Just publishing to look back at, I see that a lot of retail people are stuck on shorting on auto-pilot since the last rally to 7.4k and break of 6000, and market movers are capitalising on that. I would never have guessed 2 weeks ago, but this could very likely reach 5800-6000 in a wick. Although there's a lot of bullish presence and every dip is being bought up,...
BTC didn't have much demand over 4k and when it failed to breakout over the last local highs of 4045, it dumped 100usd. It retested and defended the 89 1D ema and the lows of the last days, which make a retrace to the daily highs, a high probability play.
Hello, this is a brief idea on why I am bullish for BITFINEX:BTCUSD. I actually trade on deribit at the moment but I monitor what happens on bitfinex/gdax and bitstamp closely. I saw the bulls coming in force to defend 6330 today and actually bitfinex achieved momentary price parity with gdax at around 6323, earlier today. This is the first time it has done so in weeks.
I think this is a fine opportunity for a high r/r trade as COINBASE:BTCUSD is poised to take a stab at the 6750-6800 resistance.
I was actually short a couple days ago but covered as btc spectacularly failed to breach 6200 and I got a DMI signal to long the daily. Since then I've seen volume picking up, with bulls defending 6330-6300. Also the gdax/bitstamp state...
Reasons for going long:
1.) RSI bullish divergence. PIVXBTC for the past month has been making lower lows but RSI has been increasing.
2.) There's an enormous TS and KS difference which indicates probable retracement of the price to higher values.
3.) I'm trading on binance and the main thing that is stopping buying...