unspecial
Long

Bitcoin - overbought - oversold - or just right.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a 2hr             chart back to 1st January (6 weeks) for Bitcoin             .
I've written a script to create a channel around the recent price action. The way I see it prices don't usually move in sudden steps. Big news events are the exception but even then most people discover the news over a 24 hr             period. Prices slowly wind up and down. This indicator draws a channel using different colors to indicate when the trend is up or down (green is up/red is down). This indicator also shows when prices are overbought and/or oversold. When prices move down out of the channel small green arrows are drawn below the candles. Mistakes get corrected and oversold prices usually move back to the centre line about 48hrs later.
Trading is a game of patience. Trading with stops conflicts with patience and explains why markets can become oversold. Right now bitcoin             is trending up and has been for about 7 days. This is the longest uptrend we've yet seen this year but because it is close to the centre line it is not overbought so I am predicting the uptrend to continue for a while. What grows slowly is often the strongest.
I try to keep these ideas short and to the point. Please click on like if you like this. Thanks.
Comment: Bitcoin has just broken up above 9200. 9980 is where I am placing my sell order to exit the market.
Comment: Well that was quick. Woke up this morning and 10,000 has been reached and I'm out with a profit. Decision time now is not long or short but what price to reenter. The way I see it the people who are buying on stops above 10,000 are being fed by the whales. After a while people will see the resistance and prices will fall back to the just right level - which is where I will go long again around 9,300. Will reassess on Monday.
Comment: BTC is back in the buy zone.
I want to reenter where I exited around 10,000. FOMO is telling me to scale in from 10,200 to 9,980.
Comment: Today the blue line has been an excellent buy zone indicator.
Just right
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awesome! thank you for sharing your chart and thoughts
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unspecial AlexRex
@AlexRex, thank you.
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