bwy
Long

BTC/USD Major Trend Starting

BITSTAMP:BTCUSD   Bitcoin / Dollar
7 months ago
Current indication is that the new major trend is up. My suspicion is a lot of people are seeing the very long term dashed blue trendline as a significant support line. This looks reasonable to me as well as it has much more significance than the newly dashed red trendline, which has been breached on Bitstamp .

The ADX is also at a historic low point, which normally signals a large trend forming. It has already turned up signaling the trend is up (and fits with the monthly uptrend continuing), but obviously this can change at any time. Whatever the final direction that occurs, we can rest assured it's likely to be a rather large move.

My suggestion is to act on whatever trading signals you get this month as they are likely to be quite profitable. Also try not to become married to your position as this could be a fakeout for a large downtrend (it should be very clear if this reverses).

Good luck everyone, hopefully we can say good riddance to this range.
6 months ago
Comment: Seeing some problems with this uptrend. Take caution.
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