MoonTrader

New bull market soon? Watch the trendline.

BITSTAMP:BTCUSD   Bitcoin / Dollar
We are very close to breaking the long-term trendline . We're either going to fail to make a new high and slowly churn downward again, or we're going start a long climb to bullish targets. Since we already have major baseline support below us, I'm leaning toward the latter If we start to see volume coming in here and the price moving steadily past that trendline , we're looking at a new bull market. This will be the first time this has happened since May and it will be big.

As always, though, wait for confirmation. A break of $246 will have me convinced. I've waffled a bit in the past, but my ideas right after the last low were calling this. Let's see if it plays out. I'm keeping this idea neutral because it could start to slog downward like it did the last time we met this trendline .

Donations welcome:
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Looks like shit is ahead
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Quite possibly. The first move we got on volume right after the trend line was a sharp down move.
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To be clear, though, we're not out of the woods yet. I may have some more bearish ideas coming on smaller time frames. We'll see where it leads.
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