atovar10

Bitcoin bulls still alive?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
One of the most important basics I learned about trading trending markets was to go with the trend and only take trades that are bias with the trend, until proven otherwise. It is true that since January we have been in a miniature sellers market, but as of today it has just been that MINIATURE.. Since we all have different strategies, my tells me that this huge bull market has not been compromised as long as 5800 is intact. This weekend we saw bulls defend their last zone and so far its looking good. If we go with the 4 hour timeframe we are still obviously bearish until 6800 can be broken, if that happens you can expect the daily traders to continue pushing up. Every month starting the 6th you can see that a new trend forms either up or down, and well I don't see why this time it will be any different.

So to summarize,
If 6800 can be breached, I can expect 7200-7400 I'm sure a lot of bears will be eyeing that line, But I think if 6800 is breached we can see much higher prices.
If 5800 is breached then expect the bear to continue lower, 3-5K

Comments

CME futures started at ATH, ended at yearly low, how convinient for them no?
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atovar10 rlreecer
@rlreecer, indeed.
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