Bitcoin goes higher

Bitcoin has found support above 550 USD with support from the 20 Day simple moving average (e.g. Bollinger Band) and can now move higher towards 625-650 USD to test old price levels.

Long entry: 575-585
Stop loss: 550 USD
1. Target: 625 USD
2. Target: 640 USD
3. Target: 665 USD

Risk long from 585 USD: 35 USD
Reward to 625 USD: 40 USD
Reward to 640 USD: 55 USD
Reward to 665 USD: 80 USD


My quadruple EMA also shows the first signs of a bullish trend change:

Comment:

UPDATE: 3 days later

Seems I got bullish right on the day the bears started to sell this early bottom potential... Since then we had a super slow-motion drip lower of the price. I'm not going to go full bear until the price actually drops below the green support line I drew onto the chart, but I can't say anymore that my chart is going to play out bullish with the price having fallen below the 20 day simple moving average.

Verdict: I can't give a buy recommendation anymore, but shorting looks also foolish because the bears are only barely stronger than the bulls as of today, so my recommendation is to stay in fiat until a trend decision has finally been made until Sunday.


P.S. I kept my green arrow on the chart only to show how wrong I was...

Comment:

UPDATE 3 days later (part 2):

I emphasized the current price trend using the 20 day simple moving average on this new chart here. With the Bitcoin daily close as line in black and the 20 day SMA as line in red.

As you can see I posted my chart right on the day the price appeared to begin the uptrend, but bears immediately sold this advance and thereby instantly destroyed the hope of bulls to turn this ship around.