Quadricolor
Long

BTCUSD respect of resistance offers some buying confirmations.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Now we have both respect of resistance and an oversold condition on the stochastics, going long on BTCUSD is favourable. When buying BTC now, a tight stop loss is required as the long term picture (daily chart) is still overbought.

There are also good candlestick doji formations on the 4 Hour chart and another developing on the daily chart .

Short term purchases are better supported, if the price continues to break above $5800 then we can hold on the position in hope of further trend continuation.
Trade active: Stop losses can be moved to the entry price now as the price will either breakthrough current resistance around $5800 and trend will continue. If price falls back we can take a little short term profit or at least break even. Now we have a zero risk trade to potentially ride further trend development.
Trade closed: stop reached: My trade has closed as a break even trade. The trend did not continue forming, as selling pressure is indicated in my other daily analysis. We still hold out, waiting for proper buying opportunities.
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