$Bitcoin - Bitcoin/US Dollar - Long Long

Bitcoin / United States DollarCoinbase

Description

⋅ Nov 2, 2017 1:11 PM

Thesis
Long Bitcoin

Chart Timeframe/Type
Day/Log Scale

The name has been showing strength on the back of recent news that CME Group will be entering the cryptocurrency market and launching Bitcoin Futures http://www.cmegroup.com/media-room/press-releases/2017/10/31/cme_group_announceslaunchofbitcoinfutures.html

Confirmations:
1. Higher highs on Day chart
2. Higher highs on Week chart
3. Above 8 Day EMA
4. Above 21 Day EMA

Contradictions:
1. The price is currently below resistance upper trend line resistance which leaves the possibility for price to pull back to below $6,000.
2. The price is near a massive wall of sell orders at the $8,000 level
3. The price is below the next Fibonacci resistance level.

Trade:
Long BTCUSD

Related Trade:
None

Disclaimer: All charts are for informational purposes only and should not be considered recommendations to perform actions related to securities.