Bitcoin Trading - May 3, 2017
We're back in our short term trend channel! Price reached the top of our short term channel several hours ago(yellow circle), but respected the channel and pulled back slightly to $1454, before making another move up. Interestingly, the price bounced right off of our long term trend line, right in the center of our short term trend channel.
This is a more sustainable trend than the last couple of days, because the rise is no longer making parabolic moves. If today goes as I expect, we should see another slight pull back soon, back to our trend line, or a little below it(red arrow). The RSI and MACD are in good shape. Bitcoin is not overbought or oversold at this time. There's plenty of upside potential for a run at $1500 later tonight or tomorrow(green arrow). My hope is that we'll see $1500 before the price make any significant pullback.
Overall, the charts look very bullish for Bitcoin right now. Bitcoin has been hodling very well at the 1450 to $1470 range since early yesterday morning. Support for Segwit is still building, and that seems to have a correlation to the price.
Let's check the weekly chart again, and see where we're at in the long term trend channel...
The weekly chart still worries me a little bit. With the price above the trend channel like that, we could have a pullback anytime, or we could get sideways and move along the top of the channel. I'm bullish overall, but realistically, we could see a pull back at any time. Hopefully it won't pull back to the bottom of the channel, because that would be around $1200. I'd like to see $1500 first. If it does pull back to $1200, I don't think it'll last long. I would see that as a chance to scoop up some discounted Bitcoin.
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Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.