Time for BTC to decide if it's a bear or a bull

Updated

BTC reached a resistance point after a couple of very bullish weeks. There is a lot of indecision and a near symmetrical triangle has been formed. I don't suggest to go Long or Short at this point because a) triangle is squeezing b) MACD is in the center and RSI is also in the middle. Be careful and decide after a breakout.

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Note

After a couple of days in indecision mode BTC broke out on the red triangle and it's now very bullish. I should have updated the idea at least 6-7 hours back but I have been sleeping during that time and "Crypto never sleeps".

There will be resistance in the 1280 and obviously in the 1300. Be careful because there was no proper correction after the 16 day bull run that we had these couple of weeks.
Lond but be very careful! Some of the pump is related to Bitfinex halt on withdrawals.

Trade closed: target reached

Short the hell out of BTC. you're gonna get burned! Explanation will come later.
Not sure if other cyrpto coins will be affected.

Note

Since 14 April there have been difficulties withdrawing BTC from the exchanges. When Bitfinex admitted that they were having problems the price started to rally. Then after a couple of days again Bitfinex posted that USD can't go in or out, price BTC price increased more. Then OKCoins joined by saying that they don't accept USD anymore. Yesterday Bitfinex announced that you can't withdraw any other FIAT currency. Price increased more again.

Price increase is easily explained by people willing to buy BTC with their useless FIAT in the exchanges and then move BTC to either wallet or another exchange and sell them. So what's happening in Finex is that we have only people who are willing to buy Bitcoin but not people who are willing to sell. This inflates the price artificially.

Looking at the graph below you see that price gap between Bitfinex (no FIAT) vs Bitstamp (with FIAT option) has increased by around 7-8% since April 14.

It's your money, you decide. But, I would pull myself out until the market stabilizes and we see the real price of BTC. Right now, we are in the air!

Note

Caution! Bitfinex price and Bitstamp price difference is around 100$ now. Market is heating!

astro313

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