The Stochastic RSI (3,3,14,14) has produced a buy signal in the oversold range. If %K moves over 20, this will be a very bullish move upwards.
RSI never crossed below 30. Most big moves down in Bitcoin are accompanied by a move below 30 in RSI.
Percent Rank Tops-Bottoms suggests that Bitcoin is bottoming. Other indicators clearly suggest the truth behind this indication.
During December 11, the price crossed below the lower band in the Bollinger Bands. The lower Band usually acts as a strong area of support. Since then, the price has moved away and is currently above. This is suggests coming bullish conditions when all else is considered.
EXIT POINT: If you look at the chart you can see that the 20 Day moving average tends to provide some resistance as the price tries to move above, and some support as the price tries to move below. So as the price nears or enters the 368-370, I may use that as an exit point. As always, I look to see what technicals tell me at the time and all other fundamentals considered (mining difficulty changes, bull/bear sentiment, news). If technical at the time become bearish, then I will definitely exit at that time. If not, I will remain in a long position. Remember to use shorter term time frames when deciding this, and to use fast stochastic (5,3,3).
Yesterday I produced a chart claiming Bitcoin was bottoming and would head back to 370. It nearly did peaking at a little above 368 on OK coin. Short term indicators could be used to identify when the price was going to turn around. So in this respect, my previous chart was correct. The reason I maintain this Long rating is because all else considered, the adoption and growth of Bitcoin worldwide is continuing to grow. There isn't one day that doesn't go by that I don't read something interesting about Bitcoin. These lower prices are neither good for the investors or the miners, and falling prices in the long term don't exactly attract the common public to an asset. The technical indicators show that Bitcoin has bottomed at this price, and suggest a move back towards the 20 day moving average. It is for this reason I maintain my long position on Bitcoin.
Thoughts? Comments?
RSI never crossed below 30. Most big moves down in Bitcoin are accompanied by a move below 30 in RSI.
Percent Rank Tops-Bottoms suggests that Bitcoin is bottoming. Other indicators clearly suggest the truth behind this indication.
During December 11, the price crossed below the lower band in the Bollinger Bands. The lower Band usually acts as a strong area of support. Since then, the price has moved away and is currently above. This is suggests coming bullish conditions when all else is considered.
EXIT POINT: If you look at the chart you can see that the 20 Day moving average tends to provide some resistance as the price tries to move above, and some support as the price tries to move below. So as the price nears or enters the 368-370, I may use that as an exit point. As always, I look to see what technicals tell me at the time and all other fundamentals considered (mining difficulty changes, bull/bear sentiment, news). If technical at the time become bearish, then I will definitely exit at that time. If not, I will remain in a long position. Remember to use shorter term time frames when deciding this, and to use fast stochastic (5,3,3).
Yesterday I produced a chart claiming Bitcoin was bottoming and would head back to 370. It nearly did peaking at a little above 368 on OK coin. Short term indicators could be used to identify when the price was going to turn around. So in this respect, my previous chart was correct. The reason I maintain this Long rating is because all else considered, the adoption and growth of Bitcoin worldwide is continuing to grow. There isn't one day that doesn't go by that I don't read something interesting about Bitcoin. These lower prices are neither good for the investors or the miners, and falling prices in the long term don't exactly attract the common public to an asset. The technical indicators show that Bitcoin has bottomed at this price, and suggest a move back towards the 20 day moving average. It is for this reason I maintain my long position on Bitcoin.
Thoughts? Comments?
