BTC - Still not out of the downtrend yet!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is getting close to the bottom but we're not there yet in my opinion.

Positive signs: volume is steadily decreasing and the 200 MA is slowly creeping up.

NOTE: at the start of every month, we usually have a trend reversal. These are highlighted with vertical lines. Whether or not this is superstition, if it makes money, it makes money - simple.

To remove noise caused by "barts", we will use the 3 day chart. We are clearly at resistance before a breakout or rejection. No position currently as that would be asking to get rekt!

If we breakout:
- Stacking longs between 7675 and 7800
- SL @ 7600
- PT @ 8550/8600+

If we get rejected:
- Stacking longs between 6800 and 6950
- SL @ 6650
- PT @ 8500+
The 3 day chart never lies! Looks like we're having a rejection.
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