A Textbook Bitcoin Buy Point Coming Up

BITFINEX:BTCUSD   Bitcoin / Dollar
1299 6 17
If TA was easy, there should be a no brainier trade in the next 72 hours to Buy all the Bitcoin you can off the support bounce. Now that we have established "stability" (relatively speaking of course) above the 50 day SMA we are pulling back to it as it turns its own trend from down to up. In addition there is horizontal support in the $255 area from the daily chart and Fibonacci's on the 2hr             chart.

Bitcoin is the most unpredictable asset in the world (other than Central Banks Dropping Pegs that should never have been in place), but there is a very low risk (longer-term) trade coming up:

1. Buy off the $250-260 Bounce
2. Add to your trade on a break of $300 for a final target of $330 and/or 200 day SMA
2a. Take some profits at $300 and then add at $280 or on a break of $300

Good luck traders
Most updates come via Twitter: @Tone_LLT
2 years ago
I like it!
But of course I would be extremely careful, because if it breaks $240 support, daily uptrend would be over. Daily is bullish until that trendline is broken, but weekly is still bearish.

Thanks for your analysis!
rivet.popper DoctorBitcoin
2 years ago
Weekly MACD is bullish on Finex, Stamp and BTC-e.
Tone_LLT PRO DoctorBitcoin
2 years ago
yes, hence in step 1 i clearly say that you would buy "OFF" the bounce not trying to time the bounce. you can try and time it with like 1/4 of intended position and then add.

Also the bounce might have just happened with a drop to 262.5 even though i don't think it did, i think we hit a low tomorrow. Once we go under $240 this entire plan goes in the Garbage and it's back to square 1.
+1 Reply
2 years ago
Thank you for your work Tone. So you feel the uptrend continues? Not a break down like some of the noobs and doomsayers are saying? I say we're headed on to the 400s later this month.
Tone_LLT PRO rivet.popper
2 years ago
400 is a bit of stretch from me at the moment, i'm not even sure we hit bottom yet at 166, let's see what happens at the 200 day moving average before speculating on Moons and Earths :)
2 years ago
Thanks Tony
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out