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Retest

Bitcoin with a Breakout/ReTest Remains BullishTraders, Two posts ago, I showed this bullish triangle. I expected one more drop down inside the triangle and I stated the price support would range between 28,300 and 28,800. We got our drop and we got our support. I remained bullish. One post ago, I anticipated a breakout to the upside due to patterns remaining bullish. We got our breakout to the upside. But now where are we at? Well, IMO and according to the charts, we are still positioned biased to the upside. Due to the credit rating downgrade in the U.S., markets are pulling back. Our only question is whether they will now turn bearish? Or, will they remain irrational and bullish. My bet is on the latter but we shall soon find out. Bitcoin is pulling back with the markets to test the topside of previous resistance as support. If it holds, we'll continue up. If support fails and we drop below 28,500 ish, I will have to reassess the chart. For now, this classic retest remains yet another bullish signal. Best, Stew
INDEX:BTCUSDLong
by stewdamus
7
SPY with a Classic RestestTraders, In my last post I alluded to SPY. I stated that it remained in breakout territory which is still true today. I stated that as long as we remain above 450, I remain bullish. Still true. In fact, all that has happened here is that we have a classic retest of previous resistance taking place currently. If we break below, another story may unfold and I will have to re-assess. But as of this post, 450 is holding strong and the retest (if it holds) is yet another rather bullish signal. Stay tuned, Stew
AMEX:SPYLong
by stewdamus
1