Domchi
Long

Waiting for long confirmation on Bitcoin

BITFINEX:BTCUSD   Bitcoin / Dollar
110 1 3
I'm currently looking at this chart. There is an interesting theory by wrongplacerightime on /r/BitcoinMarkets (http://www.reddit.com/r/BitcoinMarkets/comments/2aslyf/50_day_ma_vs_7_day_ema_as_a_signal_for_bear_bull/) that Bitcoin bubble begins after 7-day EMA crosses 50-day MA, and then drops once back again to touch 50-day MA once the real desperation phase kicks in. Afterwards, the bubble forms.

We are currently at the key point which will test this theory. Bitcoin has bottomed out in May, shown some growth since, experienced a period of stability with bears slowly pushing the price down. Bearish indicators were slowly defeated, we had a slow bearish exit from bullish pennant , and now we've fallen out of a upwards channel, but not with a lot of force. Bears are weak, bulls are desperate, and since it's summer it's likely that we'll see a slow uptrend and then, possibly, another bubble once everybody gets back from summer vacation.

Waiting for confirmation, higher low or slow uninterrupted uptrend, and having my long ready.
The bears have been quite slow lately. All moves downward were choppy and inconsistent. There is definitely bullish sentiment.
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