themuzzman

Bitcoin Pullback. Now What?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Have no fear... well, actually maybe a little. But all in all, we're looking OK here. As mention last night, we hit a 9 on the TD sequential indicator. It's normal for profit taking and the move to pause (in either direction). Now that the 9 candle has come to a close, we could continue the upward move. The recipe for a "buy signal" on the chart would be a green 2 trading above a green 1. So we're actually still 2 days away from that point. But.... if we can start to paint a green 1 and have a decent day tomorrow then Wednesday sets up for the possibility of a green 2 on the chart. Ideally I would love to see this break above the (still unfortunately descending) 50 day moving average (with above average volume ). This might have enough "umph" to get us back to the (fortunately ascending) 200 day moving average (around $9,500). From there I expect a stall or hopefully not another smack down. The RSI and MACD still are in great shape here and have plenty of gas left in the tank. We're at the upper band of the Bollinger but that doesn't mean we can't break out higher, however it has a probability that the move may be short lived. So slow and steady wins this race, a decent day with a higher close to paint the green 1. Then hopefully Wednesday brings a green 2 and traders step in for a nice break to the upside.


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