Updated Long-term Channels

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Added a 1 year downtrend fib channel to the older uptrend fib channel published earlier. You can zoom in or out to see what great entries it could have offered and also could still offer. Cheers!
Update: BTC trading now right at support of the last channel, being held well so far:

The 4h chart looks like BTC found support completing AB=CD at $282 which is also OTE, showing a nice bullish divergence at this support also. Should it break this level, around 275 is also a level to watch with a bullish bat forming:
Fighting at the new channel level to enter into the final channel before hitinh the last final target

Watching next resistance 300-305 before consolidation in the 280-305 range

Looks like two more steps till we get to our final target and complete this cycle at the trendline
Hit the targeted resitance eventually, closed my shorts though, decided just to add longs on a dip or a possible selloff

sitting on the fib now
Shorted in the blue region ( short term short to conserve the margin from longer term longs) , although hoped to get a higher price, decided to go for it. Looking forward for a target of 260-265 to close the shorts and add longs based on the same plan

This could prove to serve as our next resistance
altcoinbonanza BTC_Daily.Pips
Yes we did. This is a nice moment in Bitcoin history right here.
+1 Reply
Update: This is a zoomed in view, as we can see fighting on the fib channel line to get into the new channel
The previous tough resistance at 248 should serve as a good support now:

Adding longs around $250 with stop loss of all collected longs at $245.5 if bfx price gets there
Short term strategy :
altcoinbonanza BTC_Daily.Pips
Yes I remember the first chart up here. Wow, beautiful call. This is the type of news that will be the breakout we're all looking for. I honestly didn't see it coming this soon.
BTC_Daily.Pips altcoinbonanza
thanks! Yes, now we have the steam at last to get to the target to test the downtrend channel! We will have fun next days at last :D
altcoinbonanza BTC_Daily.Pips
agreed. Great charting. Very helpful. And thanks for the heads up on the BIT news. Winklevoss probably saying why didn't we see that loophole.
+1 Reply
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