So which way now do you reckon? Searching for similar past patterns May/June 2014 surge mid way up and over the top both suggest another rise possible from here. Bitfinex order book supports, but sentiment doesn't... My guess is up but too risky to ride far
ditz I don't really know. From others on here and from my own research I am leaning more on the downside here. IMO we need something huge like the Winklevi ETF for Bitcoin to take off big but no one really has a time for this ETF to come out. We could get a substantial climb with Gemini but all we know is that this will come before the end of this first quarter. I thought that with the Bitcoin Investment Trust, that has now been given approval by FINRA that this would ignite a nice rise but not enough. So, leaning to downside for now and that at our resistance that we broke (long resistance that MoonTrader shows). That's my take and of course I could be wrong.
Interesting, thanks. Agree that long term bearish trend hasn't been broken. Though had hoped that this would at least top higher than Jan as has been the norm past two surges May and Oct 2014. But to do so though would require definitively breaking the upper bound of the existing bearish channel. If you'r right and it doesn't as looks increasingly likely, then reckon its heading for still deeper all time lows within this - say $100 perhaps even $60. Timescales seem slightly accelerated too.