Long
A new leaf for Bitcoin? Breakout above decending trendline
Bitcoin price has been climbing for 5 days including 2 over the weekend. Bitcoin movement tend to stall over the weekend and any real movement is pretty rare. As you can see, we are hitting the descending trendlines.
I want to bring attention of what happens when the market is up 5 consecutive days in a row. I've covered a while back on bitcoin price backtest when market gets incredibly bullish.
ibankbitcoins.com/btc/what-happens-when-bitcoin-five-consecutive-days-row
Criteria for backtest:
When market is up 5 consecutive days in a row.
Measure the performance of the next X (1-5) days.
To summerize the results, the market will likely pullback or consolidate in the first 1-3 days, but makes a push higher after selling pressure decreases from profit taking; probability of success is 63% by day 5.
I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, twitter.com/ibankbitcoins
I want to bring attention of what happens when the market is up 5 consecutive days in a row. I've covered a while back on bitcoin price backtest when market gets incredibly bullish.
ibankbitcoins.com/btc/what-happens-when-bitcoin-five-consecutive-days-row
Criteria for backtest:
When market is up 5 consecutive days in a row.
Measure the performance of the next X (1-5) days.
To summerize the results, the market will likely pullback or consolidate in the first 1-3 days, but makes a push higher after selling pressure decreases from profit taking; probability of success is 63% by day 5.
I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, twitter.com/ibankbitcoins
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