BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
312 4 9
This run up from the 278 bottom is gone following strong steps followed by a little correction. If you clone every leg up you can observe that they have approximately the same lenght. I've cloned the last correction and it suggests the 380 area, that coincides with 0.236 fib retrace also. The first rising trendline is going to be touched, and in the previous retrace it followed a strong leg up. Looking at RSI we can see that we have touched the 2 white areas: oversold - overbought. The signal line is now recharging or retracing. We are kissing the 200 EMA also. At this point i see 2 possible scenarios: a new strong leg up or a retrace of the whole uptrend to the 0,5 or 0,61 fib line.
Good luck for your trading
wow really nice! ;p
Thanks, some profitable trades for these days!
Interesting. I'm still trying to figure out which position to hold. Maybe an OCO order would be best here.
Understand, it's difficult at this level to predict the market direction. At the moment for example we reached the 380 level that i posted in description, but will it hold? Or is it a retrace beginning?
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