For 5 long months bitcoin has been slowly going down in price without having any chance of recovery.
It seems to have found some support at lower $3xx near long term support line as longer time frames 1W, 1D are finally showing strong bullish divergences.
It is a good opportunity to open longterm long positions above green dotted line on the green box with a tight stop loss just below it. Downside potential is small, around $10-$15, while upside potential is huge, up to $400-$500 levels.
Long term resistance (Bold orange) should be harder to break. So at that level, and depending in the situation, it probably would be a good idea to close part of the long positions to reopen them again near support for extra profit.
On the other side, if you want to play completely safe just wait until longterm dowtrend is completely broken to start long positions.
As an external factor, USD strength is slowing down and probably entering into a bounce, boosting BTC/USD.
It seems to have found some support at lower $3xx near long term support line as longer time frames 1W, 1D are finally showing strong bullish divergences.
It is a good opportunity to open longterm long positions above green dotted line on the green box with a tight stop loss just below it. Downside potential is small, around $10-$15, while upside potential is huge, up to $400-$500 levels.
Long term resistance (Bold orange) should be harder to break. So at that level, and depending in the situation, it probably would be a good idea to close part of the long positions to reopen them again near support for extra profit.
On the other side, if you want to play completely safe just wait until longterm dowtrend is completely broken to start long positions.
As an external factor, USD strength is slowing down and probably entering into a bounce, boosting BTC/USD.