Long opportunity on Bitstamp & Bitfinex 4hr chart
This chart is Heiken Ashi with SCMR Trends. Long/Buy entry is at a break above the potential bullish reversal candle (blue) with stops below previous candle low. Once the trade is underway, if price action prints a neutral (gray), stops should be moved up to the low of that candle to reduce risk. I might also consider moving stops up to structure around 240 if we break through the double top @ $242. Take profit will be either a cross down of TSI or completion of our advanced pattern, which ever comes first. The set up here is pretty good as far as R/R from our entry. Also, Date Range Forecasting™ (see below) says we need to break 228.77 in the next 4 days, 16hrs- or we should expect higher highs.
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