dopebroker
Long

June is the Bullish Pennant

BTCE:BTCUSD   Bitcoin / Dollar
This month looks like it COULD possibly form a Bullish Pennant along the downward trend line that is most notably found on BTCE.

I've been making my attempts at day trading but have failed a few trades, so I've decided to take a step back to my long term strategies and continue there where my skill set is better suited.

If you're new to trading feel free to do some reading:
http://www.trending123.com/patterns/bullish_pennant.html

This could go on into July, however I'd like to believe that we should finally break this downward trend line on news by the end of the month.

StochRSI is low and signaling buyers. However, it has done this during the downtrend before and been really deceiving. I don't trust it anymore.
MACD is in the green and crossed over awhile back (uptrend)
RSI is at 53.92 so we could go either way which leads me to believe more consolidation.
RVI is 63.31. which is about right considering the "volatile" consolidation.
Stochastic is bottoming here which is a good sign signaling that we're going to see some buying to push us out of the triangle.
Our 15EMA is closing in on the 50MA which previously during the downtrend performed well with my shorts in signaling when to sell. In this case we're in the opposite scenario where it should be signaling us to buy as the EMA closes in on the MA.

The safest trade is to wait for a breakout above the downward trend line and go long, however if you're into trading smaller time-frames attempting the pennant's price movements may be for you.

GLTA.
Pretty close.
snapshot
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