$500 is a major price level, currently
turned into resistance after holding as
support for a long time. I'm watching this
area closely to see if we get a bearish reversal
pattern around this level for another short. Or if
strong buying volume comes in and setups up
for a break of $550 with bullish pattern , I'll consider
I have to agree with you on this assessment. I think there is a slight downward bias still, but not sure how much more it can fall. I think the April 2013 peak ($250 - $260) would be the worst case scenario price floor, but I don't think its quite ready to break out into a long-term bullish trend. We're almost there!
IMO, the reason why it rallied (bitcoin ATMs in China and some denial regarding closing bank transfers) is a very fragile one. If rumors spread that the PBOC will ban those, I expect it to crash... which is a high probability given the central bank of China's stance. Perhaps after that, the China market will become increasingly irrelevant and bitcoin prices may be supported by Western adoption/trading.
Have you considered the CNY prices of bitcoin since the Chinese exchanges obviously have a big influence on the price?
If we chart BTCCNY bitcoin didn't even break the lows of this long term triangle. The price even reversed at a very interesting spot...
What's your opinion on the chart I posted yesterday?