BITCOIN Trading Idea

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Price reached 600 level and probably we'll see reversal and following down movement. In spite of MACD rises and shows up movement, ADX falls and we don't have confirmation from DMI. If we have a bearish candle, it will be a signal for reversal from the resistance level with RSI confirmation. We'll have to wait when MACD reverses and starts falling. It will be a signal for opening short trades based on the daily and hourly charts. Profit target for short trades is 500 level.
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You would think that after such a run up, and with RSI over-bought and rolling over, that a fade would happen. However - What I currently see on a 15 minute chart is no sell Fractal and a weak uptrend. On a one hour chart I see no sell Fractal and a weak uptrend. On a three hour chart I do not see a sell Fractal, and the uptrend is still strong. When I see this configuration (short term charts and longer term charts with no sell Fractals), I look for the over-bought RSI to correct without a price drop. I would not go short until I observe a sell Fractal. I will publish a three hour chart soon to help explain. I enjoy your charts and read them often. Don.
+2 Reply
DLavrov 649bruno
Don, thank a lot for your interesting comment! I wrote my view why I think short trades will be better. But I wrote also that we have to wait for price reversal confirmation. And only after that search for entry levels. Yes, we have strong up movement. But ADX does not support this movement. We have a strong resistance level and MA50. If price breaks these barriers, probably we'll see up movement. Also weekly chart confirms up trend and possible price reversal from MA20. We have to look at price action.
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