When in Rome... When in a Bull market... You get the idea. The tiny Retest of the low is running into thick support... It may not even make it to 585. Long term support is moving upward every moment. And all of the indicators and support have been reset. Just waiting for the next big bullish move that could be sparked over the smallest of...
Still bullish, but there is some bearish Divergence. Prepare to buy if it does. You can find my Bank roll progress this year @ docs.google.com And You can find me @ www.linkedin.com Feel free to link up!
All info in chart. You can find my Bank roll progress this year @ docs.google.com And You can find me @ www.linkedin.com Feel free to link up!
1. $540 is a Historic Support level 2. $540 is the 61.8 Fib 3. Long term support has matched up with the $540 at that moment. It also fits in with a three drives pattern.... And then... There is the Symmetricity..... To the reverse of the exact same as the bearish action of the last 6 months.
Will fill in later.
Will bottom here around 540 with the Long term Trend line going all the way back to last year, and the 540-530 support level. Then should expect a big push off of the long term trend line that equal to about a $240 move putting things around $780 around JULY. If $800 is breached I'd expect a run to near 900 before leveling out.
the long calls were ran within seconds down to 522 so i don't think we will see a repeat on BFX. The Long term trend line is meeting up with price action and Bearish momentum is slowing. What happens when slowing momentum meets a strong support... Trend change.
Long 550-580. 50% Retrace. Support. Badly oversold. And close to the LONG term trend line.
Failure to correct, consolidation of the wedge formation suggests a bullish target to $700. It could still break down, but it was more likely before than it is now.
I'd say it should break down but it is a bull market so it would not be a safe bet now.
Bearish Divergence. Daily Overbought. Heavy Resistance. OBV down-ticks. Long targets of 550-600 Longterm Bull market Mid-term Bull Market Short term ? Highly Likely Bear market. ------------------------------------------------------------------------ You can follow my Trading progress at: docs.google.com Join me at Bitfinex: 10% discount on Bitfinex Fees...
A failure of 660-670 will confirm.
Support at $600 and $550. Momentum has died. Short term bear market it play, but the mid and longterm bulls are still alive.
Note, when the indicators are overbought on long term charts it is more likely that a support line is broken... Thus If this rose to $700, a drop to $600 would not be out of the question. Same for this current price range back down thorough 600 support to lower support. ------------------------------------------------------------------------ You can follow...
This midpoint is good for being half in, half out. If it drops into support you can rebuy and lower your Base price, if it runs up into resistance it is easier to liquidate a position and cover short equity. For my I've sold half of my 150 coin(32 of equity) position here. If it drops near 600 I rebuy. If it pumps near 630 I close my long and short cover...