koryu
Long

Bitcoin correction is over

BTCE:BTCUSD   Bitcoin / Dollar
1153 4 20
Waiting for break out, first target ~ 645 $
Comment: Title might be a bit confusing.
I believe the correction will be over with the break out. And I am confident that btc will go up for the following reasons:
- Hashrate is slowly going up again after halving.
- Income of miners is the same like in oct 15. Means price and production cost is very close.
- Less selling pressure because of halved block reward.
- The second price drop was caused by the finex hack, dust has settled, volume has moved to btc-e and Bitcoin is still Bitcoin.
- A lot of money is on sidelines
- Bitcoin is needed to join the booming alt market

I think another major drop would require a new bearish event, otherwise we will leave the structure and sideline money will buy in again.
Comment: my guess for next days
snapshot
Comment: nice <3
A bit misleading. The correction isn't over according to your chart. You are suggesting trading the breakout, when it hasn't broken. Your comments show your bias and a future strategy based on assumptions.
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koryu PRO ukmartyn
yes title is bit misleading but see my comment above
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A bit premature I think albeit I agree it will go back up there but I don't think near term....
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Ok, now you have added fundamentals as your evidence, fair enough. So the trade is long the breakout, a standard TA trade.
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