Examining the BTC Daily chart provides a good point from which to establish our next short-term long position, and gives us good perspective on the overall BTC trend. While we are currently bearish we have enjoyed fantastic price action maintaining a consistent 550.00 dollar range, bouncing well at key fib levels allowing for fantastic short-term long gains. These fibonacci points provide us with our next estimated buy zone (.618). While we have passed through our daily Bollinger bands we must also keep in mind that only the most aggressive trend has corrected thus far, so we must continue to keep stop losses set as tightly as you are comfortable with, as the natural correction could take us to the long term uptrend lines marked, and trader uncertainty born of the fast approaching changes (SEGWIT, BIP148 etc etc) could also lead to rapid decline in value.
If we approach the top of the established channel, those who trade on leverage may take the opportunity to examine the currency pairs which most closely mimicked BTC price action in order to determine short entry points. If that situation should come about I will be watching STR(btc) and ETH(btc) very closely.
Good luck to all!
Komen
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Though my time was off, my value estimate was dead on. From here we should expect some fairly unobstructed slippage back into the bottom of the channel.
@billal.razame, Expect correction. This is very unnatural movement, not sustainable. I'd take profit if you're trading fiat pairs, as a hard spike is usually followed by a hard fall.
billal.razame
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Do you still stand by this chart or are we going to the moon? @AlamoZ28
AlamoZ28
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@billal.razame, Daily RSI did indicate that a strong buy cycle would take place, as for the specific answer, the top of the channel is the next obstacle. If we break out there, we could very well be back under way.