BTC has bounced nicely from a higher low and broken the linear downtrend on my graph once again. Unfortunately there are many ways to plot the current correction/bear reversal which do not all indicate a bullish breakout yet and this linear resistance has previously been broken and fallen back through showing that uncertainty and fear still weigh strongly after such a steady bullish market through 2017.
I do not foresee a clear long buy signal until a prolonged break of 10k, ideally occurring in the coming 1 or two weeks which would show overall market belief and a rejection of a onger term correction due to the fundamental impact/potential of blockchain. This could potentially be catalysed by reduced regulations in Korea and a positive outlook following G20 negotiations,
It is also very likely after such a rapid advance and subsequently rapid correction that capitulation continues and a sideways move in the 5-12k range is maintained for the near future until sufficient accumulation and progression has occurred to bring the market to the next level of growth. (ignorant accessibility)
I do not foresee a clear long buy signal until a prolonged break of 10k, ideally occurring in the coming 1 or two weeks which would show overall market belief and a rejection of a onger term correction due to the fundamental impact/potential of blockchain. This could potentially be catalysed by reduced regulations in Korea and a positive outlook following G20 negotiations,
It is also very likely after such a rapid advance and subsequently rapid correction that capitulation continues and a sideways move in the 5-12k range is maintained for the near future until sufficient accumulation and progression has occurred to bring the market to the next level of growth. (ignorant accessibility)