Xzhi
Long

Bitcoin has bottomed.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Original chart in related ideas section

After the big pump that destroyed 4200 (I was one of the people selling at 4200 and got "rekt"), I think it is clear that Bitcoin likely bottomed at 3k. I was neutral on Bitcoin so I should have been flat, but I did not expect a massive breakout.

There is no chance of Bitcoin breaking out and entering a full on bull market, so do not be hopeful of that. However, this likely indicates that we have bottomed.

For now I expect a rise to 5.4k-6.4k before breaking down to sub 4k. You will get another chance to buy 4k. A short at 6k will be a winner as long as you do not get shaken out.

A rise past 4200-4400 is very significant, as that was where previous big buyers bought on the way down to 3k, creating strong resistance at that price.

I think Bitcoin has a strong chance of consolidating below 5.4k before having another rally to 6.4k. By then the demand should be mostly gone and a short would be nice. If there is a breakout of 5.4k with enough volume , 6k is very likely.
Comment: Buy 3.8k
Comment: 3.8k will be the target to buy after the rally ends. Most likely this could hit 6k.
Trade closed: target reached: 6k was hit. Bitcoin is now at 8000.

The bull market has began. Buy every single dip.
expecting a retest of lows before a move higher

Reply
Yep we need to retest to double bottom before bull run between 2.5K and 3.8K (just ladder buys)
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