DrDovetail

A nice bounce up off the 4hr buy/sell line

BITFINEX:BTCUSD   Bitcoin
a nice bounce upward off of the 4hr buy/sell line, As I've said int he past once we've hit 5 consecutive candle closes above the buy sell line, it's usually more of a buying opportunity than a selling opportunity. We currently have nine 4 hr candles in a row above the buy/sell line(in orange). This also give the stochrsi and the rsi a chance to cool down to give them more room to climb here. What I'm hoping to see is for the candle to find a way to climb back above the 4hr t line(in yellow either by this candles close or at least by the candle following this one. If that happens that means this bull flag on the 4hr chart is still valid and the current red candle was simply a fakeout. If we don't get close to the t line by this candle's close however then there's a chance we could still fall under the buy/ sell line by the next couple candles, and if we closed 5 consecutive candles under that line we would be back in a sellers market on the 4hr chart. For now since it could potentially head either way I will keep this idea listed as neutral. This is as always not financial advice and simply a summation of what I plan to do for entertainment purposes only. Good luck and thanks for reading!
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