In recent news, we have a relative weakening of the dollar. Couple that with the apparent 'cup and handle' patterns, and we may consider a long position on BTCUSD. Beware that although the OBV shows tremendous buying pressure, the RSI indicates that we are way overbought, so an optimal time to enter may be on a bit more of a retrace (the handle of the cup).
For a stop loss, we may consider the level formed when the heads and tails meet on 7/12 and 7/13, and also at 10/31 and 11/01. For profit targets, we can look to levels formed in November of last year, or the Fibonacci retracement anchored at the high of 11/13/2014 and the low of 1/13/2015.
For a stop loss, we may consider the level formed when the heads and tails meet on 7/12 and 7/13, and also at 10/31 and 11/01. For profit targets, we can look to levels formed in November of last year, or the Fibonacci retracement anchored at the high of 11/13/2014 and the low of 1/13/2015.
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