BTCCNY: Daily uptrend intact
Updated
BTC has hit the bottom of the linear regression trend, from the Bitfinex hack to the top before the PBOC news, and we can clearly see that the support held, and we moved back up for now.
I wanted to see no new low after my last publication, and it already happened. The sellers indeed got trapped, and the downtrend that started on 1-11 failed. Once we see prices tread above today's high, we'll probably see a strong short squeeze rally.
Longer term, I'd like to see a consolidation, proving investors are accumulating positions in this zone once again, and that we're not seeing a repeat of the 2013 top (dynamics are completely different).
What I envision happening would be a repeat of the consolidation after the sharp fall that followed the initially rally that retested $500 for the first time after Bitcoin bottomed. Alternatively, we could see a shorter consolidation, before shooting up again. The exact timing doesn't have to much, since we already triggered a continuation of the initial uptrend that lead to the 2013 high, which wasn't the case in the period I reference. So, don't read too much into this, we need to see how it evolves from here, but if we stay above 5667 and march higher gradually, we'll surely see WAY higher prices in the future.
Good luck,
Ivan Labrie.
I wanted to see no new low after my last publication, and it already happened. The sellers indeed got trapped, and the downtrend that started on 1-11 failed. Once we see prices tread above today's high, we'll probably see a strong short squeeze rally.
Longer term, I'd like to see a consolidation, proving investors are accumulating positions in this zone once again, and that we're not seeing a repeat of the 2013 top (dynamics are completely different).
What I envision happening would be a repeat of the consolidation after the sharp fall that followed the initially rally that retested $500 for the first time after Bitcoin bottomed. Alternatively, we could see a shorter consolidation, before shooting up again. The exact timing doesn't have to much, since we already triggered a continuation of the initial uptrend that lead to the 2013 high, which wasn't the case in the period I reference. So, don't read too much into this, we need to see how it evolves from here, but if we stay above 5667 and march higher gradually, we'll surely see WAY higher prices in the future.
Good luck,
Ivan Labrie.
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If we hold this uptrend slope, we can reach 6750 soon.
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Uptrend slope holding ;)Comment
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Spot on so far. All trades in good profit. We didn't get any new short term opportunity for now but it's acting well.
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Dip bought.
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Okcoin and BTCC have added fees to trade there...they had eliminated leverage before. This is net bullish overall.Comment
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Adding on dips.Comment
Monthly sellers now trapped...Last: 6910.Comment
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This is absolutely still on track...now we know why we can see a dip like I predicted here.
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