BTC: Chances to recover

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
608 7 3
Target: 500.00
Risk: 210.00

Technical Reasons:

Recent positive trading and forming an inverted head and shoulders’ pattern on the intraday time frames, and the confirmation will be by breaching 280.00 level.

Rise at the bulls’ power indicator, but some fluctuation might be valid affected by stochastic negativity and the negative pressure coming from the exponential moving average 50.

Breaching 340.00 will provide the most important positive key to rally upwards on the longer term.

You trade against people who don't do technical analysis. They won't buy here.

Bitcoin is always either completely oversold or completely overbought.
FXHighway ChartArt
I'm following the technical analysis factors, and in such cases, always wait the confirmation to go with the forecast.
Breaching 280.00 then 340.00 will be the trigger
Lets wait and see
Thanks for your kind comment
ChartArt FXHighway
This ended exactly like I expected. Bitcoin always falls like a stone after a previously way too overbought rally. I'm glad you waited for the 280 price as confirmation to (not) enter this trade.
+1 Reply
FXHighway ChartArt
Sure my friend, always waiting the confirmation ,, the pattern wasn't confirmed yet , and non of the candles closed above 280

Better safe than sorry ;)

How do you know who's buying or selling bitcoin and for what reasons?
ChartArt rivet.popper
That's the question.
FXHighway rivet.popper
We are trying to apply the technical analysis tools on this new instrument to see whats best tool/approach to use in order to understand and forecast the next moves better ,, so, until now,, its all about studying this price ,, as its not controlled by the normal instruments' factors; like supply & demand, trading, politics, .... etc

So, until we have a long-enough history for this price, all charts & analysis will be as a studying/testing process for this instrument's subjection to our tools
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