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Bitcoin: BTCUSD First Signs of a Bottom in SightBitcoin BTCUSD Update Next Buy and Sell Points
We have a low here on Bitstamp at 5920, on Bitfinex at
exactly 6000 and on Coinbase at 5873 - so far. Earlier in
London Bitcoin has been driven up through the upper parallel
that has been controlling this sell-wave from yesterday. It's
the first early sign that this is getting close to the bottom
now. It's finally trying to put up a fight here at these lower
levels...so on downside will not be looking for another short
unless 5900 is broken on Bitstamp and 6000 is broken on
Bitfinex - and even then will only be for 300 points or so to
5636 and if so will be looking to reverse long again at this
point if struck with stops 100 below
On the upside it's nothing more than a speccy buy at 6300
with a stop below 6200 - it's more risky than buying the
breakout as we don't know for sure that 6200 will hold out
yet. Otherwise we stand by for a potential break above the
upper parallel, looking for a successful restest from above
once broken...it then has to break above 6610 and hold there
to give us confirmation that the rally is good to go - look to
enter long positions if we see this price action develop.
Otherwise will look to get long again from lower levels later.
