Putting my recent RSI training to use, I took a long position.
Relative Strength Index Explained with examples in Bitcoin Trading. Identifying RSI Divergence against Bitcoin Price Charts.
I've been a bull since early february, and this is a classic 1-2-3 bottom formation shaping up at the end of a down trend... this is the ideal time to risk a long trade and hold it. After consolidation above 320 in early May, the uptrend will continue and I'll be pyramiding what profits I have.
Bitcoins prices have created another consolidation pattern at an important price level. These patterns are easy to see in the historical prices of Bitcoin over the past year before big price breaks - and this could be another opportunity to catch a large breakout.
New to the community and getting a feel for how the charts work, and how the idea sharing blog area...