Bitcoin is going up!! Long now! you snooze you loose!

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Bitcoin has been giving bullish signals, i have had many different indicatiors giving me confidence in this long position.

i have actually been bullish since closing my short at 593-595 range, just wanted confirmation on different time frames.

Taking fundimintals into consideration makes this position solid. the ongoing global economic slowdown, continuing US dollar weakness and focus on cash conservation by investors should create new demand, bitcoin remains attractive as a store of wealth.

more importantly there is a 120,000btc missing from the supply chain, that is a substantial amount & with the halving effect starting to be felt by the market now, its been months since daily supply has halved & with those 120k coins missing its all producing pressure to push the price with low supply.

i have opened a long at 598$ ( 3990Yuan) expecting some quick movement to 620 with the ultimate target of 635+ for this position.

major support 590

Resistance 615

take profits

Tp1 615 - TP2 630 - TP3 640

stoploss - 587 ( 3915 yuan)

i do expect price over the longer time period to be very bullish . we should see 700+ again in 2016 with targets of 1000$ + for Q2-Q3 of 2017.
Trade active: Closed position temporarily due to Huobi bTC trading engine being down for almost 4 hours now..

took profits at 603.50, was not worth the risk as not clear what kind of news will come out..

small chance of bad news, maybe some technical issues but not worth the risk, if things clear up & everything is ok & trading resumes will look for another entry on the upside..

will update..
Trade closed: target reached: longed the bottom of the dip after .. same targets & same setup.

longed 598.. exact same targets & same setup.
Trade closed manually: closed the second long & took profits at 605.50...

the momentum has died down a bit & 4050 has been rejected a few times so rather take the profits on a fairly big position.

will now wait for breakout of 4050 before considering another long.
Trade active: had a long from breakout level, closed now at 614.50 + ..

best to wait to see if this previous resistance will turn support on longer time frames.
really awesome prediction just a littlte bit to late it will only happen soon now.
hm, bitcoin scaling problem is not solved and i don't see any positive news for btc, except speculators trading it. even if it moves up to $700, fundamentally nothing changed. i expect it to have run ups and downs, but we need major news to make big run. i believe other coins to have better reward opportunities at this point :) my trading system says wait longer for btc run confirmation. your comment on potential crises being positive for btc, you make three assumptions here: US equities to go down, people to have money to invest, people to see btc as a safe heaven. if you knew that any of these would happen, you could make a lot more money by taking different bet rather than trading bitcoin.
ethbug Buzz off!
we are here to exchange knowledge and opinions regarding crypto and this way improve our decision making for trading, which would lead to increase in our net worth in fiat terms. just relax if you don't like what you see..not making it personal, just my view ;)
this is a btc trade chart so has nothing to do with my other charts positions or portfolio which is well diversified with tangible & the non tangible...
not sure what bitcoin analysis has to do with how much money i make or have .. ;-)

bitcoin is not a share or a business where it needs news to support the price, its used as a store of value.

Supply is down, it has had a huge hit, the main market for BTC is china , you mentioned im assuming people have money to invest in btc, last time i checked there is so much money in china they dont know what to do with it, trillions of it ;-)... china likes btc thats important..

Regarding other altcoins its not relevant, they are the equivalent of penny stocks for small players hoping to find the next btc,
they have no effect on btc price as china the main btc player does not adopt alt/shit coins..
altcoins are a way to accumulate more btc for the smart money..

anyway thanks for your comment, appreciate it.
ethbug Greenhill
definitely agree on your points with other small alts and China. China is the big one with deep pockets, but their problem is different, to get money out of China :) and btc is perfect for that. i would argue that btc still needs some needs, it did not prove that it is good store of value to many, but we are getting there! thanks for reply, good luck with the trade, i might join if it get's confirmed.
re: scaling problem is not solved--you should watch this: ...scaling is a continual process not a destination
+1 Reply
Greenhill btc_joe
Excellent talk, lot of interesting information & facts.

Andreas Antonopoulos is highly respected in the community, this talk shows why.
+2 Reply
thanks Greenhill, appreciate the heads up and your thoughts, keep up the charting! Cheers
completely agree...
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