BTC is in a descending wedge, will likely bounce of previous supports that were important on the way up in the rally. Each bounce presents a trade opportunity. Chart is self explanatory. BITSTAMP:BTCUSD
See my related ideas below. Thank you.
After making lots of charts, the picture is finally becoming clear.
We have a whole bunch of little trend lines that need to be respected, as well as major support and resistance points.
Things are looking good above $930. Below that, it's 860.
Please check out my previous ideas as well.
The chart speaks for itself. Small acendng wedges grind up until they become to narrow and break down until a new lower wedge is found.
I bought some BTC at 970 from coinbase to transfer to bitstamp, not sure what I will do with it. Leaving it open as a long position for now.
Friends: BTC is doing well and we soon approach the moon of $1000 BTC.
Buying opportunity levels:
1. 915 at 50 MA
2. 880 at 200 MA
3. 860 at previous support.
If things continue, we will not get those opportunities. BITSTAMP:BTCUSD
My positions: holding smaller position from my most recent purchases between 770 and 890.
If you think this chart is silly....
If BTC confirms this breakdown, next support is 200DMA, then previous support at 860. After that, I predict more highs.
All of this retracement action is further strengthing prices staying above 800 permanently.
Short term: neutral
Medium term: long
Long term: long