SimonRoss

BTC:USD Bitst seems like it'll bounce around.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The Daily BTC:USD Bitstamp chart shows some interesting points that we should be watching. Despite the dip below the channel (red lines), we closed in a hammer yesterday, which is a great sign for the bulls. That being said, looking at the 200 Day EMA (curved, darker blue line), we posted the bottom of the hammer body on that line, providing support. Looking at RSI , we've bounced off the "Oversold" line, which, if we look at the correction on 9/14-9/15, provided the basis for new highs within three months ( stoch is also bottoming and ready to turn up). This could be the case now, as support for Lightning Network is growing, and nodes are being created left and right, BTC's utility ( in reality and in the retail investor's eye) is significantly increasing. This feels             like the undercover bottom many of us have been waiting patiently for, CBOE             and CME contracts are both fresh and ready to be reloaded. Taking that into account, as well as the upcoming SEC and CFTC hearing on crypto regulation (largely focused on clearing the space of phony projects, scam ICO's, and protecting the average retail investor's security) we could see a fresh move higher from here. Right now, I'm cautiously optimistic, I'd like to see us break up out of the Blue line channel, and test the 50 day EMA . Updates to come.
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