Bitcoin uptrend faces first resistance after multi-week upswing

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
301 7 3
As much power as this uptrend shows so far, all good things come to an end until the next wave begins. The real end of the current upswing might be later in early November, but it could also happen earlier. This chart is posted as neutral, because a downtrend is not confirmed only the risk is growing. This chart is posted as a warning, not as a sell recommendation. Therefore I haven't added any price targets.

My last sell signal and my last buy signal are both in this last chart, because I had posted my last buy signal in advance:

The overall uptrend potential is massive, if the price remains in the current channel direction
People keep using this word, Ponzi. I don't think it means what they think it means.
BitcoinGuru MoonTrader
u know exactl what i mean. Obviously I made it up lol "ponzi pump n dump" basically creating extremely exaggerated fake pumps on low volume (usually illegal) disguising/coinciding them with hyped rumors/news e.g. Coinbase pump, LTC halving pump, this one based on US Marshalls?
MoonTrader BitcoinGuru
Just saying. That's not what a Ponzi Scheme is. It's not the same thing as a pump n dump.
I havent had time to update and publish but yes i see a bull potential with a round bottom which can take use to 295-315 as second target then past it to 380-480 (maybe) on November-December 2015.

BitcoinGuru BitcoinGuru
Right now i think were due to for a retrace to 255 area, very needed to keep uptrend healthy and not just another ponzi pump n dump gone parabolic...
+1 Reply
ChartArt BitcoinGuru
I'm with you on this pullback to $255 "to keep the uptrend healthy" idea.

Sadly especially the Bitcoin market tends to waste all the buyer energy in brief crazy spikes, so I have not too much hope it will be much different this time. Only reason why this rally can keep going like in your chart with the $295-$315 target is that the last Bitcoin Silk Road auction is still a few weeks away and every trader knows about this time target.
BitcoinGuru ChartArt
yup that fractal is pulled from the last ponzi LTC halving pump we had and again SAME pumpers are clearly at it again with their bots. By November 5th we should have reached my next target 295-315 faster than the older fractal imo.
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