chrisdunntv

2 Important Possibilities in BTC right now

BITSTAMP:BTCUSD   Bitcoin / Dollar
2049 7 13
$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.
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
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.
Reply
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?
Reply
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.
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.
Reply
Do you think this could be considered a triple bottom reversal if we break $540 or so?
Reply
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