Tone_LLT
Long

Update: Bitcoin Back at Support for an Up Swing

BITFINEX:BTCUSD   Bitcoin / 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,
Please check out my more detailed Weekly Traders Newsletter published at BraveNewCoin:
http://bravenewcoin.com/reports/
And my weekly articles: http://bravenewcoin.com/authors/tone-vays/

I will also be speaking at several events this year like NYC LibertyFest, Inside Bitcions South Korea and San             Diego along with a few more.

Tone Vays:
@Tone_LLT
I agree, up looks promising. With LTC halving though you be crazy not to have half your money there.
+1 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.
+1 Reply
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