thisismatt
Long

Bullish argument on Bitcoin potential double (or more) from 6650

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello and welcome to my chart. First off I apologize for the mess to the right but that's not what we are focused on. Looking into the history books here, you have to go back to April of 2014 we can see a similar weekly stoch RSI bounce where the 2nd bounce's low is 340 and then reach an eventual high of 680. Some would argue that history is repeating itself but if you look at the current Stoch RSI move, it appears to be stronger than 2014 and I would not at all be surprised if it takes us to ATH and beyond. At the very least though I can see an easy double from 6650 if the current major downtrend line is breached around the 8800 to 8900 range. That would put a target of around 13300, based on way more recent history I think we can bump that up to 13500-13600. Still a lot of what ifs but that is what ideas are for and I see some serious power behind this current move.

Best trading everyone!
Trade active: Here we are, right around the 8800 to 8900 range, the trendline has breached but it is having trouble with 9k so far. Looks pretty bullish to me.
Trade closed manually
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