Companer

Bitcoin How To Trade In The Short Term

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Our support around 8900-ish still holds. It touched 4 times already. It bounced up from this support up to our ressistance which is at the 20 and 50 MA which is currently at 9140 usd and 9182 usd on the 1h chart. This acted as a resistance as expected. So our plan is/was to buy at the 8900-ish support. (the support line is slightly adjusted) and if you are scalp trading you could sell at the 9140-9182 usd area resistance. If it breaks that resistance you could re-enter and the next target would be around 9400-ish or around 9360-9400 where the previous tops were formed. If you want to hold you could just buy some smaller amount at this 8900-ish support and hold it. If the 8900-ish support doesn't hold you can dollar cost average or re-enter your buy orders at the lines that i drawn on the chart. Those black lines represent 20 and 50 moving averages on the important time frames (daily, monthly, 4hour chart). The red line represent trendlines . Those MA lines will be sligtly higher in the next days.
Comment: For those who are scalping with leverage, watch that blue line at the 9100-ish. If it rejects or it goes through!
Comment: It went through that blue resistance line around 9100 but now the 20 MA line currently around 9120 usd acts as a resistance. If we get through this line, the next resistance for the short term is around 9180/9190-ish where the 50 MA is on the 1h chart.
Comment: Now we are at the 50 MA resistance around 9180/9190. If we go through 9200 we can probably target our 9370-ish to 9400-ish.
Comment: Our 50 and 20 MA supports are now currently at 9160 crossing each other. (bullish cross) There is also support from the other timeframes between 9175 and 9155 usd (currently). In the short term we are good as long as we are above this area.
Comment:
Great counter trendline breakout, Companer.
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portfoliox Bullandbeartrading
@Bullandbeartrading, Thank you!
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Companer Bullandbeartrading
@Bullandbeartrading, tnx to my followers!
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