Update: Bitcoin Back at Support for an Up Swing

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is actually a hard call because those that have followed me for a while know how much much i love my Triangles, which were very reliable in 2014, not as much in 2015. Statistically a Descending Triangle should break to the downside 2/3 rds of the time, but as we saw in late June, there was additional support via 50-day SMA to make the triangle break out to the upside. It appears we are facing the identical situation again just on a slightly bigger scale. ( Fractal Fans Around).

In addition to the 50-day SMA we have the 3rd of our trend lines being hit right now and this is the one we are expecting to hold. The MACD and RSI are not ideal for a turn here and still have room to the downside but I'm being optimistic and a bit premature as I missed good entries on the last two up swings this summer waiting for a larger pull back each time to more sound support.

If the price does break to the downside there should be additional strong support around the $255 area and the 200-day SMA . As it stand right now the Swing target off support is the $320-330 area. Conservative stop loss with a close under the 50-day SMA and a lenient stop loss with a close under the 200-day SMA which has finally turned back up.

Good luck traders,
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Tone Vays:
Tone Vays - Content Creator & Derivatives Trader
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Hey Tone updates? Man this is an amazing chart
Mr. Vays, just to let you know, you are the best in both traditional and crypto, hence the jealousy attacks. Keep up the integrity of your work and run up the middle as the dust falls off to the wayside, kind of like a Tony Vay's Any who, want you to know there are many that love you and I continue to spread your links. Just as an FYI, your sp500 tv chart cannot be dragged around correctly, I thing the sp500 price is so high that it went off the Always remember, we ALL LOVE YOU and keep up the good work.
+2 Reply
The break of the 50-day SMA changes the picture. It is a clear break of the triangle to the downside and even though there is significant support at the $255 level, we have to respect the Triangle target under the $240 mark.
+2 Reply
I agree, up looks promising. With LTC halving though you be crazy not to have half your money there.
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