Well, with a nice rebound of BTC, now we can start to wait for a good chance for short. And always be careful to open the first position!
Maybe a little bit hard for BTC go below 5000, I don't know.
The future of BTC depends on the height of rebound when the short 5th wave is finished. If it stops at 7600, we will have Head&Shoulder structure, then we can say, see you below 5000. If it's more stronger, touch 8000 at the up track, that would be another story. Good luck.
Just updated the chart for both Bull & Bear BITCOIN traders even though I don't trade short term things. The SOLID TWO BLACK LINES are for BULL channel traders and the DOTTED RED/GREEN PARALLEL LINES are for bearish traders channel pattern.
OK GUYS, GALS AND PALS. BITCOIN PROBABLY MAY MAKE SOME NEW HIGH BUT VERY LIMITED AS THE RED RESISTANCE LINE IS IN PLAY. BUT ALSO HAS SOME GOOD UPSIDE POTENTIAL. PROBABLY IN A ZONE TO BUY FOR SHORT TEMR HOLD AND SELL IT DEPENDING ON SITUATION PROBABLY LAT OF THIS YEAR OR EALY NEXT YEAR AND GO FOR SHORT SIDE ONCE THEY BREAK THE 1ST GREEN SUPPORT LINE AND SHOWS...
If we break through resistance at 498, next upside objective would be equilibrium of monthly -OB at $537, if that breaks $599.86 is next.
With the halving coming up, news and FOMO, this could get push up drastically fast. This is open to interpretation, make of it what you will. BTCUSD @ 1.618 ($685) by the halving or some time after.
2016 Bitcoin Bubble Mirroring 2013 Pre-Bubble Formation
Get on the hype train before it crashes. This chart is NOT short-only, So is this the wave of false hope or the pre-bubble?
Updated chart with my reasons for goin long, along with a pretty complete view of the market structure, and price action ofcourse.
In these days one frequently gets confronted with bulltrolls who keep spamming their BitFinex chart, which can be very misleasing due to its lack of history. This becomes obvious when looking at Bitstamp. It´s as bearish as BTCChina. So, don´t be bullusional.