chrisdunntv

2 Important Possibilities in BTC right now

BITSTAMP:BTCUSD   Bitcoin / Dollar
$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
a long.
Do you think this could be considered a triple bottom reversal if we break $540 or so?
Reply
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!
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I'm thinking early June, and we will bounce around until then. I, for one, would love to see a $250 Bitcoin again.
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This rally was triggered each and every leg up, by Chinese trading........which is all fake.

Now that price is ramped, expect some big dumps on USD exchanges.
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Hi Chris. How are you actually playing this since there is no options? I assume you are just buying low and selling high? or do you have another strategy?
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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.
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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?
Beginning of the next bullrun?
Reply
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