FerroIgnique

Bitcoin looking strong on the 4h

Long
KRAKEN:XBTUSD   XBT / USD
Bitcoin appears to be conducting a classic retrace to and test of previous resistance, in purple at 15800. Its bouncing off the top of the ascending triangle with the 4h Vstop and 50 SMA providing additional support in case we wick through 15800. Black arrows indicate where we've slipped the 50SMA on the 4h several times since Oct. Accordingly my stop loss is at 15475. While the Stoch RSI isn't be be all, and end all, because it can get VERY divergent, if it contiues as it has we should anticpate a bounce up off this level and a run up to higher targets, at or above 17k . Swing traders may want to try scalping the Stoch RSI getting over bought again, but for me, when if the price gets closer to 17k I'll probably move my stops up where I keep in the profit.

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Good work
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