you are looking to be within 3% of the first trough.
5. There was a good amount of volume on the Advance Trough (I would like to have seen more - but look at the volume breakout similarity from the last bear market).
6. We broke out ATH -0.47% Resistance (although there wasn't ascending volume ).
(Currently we are here)
7. Resistance has turned support and it is normal to test it here. This is a good time to get a second chance to close a short position or initiate a long.
8. We are now waiting for our price target. I see $6,800 being our new found support before we move sideways for a while. It will be our third time trying to break it and would be a real confidence boost to BTC 0.05% .

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Daily StochRSI is bottoming out and I am seeing some hidden divergence. We are seeing higher lows for price and lower lows for Stoch - this is common when we are retracing an uptrend. We could see RSI pulled a little lower than we are now and maybe touch the $5,850 mark but I really don't see that breaking for psychological reasons. I am stacking longs at the blue and green boxes.

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I also would like to see us break $6,800 before we get too close to the Ichi Clouds. I also believe that breaking $6,800 before coming in contact with them will allow us to find support easier at this level. I am using 20/60/120/30 to present a 24/7 live market better.
Trade active: If this Inverse H&S plays out, we might see a test and resistance turn support of $6,400 sooner than expected. Still needs volume confirmation. Either way, I am stacking longs from to $6,400.

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