BITFINEX:BTCUSD   Bitcoin / Dollar
156 11 2
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I also think the price was pumped up today to make it more attractive for futures settlement (and then it might dump again).

The mini-uptrend the last days was just way too slow and sideways. The market acts in my eyes still too bearish depressed.
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BTCMarket ChartArt
I would only ever consider the above scenario "if" we get above 236 and continue moving towards 240, then I would be looking for the decline to happen on sort of a double top at 242/245 which is where a good RR lays waiting. I wouldn't look to have any position as of now.
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ChartArt BTCMarket
Thank you for explaining your idea in more detail.

Well, I expect Bitcoin being Bitcoin going strongly in one direction as soon as a trend decision is made. IF we break higher "above 236 and continue moving towards 240" THEN I think we have the start of a new very large rally. Because we are getting closer and closer to get support from the 50 day SMA. Since so many traders trade with the 50 SMA I expect them to see that as a strong sign of support, meaning heavy buying if we go higher than 240.

We are still in a very large uptrend channel, the market is so far only way too depressed to figure this out.. hence my last bearish comment.

Bitcoin correction until late August, early September 2015
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BTCMarket ChartArt
Would need to make a new high above 248 imo where the longer dated 200ma is and also note that Bitcoins monthly average and a bullish indicator for me is still in the 250's which is the red line in the chart.
snapshot
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BTCMarket BTCMarket
This is what the monthly average looks like on a longer dated chart
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BTCMarket BTCMarket
snapshot
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ChartArt BTCMarket
well, every uptrend starts somewhere with the 50 day SMA

first it needs to get back above the 50, then later it can go back above the 200 SMA
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BTCMarket ChartArt
 
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BTCMarket BTCMarket
 
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BTCMarket BTCMarket
 
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