BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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12
It seems like Bitcoin has built a 5 quarter base, and rallied for exactly 5 quarters before starting the current slow downwards grind.

Right now the outlook is neutral, but as soon as we see an impulsive decline, I expect it to develop into a strong downtrend, targetting the 86 dollars mark.

Mining induced inflation is slowly killing the BTC price, which shows a weak demand, and a fading popularity after the emotional bulls are losing their perma-bull patience.

I sold my BTC at 378usd and I'm not looking back, but I find interesting how this market behaves.
On the fundamental side of things, some people are counting on the US Marshall's auctions' buyer Tim Draper and others to push the price up, but for now there is no sign of bulls in the longer term.

My reccomendation: stay in cash or your asset/commodity of choice.
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Comments

Nice observation!

Same, I'm in fiat too until I see a clear sign of demand.
+2 Reply
IvanLabrie LastBattle
Thanks for the comments, this is a very long term chart, so you can see clearer from the distance of everyday noise. I don't look at charts below 1d in BTCUSD for that reason. (wealthy traders don't dwell below 1d I think, and they are way fewer than in other markets) :)
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This is still very much valid.
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IvanLabrie IvanLabrie
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wrxsti8888 IvanLabrie
@IvanLabrie, what are these tw_ub and tw_ops ? wanted overlay on chart of current days
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IvanLabrie wrxsti8888
@wrxsti8888, part of Tim West's (@timwest) 'Key Hidden Levels' indicator pack from the paid add ons the site offers.
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wrxsti8888 IvanLabrie
@IvanLabrie, ty, did u buy your btc for $200 for long hold? :)
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IvanLabrie wrxsti8888
@wrxsti8888, I traded in and out from 250 to 13000 where I sold all before the fall. My clients know the trades we made, during 2016 we made 283% and during 2017 over 6000%.
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Fairly likely scenario.
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