LordNelson

BTC/EUR GMMA ANALYSIS

Long
COINBASE:BTCEUR   Bitcoin / Euro
Gmma signalled a positive shift in trend around 540-542 with MACD crossover and rsi>50 confirming Up trend.
Long term MAs are pointing higher and beginning to spread with equal distance confirming up trend strength; also short term MAs are pointing higher confirming short term is Up.

Price has reached a first resistance at 616-617, if breakout occurs price could reach R2 first at 634-636 and then 2016 all time high at 690.
Stop loss should be placed if price breaks trendline with some space for intraday proce action noise around 580.

Risk/reward ratio is 1,9.
Comment: Price has reached resistance at 634-636 and went over. 2016 highs are now a possible target.

One concern could be RSI>80 but if you look at the last surge in price between end of may and june price went from 430 to 690 with RSI stuck over 80 for nearly a month.

Trend is developing nice and slow, with long terms MA spreading and pointing higher.
Trade active: Target reached; trailing the stop as a count back line on the minimum of the 14-11 candle at 646 euros
Comment: 1/3 or 1/2 of the position can be sold if someone want to secure part of the gain

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