Breaking Through The Bear Trend

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Last night I was looking at the charts and seeing how we were stuck in a bear trend. At the time I thought we would have to break soon and as of 11:00 AM PST we did so a few candlesticks ago. I believe most of what needs to be said is on the chart. Over the coming days if we do go up keep any eye on those Fib extension levels. It would be wise to think about either A) Setting up take profit order or B) Notice how we stop on the Fib levels for some time and take some profits. Remember to not to sell all but to take a little profit if none of the indicators have confirmed a down trend. You never know when we could suddenly break up, and it likely will be fast. People are just itching to get into the market right now. Yet, they are not sure if they want to. A good sign that there will be a quick movement sometime soon.

SAR             – Made for some decent gains if you followed the signal it gave. Currently in BUY mode.
Aroon Oscillator – Based upon this we are now in the general zone where more moves up should occur. Since July 3rd it has been consistently below 0 which lead us to follow the bear trend down.
Volume – Looks to be going strong when we decided to break the recent trend. Not the best of confirmations. However, it is a good sign for the bulls.

Bull Target: $659
Bear: 610
Extreme Bull: 673
Hi there, are you not suspicious of the low volumes?
5k on Bitstamp and 3.5k on Finex...that must be something like over 90% of the usual rally market not buying into this pump.
Thanks a lot.
ItisCalvin johnrfraser
I am not too worried about volume that much. It is always rather arbitrary when looking at the whole picture. I have seen many scenarios that look similar to the one we are looking at right now. Sometimes they fail to go any higher, but others we see sudden resurgence followed by higher prices.

At this point it is really on the beginning of what may be a trend. That is why I said the the bear comments that we aren't really confirmed. If you want to take some profit to lessen risk that could be a great move. We are at that uneven stage of the market were everyone is worried.
johnrfraser ItisCalvin
Thanks a lot for coming back ItisCalvin.
Just hit 634...looking serious...I need a new buy-in price...having ditched at 612 :-/
If it gets high enough, as you said earlier, there could be a sudden surge.
+1 Reply
ItisCalvin johnrfraser
Anytime. I'm still bought in at this point waiting to see what the markets will do next. I may need to move some BTC around and see which one I want to trade.
Holding my breathe right now since I am going to be away for a couple of hours.
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