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BTCUSD - a line in the sand.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
7240 is a level to watch right now. It was a low on the 18th March. It's also where an ascending and a descending trend-line intersect so it's a bit of a line in the sand for the bears and the bulls. Despite the recent calls that bitcoin is dead in the last 24hrs price has picked up $700 so the bulls are still in this fight.
Comment: A new line in the sand has formed at 6650. If this breaks lower I expect the levy to break. I don't want Bitcoin to break so I'm long from 6680. My stop is at 6540.
Comment: Well it broke lower hit my stop then it rallied to 6980. So this was a false break as it only spent 3hrs below 6850 before returning to the range. This is a bullish sign as normally support becomes resistance and a new range forms.
Comment: Look at the money flow indicator at the bottom of this 4 hrs chart. Buyers are back and we're above 7240.

Comments

Interesting looking at this 3 yrs later. I wonder if I had lost perspective looking at just 2 hr charts.
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