Bitcoin Now a Long on Multiple Timeframes

14 oct. 2019

Bitcoin has a lot going for it in this price range. We're seeing bulls try to hold the lower 8k consolidation zone from June '19 (and before that, in July '18 it was strong resistance). This is generally good enough on its own for me to look for a scalp opportunity (given the right reward vs risk ratio). In addition, there is a divergence on the Daily chart William %R and price direction, followed by a higher low on both. There's also some other hints that we may be pulling out of an oversold condition. Overall, bitcoin is in long-only territory. If you caught some or all of the shorter term bear trade, great job! While 7k's and even 6,300's are on the table, the strength of a potential bull explosion here that goes on for days to weeks is too great. It is absolutely a "Buy The Dip" moment. Zoom in, find that ideal entry (or as I prefer ENTRIES/partitioned across price zones).

Shorter term target (5-9 days) is around $9,300, or the daily 50 simple moving average. The weekly outlook has the potential for 16k+, but whether or not we visit that before $6,500....hard to say.