bitpay
Long

incredibly bullish weekly breakout

BITSTAMP:BTCUSD   Bitcoin / Dollar
4466 8 29
A perfect breakout of the downtrend, then backtest to support, then a weekly reversal to the upside on high volume . THIS is the ingredient for retesting the all-time highs in Bitcoin             . 240 -> 1100 here we go. If you doubt me, look at my call in late 2013 here:
Bullish Bitcoin Setup
Very Nice time to enter long!
+1 Reply
so where do you think that "new money" will come in into Bitcoin from new consumers/users out there?
All I see now is some rich investors having fun screwing up the remaining peeps shorting and longing BTC for months now bouncing btw 200-315.
+2 Reply
bitpay PRO BitcoinGuru
in one word - Gold. Gold is now a "pet rock" and funds that would normally diversify into gold in macro conditions like we have today will instead start flowing into bitcoin.
+5 Reply
Yeah, dream on.
Reply
Average people can't reach Gold. Bitcoin is Gold for the masses, and it's more spendable, usable... Better in every way. Total financial worldwide collapse is pretty much overdue right now, and since there are much more Gold in papers than it really is existing, people will realise Gold is fraud.
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IvanLabrie PRO JohnSmithTorrentech
Some interesting rethoric...Truth is we can't say for sure, and speculating on gold investors moving to Bitcoin is wild at best.
As for the previous calls, we can make good calls and bad calls, we'll have to see what happens next. Channels or trendlines aren't the be all end all of technical analysis, so this 'breakout' isn't guaranteed to drive BTC to 1000+, that's a lofty target.
I see it hitting 250-268 and then reversing again.
+3 Reply
JamesBrown PRO IvanLabrie
First target the recent major high at around 318...but we can't realistically expect a straight shot there. Your predicted reversal may come into play short-term, but this (the long standing, down-trending, channel breakout) is a strong indicator of long-term reversal.

Right now would have to be considered an "aggressive" entry to the long side as there's really very little confirmation that price won't just continue following the previous momentum of the channeled price action; however, a close above that high (318) would be the first major sign of confirmation and a more conservative point of entry due to the new high being established, both outside the range's bounds (demonstrating that price action has likely broken the pull of downward momentum associated with that long standing down-trend range).
+1 Reply
IvanLabrie PRO JamesBrown
Agreed, would take some more upside as you describe. And volume/time.
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