MoonTrader

Super Moon to the rescue?

BITSTAMP:BTCUSD   Bitcoin / Dollar
313 0 7
Support seems to be quite strong at the 550s level, pushing it up 3 separate times so far. That said, another test of this level without a breakdown seems unlikely. The question is, when and where do we break out of this long descending triangle?

Fear not, super moon is here! This lunar event, where the full moon and a lunar perigee (moon closest to the earth) occur at almost exactly the same time (in this case, within 1 hour!), gives the bulls hope. During this time, emotions can run high, and being that the full moon has traditionally been a bullish signal and is occurring at a volatile time in the market when emotions are already high, this may provide the impetus we need to break the downtrend we've been in since the beginning of July.

If the price approaches the 560s, watch out, because it may mean testing the bottom for a fourth time, which would be unlikely to hold up. If the price does not move back toward the tested bottom again before the super moon event, I am cautiously bullish . Set up positions 2 days in advance and set stops at below 570. If it descends to that level, then have short positions ready below 555.

I am linking to my previous idea, which has played out perfectly so far.

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