chrisdunntv
Long

Cautiously Bullish, and watching for signs of "real" demand

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The problem with going long right now
actually has nothing to do with the chart.
There have been some beautiful reversal
patterns, like this head and shoulders .

The problem is the lack of "real" demand
for BTC             . Every chance the market gets to
rebound, it slowly fades off.

Therefore, I'm cautiously bullish , and quick
to cut losses if bulls cannot hold support.
I thought the "demand" wasn't for transactions and currency, rather just to speculate and make millions. There are much better cryptos out there for actual currencies now, but bitcoin is nice.
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Network effect tho.
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Demand could mean anything... people who want to store BTC like gold, use it for transactions, or just speculate. The fading volume and lack of a higher high indicates prices could keep fading for a while.
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I foresee one more final FUD crash instigated by China in the next 2 to 6 weeks before the long term uptrend resumes.
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