Long Term Bear Trend Line From ATH Approaching

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The heavily watched bear trend line from the ATH             is fast approaching -- ideally I would like to see price action sleep walk through that area and then take off to the upside.

I also added the triple bollinger bands to show how tight we have gotten on the weekly scale -- you actually have to go back to early 2013 pre-$266 bubble to find us this tight on the bands suggesting an explosive move out of this consolidation.

Lastly , SCMR             trends has printed a signal for long entry that looks very compelling to take a long position with a tight stop. I am looking for this to pick up some upside steam in the next 1-2 weeks -- specifically mid-July
>Lastly , SCMR trends has printed a signal for long entry...

Can you be explicit here? Thanks!
+2 Reply
BTCVIX grahvity
do you notice the candle after the blue (reversal candle) that has the O under it ? that is where you would take a long position with stop at bottom of the blue candle
+2 Reply
grahvity BTCVIX
Thank you.
+2 Reply
BTCVIX has got it :D

Also even though the last few reversal signals on the weekly have been short-lived, they still at least followed through for 50-100 bucks. Hopefully (and eventually) it will stick for a major run.

The last thing to note is there is a nuance between "trend state" and "reversal". A reversal (what this is) is basically like the base minimum amount of evidence to say that probably the blue bar is the pivot low. This would still precede the amount up move needed to fully change the trend to up.
+2 Reply
grahvity SPYderCrusher
Thank you too.
+1 Reply
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