I am building a short term Long position here. This is a risky trade due to the fact I do not believe we are completely out of the woods yet. My take profit target is 9k staggered up to 10k. BITSTAMP:BTCUSD I am setting my stop loss slightly below 6k. I see a possible entry here that out performs the risk ratio.
I am watching the 6 hour Kijun-sen (Base Line) & Tenkan-sen (Conversion Line) for a possible slow down and reversal at which point I will close my long if the buy volume weakens around there.
The Daily looks great...
But our weekly still shows a few more weeks of Bearish activity if we trust the TD sequential for exhaustion, we don't typically complete a full bearish TD count on the weekly so it is something I will be watching closely.
Conclusion We see a short term struggle with bullishness; We ride 1-4 days of mild bullishness then continue the current trend downward back to our last bounce at $6,000BITSTAMP:BTCUSD I won't believe we are Bullish until I see multiple confirmations on multiple time frames which I will cover in a later post at a later time. Until then I will be riding these channel trades expecting a bearish continuance.