Engines refueld, Countdown begins! ... Hello Traders
The past few weeks have been very bullish. We have bounced off of the long term uptrend line 3 times now, thus confirming an uptrend.
RSI is looking very bullish too, resembling the market at the end of May prior to the massive push to $690
In terms of fundamental analysis well that couldn't be better! The silk road 2.0 auction of the DRP stash is just around the corner. Last time that happened it the price went up massively. There are further developments in with bitcoin on wall street and there is a super bowl proudly sponsored by Bitcoin on the 26th December which will show Bitcoin to millions watching and should capture new public interest in the currency!
I'm expecting a massive push up to $527 which should bring us up to the 0.618 Fib retracement level from the last $690 high before being sold off again to the 430s which will again test that uptrend. After that a massive push upwards seems highly likely with all the great news surrounding the currency as well as further inroads into Bitcoin ETFs and wider acceptance amongst investors.
Links:
stpetersburgbowl.com
www.investopedia.com
arstechnica.com
