ChartArt
Long

New York extends comment period. Long above 528-535 US Dollar

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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UPDATE:
Short-term shorting opportunity below 500 US Dollar            

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Positive news:

- New York Extends Comment Period for BitLicense Proposal:
http://www.coindesk.com/new-york-extends-comment-period-bitlicense-proposals/

- Ben Lawsky: New York Can’t Risk Getting Bitcoin             Regulation Wrong
http://www.coindesk.com/ben-lawsky-bitcoin-regulation/

The risk that the price might fall is even below $550 starting to get lower around $525-$535 Below $490 is a large risk that the price might fall down to $440 or lower. I first bought at $457, but got bearish again when the price fell fast from $534 and sold above $510. I just bought back at $510.
Do you guys value volume in your TA? I don't know if you're intraday but where's the juice to push us up? It's pretty tough to call tops and bottoms. It's easier to walk in the tracks of the big money.
Reply
ChartArt AuriePhilipchuk
I agree. The volume is very low. But it has increased during the correction.
Reply
What period are you talking about?
Reply
ChartArt AuriePhilipchuk
My Bitcoin theory: volume follows a increasing price.

If the price goes up - the volume will go up.
If the price goes down - the volume will go down.
Reply
That's an interesting theory. Do you base this on the all time period?

I don't know how much weight to put into CNY volume but when you look at gox for example (good historical chart) you can see volume really peter out up in the 200 handle.

For me, volume indicates value acceptance. The more value that is accepted, the more market participation, the higher the volume.
Reply
agree, although the 550-560 zone could be tougher to break before we would test 600. I bought some between 445 and 450, than almost the same amount between 495 and 500, planning to short in 550-560 region the same amount too keep the profit till the correction would lose steam than watch how 550 retest will be.
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so u think were heading to retest 595?
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ChartArt BitcoinGuru
yes
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I still hope we will see the 440s one more time. I also bought in after seeing this chart and you were right.
Reply
ChartArt BitcoinGuru
I took me a lot of time to decide today. It was a very tough battle between bulls and bears. Only after watching it for two hours I was getting pretty sure we move up when we got back again and again to above $510 today.

While creating the chart I got more confirmation when the price moved to $514. I think from now own it is more likely that we only test $500 as bottom again - and not $450 or $400.
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