Poor BTC Bulls

BITSTAMP:BTCUSD   Bitcoin / Dollar
592 14 17
Why are you still buying BTC ....?
You scribble some random lines on a chart and you use that as reason to think that Bulls are foolish?

I look at this chart and I see a rounded (flattened) bottom that took all of last year to form, then a breakout above that year range - a possible sign of a new bull market. Price needs to break back down into the 2015 ~ 2016 price range ($167 ~ $319) for any real confirmation of bearishness in the longer term outlook. What we're seeing now is in all likelihood a temporary pullback, allowing time for energy to build back up (allowing time for longer term moving averages like the yearly, 252 day SMA, to catch up with price), so that the upward momentum can continue.

The market on BTC may still be a little overbought as of yet, but I think that will quickly change once the 1 and 2 year moving averages close in on the price.
JamesBrown PRO JamesBrown
The one year (252 day simple moving average) is currently at $298, btw.
Banker928 JamesBrown
Nothing about the chart is bullish. If you want to know why I think btc is worth :poop: on a fundamental basis you can look at my other bearish btc calls from last year, my reasons have remained unchanged from those. Presently the chart shows bulls being rejected, with highs getting sold harder and faster.
I disagree.

Like I said, to be in a price range for nearly a year and then break to the upside with good volume is a good sign for bulls. Now, for the first time since price was breaking down through $600, off of the $1000+ high, the yearly moving average is sloped up, another long-term bullish sign.

Fundamentals are mostly out the window right now, IMO. We're talking about a revolutionary technology that's been growing exponentially in usage since 2009, with over a 100 times more transactions per day now than in 2009. How do you place a value on this? How to foresee if or when the growth ends?

Speaking strictly from a technical analysis perspective, there are some long term bullish signs in play. Really, the only thing that's missing is putting in a new high above the ~$700 pivot price that set this into confirmed downtrend.
Banker928 JamesBrown
We shall see ;)
Indeed. Place your bets.
Banker928 JamesBrown
I bet it will go just as well as this one did
+1 Reply
Perhaps, but I doubt it.

There was a lot of downward momentum off of the Mt. Gox fiasco, which I believe exhausted itself finally in that 9 to 10 months that the price ranged from around 2 to 3 hundred dollars, but I could be wrong.

Time will reveal.
Maddie Banker928
ok not ;p
blackswan Banker928
interesting chart... i like contrarian views.. saved my positions a few times because i avoided confirmation bias...having said i agree if a commodity doesn't have solid fundamentals and its price is being propped up by markets makers then it is destined to fail or go back to its true price reflected by real demand and supply.
haha :) thats should be perfect. But a dream, i think
Nope. A good early indicator of where btc is going are where a lot of the older alts are going. They have bottom and are curling up ready for the next move up.
So we go sideways for over a year, breakout of that range, then we're just gonna fall back through it? Wrong.
Banker928 alteredend
of course it is...
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