Can still argue BTC is bullish

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Its been in a LONG consolidation channel on the daily. However channels are typically continuation patterns so lets see if the bottom holds and whats in store for the next few months.
Apr 03
Comment: Well after a few days of battlening the bottom of that channel BTC decided to break up. Now its hitting the middle and it looks like thats resistance. I would prefer to play it safe and take profit here in the middle.
Apr 06
Comment: Back at the bottom of channel again. Presume buying i s in order.
Apr 12
Comment: Now we are talking. After days negotating the bottom of the channel again it broke up in one fell swoop to the top. Definitely taking profit here. But carefully observing in case it decided to continue up. But i dooubt it! Not without some consolidation first. GL!
Apr 12
Comment: Hitting the top of channel is definitely significant. And i am absolutely watching out for something like this. Better hedge/short just in case.
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I like the price, but it's too close to break that bottom to give me much conviction.
This is all but bullish, you need to get much lower like 3-5K
+1 Reply
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