I am going to try to continue to follow this move in BTC regularly.
Here we are looking for a break over horizontal resistance ( blue ray on both charts ).
Using Bitstamp BTCUSD price this resistance is sitting around $4077.
Additionally, looking at Okcoin 3M BTCUSD futures this resistance is sitting at $3977 ( potentially already breaking ).
If we can get...
Unsure if this will break up or down. Could be a long accumulation which people mistake for a bear flag. I am inclined to say this is the structure because the long/short ratio has been increasing through this sideways movement. This is a good trade R:R is right.
My last btctrade got stopped out. The market has been moving sideways for a while and longs on bitfinex have increaased dramatically. I think whales have been accumulating the past week and are ready to move the market soon. Move stop to profit once neck line is broken (not pictured)
This is a common fractal I see in bitcoin and other cryptos and it always seems to be a bottom. Market buy, low risk lets test this out.
I see this shape as market building long positions, finding support, and algo buying on breakout of range.