BTCUSD: Possible Long Term Trend Change

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The chart below describes the scenario where BTC broke down outside of the bullish Gann Fan starting right before the bullish impulse in February. Take note of the Cyan Gann Fan's lower bound. That Cyan Gann Fan starts at the initial bullish impulse in February and that fan lower bound holding support confirms that this move is a long term bullish trend change rather than a bearish relief rally.

If the price can break above the Gann fan's 4/1 bound at $8600; since we have no resistance after $8600 till $9400, we could very easily see incredible price action following a break of $8600.

The cryptocurrency community's social media and search activity appear to be similar to the 10/2016 - 2/2017 cryptocurrency community's online activity.

The single bearish indicator would be contrarian of the market sentiment. At the moment, the sentiment of the cryptocurrency community, including most successful Bitcoin Analysts, is extremely bullish .


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