BarclayJames
Short

Bitcoin (BTCUSD / XBTUSD)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sold my trading bag.

See chart for ideas. If it breaks 4k resistance watch log downtrends for profit taking.
Comment: Looks like quiet accumulation is not on the cards :(

I'm waiting to see how this develops, I hope it doesn't go much higher otherwise I will start to turn long-term bearish.



MT.GOX custodian has some 150k BTC and 150k BCH to distribute soon and there is still a further 600k BTC outstanding. In addition he has admitted there is not enough fiat in the pot to pay creditors + he is trying to claw back funds from Mark Karpeles. This hasn't gone away and has always been in the back of my mind.

If the above scenario is correct, I'm sure we can break 6k but I fear history repeating itself.

This looks nothing like the fractals that have dominated BTC since the beginning, unless you expand the correction cup as shown.

I still have Bitcoin so target for me is provisionally 5800 to 6400 dollars. But I'm not happy about this at all.
Comment: Click the chart, press play.
Comment: It may just be coincidence that the above chart fits the price development so well, after all it is weekly. It may be that the fractals will unfurl themselves something like this


If they had changed completely, that would be interesting.
Comment: And here is a log version (from Jan 2019) of the above

Related Ideas

IMO fractals are hard to pinpoint in long scales of time, I'm more watching the evolution of moving averages. I still believe we are accumulation zone for at least another 6months. Once Bitcoin goes above the weekly 50MA I feel that that will be the start of the bullrun.
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BarclayJames Poukitoun
@Poukitoun, Yes I want that too. going up to 6k or more in a couple of weeks would make that unlikely though imo. Unless it's a kind of Nasdaq thing (straight up), but I honestly don't think so.
Reply
well done :)

+1 Reply
Your green TA squigglies are alarm zones for me. Nice chart
+1 Reply
BarclayJames longmoney
@longmoney, It's the bottom bro xD
+1 Reply
longmoney BarclayJames
@BarclayJames, Cheers
+2 Reply
volmaandcan longmoney
@longmoney, Haha :)
+1 Reply
longmoney volmaandcan
@volmaandcan, I'm serious :-)
+1 Reply
volmaandcan longmoney
@longmoney, serious about what? leaving barclayjames? :P
Reply
BarclayJames volmaandcan
@volmaandcan, wish you would just unfollow me :(
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