Well, it's official. BTC, XBT, whatever you call it, has not only officially broken the downtrend, it has now officially entered an uptrend.
Not only that, it has finally diverged from the larger stock market. (The stock Market has been going down the past week, and BTC has been going up This hasn't happened in a while either. This is important, because it could signal institutional money is no longer in control of BTC's destiny.
A real show of strength from Bitcoin.
This is not trading advice, simply my analysis, observations, and opinion.
Spy is going down, but BTC is going up. That hasn't happened in a very long long time. THIS IS SIGNIFICANT.
eb8
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P.S. Am I saying I am a buyer here long? Absolutely not. This thing is so over bought right now, I would be touching it with a million dollars to burn. But when it retraces, if I was wanting to go long on BTC, I would be looking for that entry point now.
And my stop loss would be at the last higher low (9813). If it breaks that, we are no longer officially in an official uptrend.