You can see that the down trend was broken for about 2 days on this Quarterlies Chart and the RSI also broke it's down trend going flat, This gave an excellent opportunity to open a long position yesterday before the $25 move up and we are still in a good position to add to the long with low down side risk. We are back in the long term up trend for now because global commodity and equity markets are looking very weak.
On Dec 20th when I predicted the down trend channel, I had wanted to see the down trend continue to $350 BTC but also showed the dotted line as and alternate exit to the down trend. The market chose the alternate route I believe because of the rapidly weakening global commodity and equity markets which increased capital flight.
On Dec 20th when I predicted the down trend channel, I had wanted to see the down trend continue to $350 BTC but also showed the dotted line as and alternate exit to the down trend. The market chose the alternate route I believe because of the rapidly weakening global commodity and equity markets which increased capital flight.