Short time-frame preference here for shorts. Shown set-up is for the early birds. Fairly neutral longer term.
Watch the BBands, Volume and MA's for the breakout. Will update with an Entry if volume picks up.
Trade is not active at the moment.
Bitcoin 3 month futures has broken out of a long range trade zone of $150 to $300 to new level of $574. The failure to close below $300 creates larger sized AB=CD pattern that includes the low of $155 to $574 (AB) making a posible $295 to $710 a probability.
I prefer a long bias and would consider holding any strong volume breakout.
Will be ready to LONG or SHORT for a short-term trade. For now this is just a trend/channel trade.
Could be a failed rally on larger time-frames.
Always use correct position sizing. Good Luck.
I sure hope you were able to take advantage of my warnings of both a fundamental catalyst price seemed to be running into (does anyone know the actual price of the auctioned coins yet?) and the hallmarks of a blow-off top. My twitter feed is a cool running log of the whole rally and of course site members had loads of fun through this whole thing. I...
Hi, in this chart I describe how I read the price action in the Bitcoin chart, in this case the Okcoin futures.
My spot forecast and weekly trade setup is coming along nicely, but there are other shorter term opportunities for the traders with a keen eye for technical analysis.
The new indicator plots inside and outside bars, as well as range expansion, paying...
For the past two of my highlighted cycles, as soon as the Triangle point to the right is hit when many people seem to think the trend is down after failing to break out, then it does. In between points #3 & #4. This is off of a trend line from the $300 area. Price may break up to and slightly past the 200MA (Neon Green line) on a 2 HR chart, above the cloud (green...
drew this about 8 hours ago. bear trend very much still intact but a perfect setup off .705 ote and gann 8/1 was tagged for a no brainer long with stop just below angle. passed thru coinciding angle so the test shud be a failure at .382 or if it can get legs up before resuming to the downside tgt of 200. monthly s1 is currently 287 bfx and would be an almost...