Bitcoin: The Bottoming

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I am long again on Whaleclub ›

Entry Price ~$391
Target ~$430

Bottom entry price prediction:

Bull support is quite strong with over half a dozen touches of support trend line .

The fundamental bullish case is the halving coming in a few months. Post-halving bitcoin             price is ~$200 which may seem cheap to most observers.

This trade is invalidated if that support fails to hold. What may cause this is continued negative coverage of blockchain scaling issues and core dev disagreement.
IMO. Everyone is thinking bfx will drop cause it hasn't tested the trendline. But the problem is the spread between okcoin spot and bfx. Its too small now. Don't get fooled into thinking a drop is coming. China already bounced the trendline today. If this were to drop 10 more usd. Then bull run would be over and be looking for a new low of 300s, 2000 to 2200 cny.

On alste's chart the second circle from the right. The spread during that time was 17usd. Now its possible bfx could dump and china doesn't. But wouldn't hope for it.
I like how the daily candles went right around your down arrow :D
Doesn't look like we'll retest bottom of triangle. I think this will be a quick move up to alste's target. And that could be our final high for a month or so.
If this triangle breaks up, then 430 should be next.
rising support definitely is a reason for a bit of bullish confidence. but nothing is absolute, obviously. hoping a second dip to 400 occurs.
The halvening will definitely influence the price. While the most likely scenario is bullish it is still important to watch out for the Death Cross with the 50 and 200 MA which could form the perfect recipe for disaster.
Any prediction on the direction of the breakout when we resolve this massive triangle?
alste. PRO Haymaker
Will have to wait and see. Too far to give any accurate prediction. Leaning toward bull as halving plays out.
+1 Reply
Closed my long, waiting for the 10 usd dip. Thanks
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