MountainTraderFX

BITCOIN STRUCUTRE ANALYSIS| SCENARIOS UPDATE

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BITCOIN has had a bullish rally following the news of PayPal incorporating Bitcoin into its payment systems.
Now, on a technical level, there is a buying opportunity from the support confluence of the channel and the horizontal key level.
I would not recommend any short, even though a movement downwards is likely too, as the upside is clearly more preferable for the market and your stop will be hit multiple times before the market makes a move in your direction so risk reward wise shorts aren't attractive.
Rather, If bitcoin falls to the identified levels, I would be looking at a buying opportunity there, both speculative and as a good level to add more BTC into your long term investment portfolio.

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