RoyVan Der Reijnst
Long

Still healthy recovery for Bitcoin, upside potential remains

BITFINEX:BTCUSD   Bitcoin / Dollar
67 1 2
As I am viewing the market, we're now in a critical decision zone, as we're trading in the OTE             longzone of previous 210-303 move.
If this area holds, we're still in a recovering structure with higher lows. Additionally, a break of 315 will give us a new swing high as well.

A definitive break and close above 300 is seen by many participant as decisive evidence that we're in an uptrend.
I expect this to coincide with the moment were 'less informed' money will be able start buying the ETF .

My anticipation is that we'll see choppy moves up and down along horizontal Support and Resistance levels with an upside bias until we reach 300 again.
After that, panic WILL eventually strike as longer term shorts will get squeezed out and longterm bulls will come into play as well.

Price action technicals and Big Money rationale line up perfectly to pump this shit up to distribute the coins that have been accumulated for the past 3 months.

We've seen capitulation 2,5 months ago when we broke 200 and bounced back violently.

Long story short, we're at a pretty important key level now. Sagging below the OTE             longzone will prove the bulls to be too weak to push above 300 when the time is there.

Break below 230 will be serious danger for positive outlook for MONTHS to come. Breaking below 210 will bring us to new lows, as market structure on the daily timeframe will be broken to the downside again
Have to add also that I find price to act very responsive as soon as it drops into major resistance levels, which leads me to believe that larger players are raising their buying areas
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