Bitcoin-Correction Over-Long term Bullish Trend kicks in!
Technicals
As posted before, bitcoin bottom was in the 6700-6000 range. The uptrend support line held up quite nicely throughout the bearish period. Right now price is breaking up from the downtrend line. A failed breakout could see prices retracing back to the 6700 level. However, as noted in my previous post, I see no reason why the uptrend support line won't hold. So to sum up, right now bitcoin is at an attractive buy in opportunity for aggressive / long term traders. If you want to be more conservative, waiting for a clear close above the downtrend trend line would be a safer entry.
Fundamentals:
Bitcoin consensus conference is right around the corner. Look at what happened in the run up to last year's conference and you will find the answer ;)
As posted before, bitcoin bottom was in the 6700-6000 range. The uptrend support line held up quite nicely throughout the bearish period. Right now price is breaking up from the downtrend line. A failed breakout could see prices retracing back to the 6700 level. However, as noted in my previous post, I see no reason why the uptrend support line won't hold. So to sum up, right now bitcoin is at an attractive buy in opportunity for aggressive / long term traders. If you want to be more conservative, waiting for a clear close above the downtrend trend line would be a safer entry.
Fundamentals:
Bitcoin consensus conference is right around the corner. Look at what happened in the run up to last year's conference and you will find the answer ;)
Commento:
Long Playing out nicely
