Tone_LLT
Long

Still Looking for that Breakout!!!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
NOTE: Left the Arrows as if from previous Publish

The chips are still lining up for a breakout but with BTC             anything goes. I don't like Trend Line but when 3+ points are made you can't help but to draw some. You can call the overall pattern a Head & Shoulders , numerous triangles which the current picture is displaying with the Symmetric and Ascending, but let's take it to the basics:

We are looking at a trend of Higher Highs and Higher Lows, Until the price dictates otherwise this trader is long, the RSI still has room and the MACD is a coil ready to burst one way or another. The Moving Averages on the chart are turning up and once the Yellow Line Horizontal Resistance is cleared looking for new highs at the next resistance near $400-450.

All this gets negated if new lows come about under the 200 SMA around $365.

See Detailed Article here: http://cointelegraph.com/news/112760/bitcoin-analysis-week-of-oct-19-intro-to-macd
Good Luck Traders
heading to lower lows: I think we should look at the $350 now
Reply
Yeah, need to update the Charts, the 200 SMA was lost last night but we are now at RSI oversold. Will do an update later today, would probably look to exit the long position on a bounce back to 375 or so and take a small loss... then re-evaluate
+1 Reply
It only happens if we stay above 400$ for 1,5 days....
Reply
Chart looks good! Maybe we'll see $400 today!
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