scorpionking
Long

Bitcoin Market Overview

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
So guys, BITFINEX:BTCUSD is collapsing because of recent CFTC Probe and low volume Coinrail Exchange Hack. It's been discussed that the CFTC Probe is good for Bitcoin if it is going to be accepted as a mainstream currency but in short term there is a lot of black money involved in Bitcoin trading. so ofcourse we are going to see short term price declining.
Today, i was looking my charts and came across some bullish setups so i thought why not share it.

1. MACD Tripple Divergence, a strong bullish setup
2. ADL is soon going to reach another peak amid price decline, a divergence
3. $5800-$6300 is a strong support level and could form another bottom leading the price in upward movement.

Wait for the price to justify long position by providing clear confirmation of bullish momentum like break of trend line or MACD turning positive. So this is not a quick long setup. Wait for the price to show you either it's going to move up or down.
Comment: Bitcoin at a make or break level. Bitcoin price is at the crucial support level, near trendline and near macd crossover. So we can say that low volatility of bitcoin is going to end and we will soon see a price direction.

Let's see whether bulls wins or bears.

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