btc_joe
Long

BTC/USD what's left to ponder?

BITSTAMP:BTCUSD   Bitcoin / Dollar
693 0 9
The results are in amigo...what's left to ponder?

https://www.youtube.com/watch?v=TWFgNi_pUYs


The flash crash to $160 was the end of a long drawn out bear market. Then we traded in a nice range of $200-$300 which makes sense after such a massive drop, the smart money accumulated. The first bullish move was to break the the log downtrend line that shut us down time and time again in 2014, then we made it support. This was very bullish , and confirmed to be as we subsequently exploded up to $500. Then after the big move, we made higher lows and lower highs for months, forming a massive pennant . In the midst of this pennant , we broke above the 100 week MA, and then made it support. And then the break out, this is beautiful to watch. Don't ignore what's in front of you.

... Bitcoin will make new ATH's in 2016
Comment: So, we had a real bearish looking 1D candle yesterday but it still closed above support in this newly formed pennant. If we were to break support we could see a flash crash to make the black line support:
BTCUSD Short Term


...but i am not convinced of that at all until we break support, and think more likely that was just yet another nice shake out before we continue up, hope you didn't panic sell your coins just yet.
Comment: To be clear, we have broken the ascending trendline, but it can still be drawn a bit further back with multiple touches even on bitstamp, not to mention it's a bit different on all exchanges, so don't get religious about the line, still would need to see some volume and strong close under say 450 with some real volume to be convinced of a dip here. Still bullish till that happens.
Comment: Barring a nice pump top close the daily, looks like we might get another shot at cheap coins before the moon. Expecting some nice volatility as we approach the halving. Here are the targets:https://www.tradingview.com/chart/BTCUSD/ahBAmxPK-BTC-USD-targets/
Comment:
BTC USD targets
Comment: This is a nice fractal chart
Neutral On Bitcoin
....we may be at a similar point in time where we dip before lift off, the question is how low, I like to keep an open mind and consider all possibilities, so if we get some extreme volatility any targets as low as $300 are possible. I wouldn't count on it though. Makes no difference to me though, zooming out the picture is clear, the final destination is at a price that makes current prices look like peanuts.
Comment: Observation I just had:
BTC USD observation
Comment: Meant to update earlier today but got caught up, 3000 cny heavy resistance in China broken...no cheap coins for you...i'll see you all on the other side of the moon
Comment: Also if you are someone who likes to attribute reasons to major movements in price, the 3 main factors in my view (as I've mentioned before) are:

1. The Halvening
2. Global Economic Woes
3. Continued gradual and steady progress towards scaling bitcoin through various methods
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