Given the Fed's relentless pumping it's hard to be bearish on bitcoin, and we may have a fresh break out here.
Now this is a touch early, the algo likes it and there's what appears to be a break out above a descending trend-line BUT...that trend line has yet to be tested, and we are still well below the 50, 100, and 200 day moving averages.
Still, if this is a breakout, BTC tends to move up violently, and a test of the 100 or 200 day moving average isn't out of the question. A small position here may be warranted.
Now this is a touch early, the algo likes it and there's what appears to be a break out above a descending trend-line BUT...that trend line has yet to be tested, and we are still well below the 50, 100, and 200 day moving averages.
Still, if this is a breakout, BTC tends to move up violently, and a test of the 100 or 200 day moving average isn't out of the question. A small position here may be warranted.
Comment:
Here's the test of that trendline...time to see if resistance becomes support.
Comment:
The 10 day moving average held even if the top of the descending trendline did not, watching BTC closely for the next few days to determine whether to continue to hold or to eject.
Comment:
BTC continues to grind sideways here but is once again above the descending trend-line. Will be interesting to see how the next few days works out...
Trade closed manually:
breakout turned to be false, stop-loss was triggered.
Better luck next time BTC.
Better luck next time BTC.
Comment:
ha, guess I should've just held on for one more day...whoops.