BITCOIN BRIEF: STRONG BOUNCEBACK TODAY

ddepalma(28)

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#bitcoin

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2018-02-07 00:29

Bitcoin made a strong push over the past 12 hours from sub-$6000 levels to now above $7500. But can this be sustained??

Let's take a look at the hourly chart: (NOTE: I only use hourly charts for short term day/swing trading BTC)

Price pushed to bottom of cloud

-Usually this doesn't mean anything until TK Cross confirmation, however the price is using the cloud as a resistance line at this point. something to look for as the cloud is moving downwards.

No TK Squeeze
-The conversion and base line haven't squeezed together yet, which usually means price is going to test one (or both) of the lines. In this case first would be at 7500, the next would be down at $7000.

My Thoughts:
BTC, in my opinion, is still in a chop zone, meaning its hard to go long or go short in these situations. If you do want to go long I'd recommend tight stops, same for shorts. We're probably going to see a retest of the $7000-$6500 region at some point in the next 24hrs. I'm sitting on the sidelines for this and waiting patiently.

For more information on the Ichimoku cloud, consider clicking these links:
steemit.com/altcoins/@ddepalm...
steemit.com/bitcoin/@ddepalma...

For more on how I look for lowcap altcoins consider clicking this link
steemit.com/altcoins/@ddepalm...

TWITTER: twitter.com/southparkcrypts

YOUTUBE: @cryptojimmy
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