Another thing to note is that OKCoin quarterly futures barely retrace in relation to the spot price and the smaller time frame futures. I interpret this is bullish as the longer term investors (quarterly) see a bright future and are reluctant to sell.
Bullish news includes the 21 Inc. investment and obviously the upcoming BitLicense and Winklevoss ETF.
Comments and criticisms are welcome!
Comments
CryptoCurrency_Inc.
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I think Bitcoin only have one direction, and that is UP!
YipYip
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oh well your rockect ship crashed on the launch pad ... better luck next time ;)
harryBitcoin
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Hi Yip Yip,
I can understand the chart is a little misleading about the 'launch date'. I don't expect any bubble immediately; the triangle that we're currently in has been formed for a while and as per usual I don't expect us to break out until we get right to the end of it.
The launch pad is still being built and will be ready for take off by the middle of April as per this chart from last week:
tradingview.com/v/7SsfZ9Vm/
Stock up on the dip; there's not point launching a rocket if there's no one on board ;)
kenzboard
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The faster we get the ETFs going the better. Any news on when the Winklevoss ETF comes online?
harryBitcoin
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Not a clue. As far as I know they are just waiting for the BitLicense to be finalised. It is currently in another 30-day comment period which is set to end on the 27th of March (ref: coindesk.com/30-day-comment-period-bitlicense-begins/). After that I have no idea as to how quickly it will take for it to be implemented. As soon as possible I hope!
BlockchainBoss
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Nice job. I'm optimistic.
harryBitcoin
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Thanks
rivet.popper
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Hi Harry. Now after this dump, it seems we dropped out of your wedge but have re-entered today. Are you still feeling the love here?
harryBitcoin
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Hi rivet.popper.
Yeah, this has pushed my support line down a bit which in turn has pushed the point of the candle, the possible 'launch date', to the 24th of April. This, however, means that the two triangles now come to a point in the same place unlike my previous chart. So, even though the date is further away, there is more certainty to it.
My only worries are the high Williams % Ratio SMA (light green line) and the MACD crossing over (both on the daily charts). However, a similar thing happened in the triangle which I compare this one to at the beginning of the 2013 bubble. There is definitely room for a little bit more down though. In fact it's happening as I write this.
I'm still pro-bubble though.
rivet.popper
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Thanks very much. Do you mind making an active chart for this that I can fill in as we go forward in April?