sly2
Long

BTC Setting up for a double bottom ending our downward trend!!?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Okay, I was tired of everyone else having all the fun. So drew my own lines and arrows on a chart. Here's my first analysis. This interpretation was formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination!

It might be a little early to call this one, but it appears a second small bull flag might be forming. We've seen some incredibly frustrating sell pressure creating tough resistance up to this point. It seems like we're running out of steam, but hopefully we can move on to test the .786 and break back into the middle of the downward trending line!

I'm optimistic, but I don't think we're done with this smelly bottom just yet. We've struggled pretty hard to bounce as high as we have, but I think the first real resistance we hit is going to crush this rally... However, being that we saw decent support at the 1.0 fib level, it could be our escape plan out! If we fall back down for a double bottom , I'm hoping the 1.0 fib support could give us enough sideways action to bounce us past the center of the downward trending line. It might give us the break we need to finally start climbing back up!

I'm apparently locked into my trade for the next 12 hours.. So if you're long off the bounce like me, hodl on, and set your stops if ya got em'. It's going to be a bumpy ride!


Thanks for reading, let me know what you think! - Also, not that anyone was thinking about it; but I wouldn't use any of my advise for trading...
I've done some studies, and 60 percent of the time, I'm wrong every time...

-Sly2.0
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