Yesterday's dump of BTC has been a minor and expectable retracement to the short term 61% fib at 17,7k. Possible retest and double bottom currently, no need to concern. Bulls need to hold the dotted red TL2 and break up through TL1.
As long as BTC holds 16100 (3800-19900 rallye fib 23%) we are bullish. (difficult to see on my chart, its the 16100 level)
Some day a retest of the fat black channel top (curr. around 15k) is likely, this drop-touch-and-bounce game could happen now (I doubt that) or when the line is already up to 20k.
I think the market wants to wait for the 15th when 300.000 BTC of the Mt.Gox case could hit the markets. Maybe time to play some Alts in the meantime, until BTC continues its rise.
I would sell a small part of my BTC at 17650 in case 1700 doesnt hold, would try to buy back lower. Expecting BTC to rise tho. Institutions are buying, Grayscale buys 2x of the amount of new BTC monthly, now add Paypal's demand. Michael Saylor of Microstrategy bought another huge bag even at 19,4k (!), they don't care that much about resistances and a few % up or down.
Holding 18000 shows bulls are in control. Breaking below 17700 would be changing only the very short time picture. I wouldn't be surprised to see >20k soon, which could be the biggest buy signal of the year, followed by FOMO and a 22k-27k BTC within 10-14 days. I don't say it WILL happen, but it is in the cards. Tho we could range for a while of course. In this case Alts will shine.
(I am a mess, so is likely my Chart a mess, too. Constructive critics very welcome.)
As long as BTC holds 16100 (3800-19900 rallye fib 23%) we are bullish. (difficult to see on my chart, its the 16100 level)
Some day a retest of the fat black channel top (curr. around 15k) is likely, this drop-touch-and-bounce game could happen now (I doubt that) or when the line is already up to 20k.
I think the market wants to wait for the 15th when 300.000 BTC of the Mt.Gox case could hit the markets. Maybe time to play some Alts in the meantime, until BTC continues its rise.
I would sell a small part of my BTC at 17650 in case 1700 doesnt hold, would try to buy back lower. Expecting BTC to rise tho. Institutions are buying, Grayscale buys 2x of the amount of new BTC monthly, now add Paypal's demand. Michael Saylor of Microstrategy bought another huge bag even at 19,4k (!), they don't care that much about resistances and a few % up or down.
Holding 18000 shows bulls are in control. Breaking below 17700 would be changing only the very short time picture. I wouldn't be surprised to see >20k soon, which could be the biggest buy signal of the year, followed by FOMO and a 22k-27k BTC within 10-14 days. I don't say it WILL happen, but it is in the cards. Tho we could range for a while of course. In this case Alts will shine.
(I am a mess, so is likely my Chart a mess, too. Constructive critics very welcome.)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.