BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Perfect situation to buy..
Double brokeout of strong resistances
with volume , then consolidating above it.
Waiting for continuation rising movement.
Use Supply zone as target.
SL - under flag pattern
Comment:
we face many resistances now, which failed hard in the past. sell signs:

1) 50ema on daily
2) log downtrend (~8600)
3) horizontal resistance 8600
4) RSI resistance at 60 on daily and overbought on 4h

not saying 9k is not possible, but imo it is unlikely for now. shorting is better bet right now.


+1 Reply
@oshBTC, Agry with several arguments, but last few days we have strong changes. And now I will ignore short signs
Reply
oshBTC Supernova_elite
@Supernova_elite, ignoring things like resistances, overbought conditions and bearish divergence does not seem to be a good idea. You say this is the "Perfect situation to buy". The perfect situation to buy is when we are extremely oversold e.g. 30 RSI on daily, which we only had in the 6xxx area this year. You buy support and sell resistance. You are basically saying the perfect situation to buy is when we sit at the heaviest resistance for months?

Nevertheless, thanks for sharing. Take care.
Reply
@oshBTC, I ignoring this things to open short position cause I see local rising trend with strongest volumes. And I think that we brokeout heaviest resistance. I agree, there are many resistance (price falled several monthes) but i'm bullish now
+1 Reply
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