btc_joe

BTCUSD Falling wedge continuation pattern?

BITSTAMP:BTCUSD   Bitcoin / Dollar
882 0 8
4 months ago
This looks like a falling wedge. 200 day MA has been a good one to watch over the years, price bounced nicely off of it. We have a bullish divergence on the MACD . I think these are the two most likely scenarios going forward. The fib lines are drawn from the high down to this recent dump from the hack, it will be tough to make it past the 50 fib and 618 fib, but if it can then the price should break out.

It might depend on how the Bitfinex situation resolves, but I am actually pleasantly surprised with the way the market has reacted thus far to finding out around 1% of the supply of bitcoin was stolen. If the markets don't like the resolution here the red squiggle may be the more likely route, if they do or it is insignificant then the black becomes more likely.
3 months ago
Trade active: Last few days been seeming like the red option, weakness on lower time frames, small short here:
BTC USD quick short
3 months ago
Trade closed manually: closed a few hours ago, accidentally updated the chart above instead of this main one.
3 months ago
Comment: I was expecting down, it never came. Reevaluated, things are starting to look bullish. Popped back over the middle bband and the MACD is on the rise on the 1d. When you consider the 1 week closes tomorrow, which (if we can hang around here or rise a bit) will be bullish, this looks like a nice long set up.

Down below there is a lot of support from the black trend line, as well as the 200 day moving average (a very relevant MA), also the .236 fib from the finex drop which is also where the recent low was (in terms of closing price). So good stop below these levels. If we do test them, and they fail to break can even add more to long.

Opening up two longs here, one with short term target one with a longer term more aggressive target and stop.
3 months ago
Trade active: More aggressive long:
BTC USD
3 months ago
Trade active: less aggressive shorter term long:
BTC USD
2 months ago
Trade closed: target reached: closed small long at $608, close enough to my target, more aggressive long still open.
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