cryptogamblr
Short

BTC correcting until early spring

BITFINEX:BTCUSD   Bitcoin / Dollar
171 0 2
This is lower time frame follow up of my other idea described in the link below. It has has panned out very nicely so far.

Once again the BTC             developer infighting has picked up steam and it is a good excuse for the price action, but the simple reality is that BTC             was already failing to make new highs. I see us in an intermediate down trend that will play out over the next 6 weeks before entering a short accumulation phase and an all time high challenge later this year.

Until the fork and block size debate is settled, I do not expect the current down trend to be broken.
Trade closed: target reached: The correction was not as powerful as I had hoped/thought and it appears that it might be nearing an end. The block size issue is starting to clarify with Core seeming to be in the lead, I think it is likely there will be no hard fork.

The world environment is filled with fear, markets crashing, currency wars (most importantly yuan devaulation) and I am of the opinion the next 3-4 months will culminate in a spike that will make this rush to gold look positively tame in comparison.

I am slowly turning bullish again and have decided that further downside is an acceptable risk. I will look for a fakeout/shakeout in the next week, but plan to add to my position with leveraged coins on any dips.

Good luck to you all, happy trading.
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