MoonTrader

I'm calling bottom.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
With the long-term support trendline below, I believe a break above $320 signifies the beginning of a long-term bull market, as per my recent ideas. I was expecting a drop to the mid-$200s area, but the market may just skip that, seeing as how it seemed to be such a common sentiment. Instead, we may be seeing a double bottom here in the $310 area. The market has made several slightly lower lows in the last few days, but still failed to breach $310.

This tells me the bears are exhausted and ready for hibernation. We've been following a year-long descending wedge with slightly declining volume , but this may be the turning point. The cyan line represents the trend from the top of the most recent pump to $450 and the dark blue line represents the long-term downtrend line, which we are very close to breaking with resolve.

Full disclosure, I'm long since $315,even though I say $320 is the key resistance, but I really believe this is a good time to go long in bitcoin either way. It doesn't look likely that we'll get the panic sell I was expecting, but I think it's clear the bulls are gaining a lot of strength and are here to stay.