Long-term BTC view from China News

BITSTAMP:BTCUSD   Bitcoin / Dollar
2321 15 12

There's been a lot of dip buyers on each panic,
and now we're seeing even heavier buying coming
in on China news ( BTC China accepting deposits).

As long as prior support holds, I'm looking to accumulate
on retracements and consolidation, but I will NOT chase
emotional buying.

I'm still holding BTC long from $502 in my long-term account,
and expect price to retest $1,100 if the bag holders don't keep
slamming it at $1,000.
So do you think now is a good time to go long?
sy5error TheDyslexicMessia
It's a long-term long view. He's not suggesting that everyone buy right at this moment. The chances of going up are higher than before *IF* the bag holders don't keep the price down too much. Read the info and the charts carefully so you don't burn yourself, imo.
Cheers. Thats why I was asking, watching carefully at the moment because I think Chris is right, but I don't know when the break out will occur and was really wondering if Chris thinks that large buy was it. Guess we will see in the next few days whether or not the right shoulder establishes its footing.
how long term a view is this?
chrisdunntv sy5error
There's no timeline on this. Could be a day, could be a year.
Who is a bag holder and what effect do they have on the market?
The bag holders are the people that bought at the ~$1000 price level and are looking to exit the market without incurring a loss, and have in effect been holding the bag throughout this time spent below the price that they bought in at.
Asked this on Twitter as well, but I can actually expound a bit more here:

With this strong resistance at the 1000 dollar level, do you intend to hold coin through this level as the market tests it, or do you acknowledge the herd mentality selloff at this point and follow suit?

How do you figure your "odds" on the bagholders vs. long-term bulls in this situation? (apologies if my terminology is off; feel free to correct!)

I was tempted to sell off around 995 last time because I figured the likelihood of another crash was high. I held on, because I believed it could break resistance. It hesitated to do so, and I felt a bit foolish when we crashed again.

chrisdunntv stephen.joseph.12
Like I said on twitter, it all depends on what the price action looks like if/when we get there. There's no way to know until we get there.
I see. Gotta educate myself a bit better before we get there. Thanks.
Prepare the lunar lander.
Can we call that a head and shoulders? I don't see a defined neckline.
I highly doubt we see any new highs. Check out my chart
BTC where
That is if Lee is not trolling the market again, things there are pretty shady.
hope you've close your order fast enough?
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