Now that the Bitfinex saga has moved forward we finally have the IOU token to trade. BFX is paired with BTC and USD on Bitfinex and for leverage trading on Bitmex. US users can only sell the token and not buy it. Non-residents can freely trade this market, and we will be.
The price opened into a small rise and since has slipped into a descending triangle formation. It is currently right on the key horizontal support level. A breakdown of this level is important as the last low was a lower low. The last needs to hold or else price will touch down to the support trend of the triangle while the StochRSI hits oversold. The safest long of this trade is in the near term a pop above the yellow rectangle or waiting for a breakout above the desending triangle’s upper resistance line.
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