Hello, this is a brief idea on why I am bullish for BITFINEX:BTCUSD. I actually trade on deribit at the moment but I monitor what happens on bitfinex/gdax and bitstamp closely. I saw the bulls coming in force to defend 6330 today and actually bitfinex achieved momentary price parity with gdax at around 6323, earlier today. This is the first time it has done so in weeks.
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Should this trade be correct, I'm holding 35% of the entry for a long term goal of 9300 usd within the next 2 months.
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Break out rejected for now.
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WIth the etf decision pending tomorrow, is this a prelude to a rally? 6600 has to break first.
If we break this line I'm not sure who will buy at those levels. That trend has been holding since June and the drown trend has been keep us in a downward trend which means the line that breaks is a good indication on the direction we going.
konosmgr
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@silmaril0875, It's fairly likely that we might range 6800-6200 for another month or so.
konosmgr
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I summarily agree. The direction is really undecided atm and there is a buy/sell equilibrium around 6400.