Bitcoin Bear and Bull Fractals at Crossroads Again

٣١ ديسمبر ٢٠١٥

Bears:
Bitcoin is showing weakness with a double top at $475-500 and H&S formation as well. A move below $400 on Bitfinex will confirm the bears taking over and a potential revisit of $340-350 and even $315.

Bulls:
If we manage to hold above $400 then we will stay in 2 weeks of sideways and consolidation and break out after January 15th towards new highs of $650-680

Note: Any bad news e.g. BitcoinXT Fork etc. can wick down Bitcoin to $275 then shoot it back up.

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٣١ ديسمبر ٢٠١٥

تم فتح الصفقة

Bitfinex broke $420 bear scenario in play (see red arrows).
Target to be reached is $385-380 upon $400 break in few hours/ days

٣١ ديسمبر ٢٠١٥

أغلقت الصفقة: تم الوصول لوقف الخسارة

Fake-out to the bottom of the 4H BB then full retrace to its top to REKT late shorters.
Back to middle of my chart. imo more sideways before decision.

١ يناير ٢٠١٦

تم فتح الصفقة

Bitcoin held above 420s and went for the bull cycle scenario. we will reach 450-440 target in few days and head a little down for more consolidation to finally break out after January 15th to new highs $520 intially then $680-650

٦ يناير ٢٠١٦

ملاحظة

Bitcoin instead decided to go for more consolidation.
Today's daily candle is the end of the 11 days timenode cycle which marks a big incoming move in the next 24-48 hours.
Still no way of telling what's next at 100%:

Bulls: I am still favoring a move up to 450 initially then more consolidation then a breakup after January 15th and the start of the megabull cycle to $650+ as long as $425 holds.

Bears: If we break $420 I would expect the stoploss to kick-in and a washdown to $380 to occur, and even more panick down to $350 and even a wick to $275 as the failure of the megabull cycle pattern might scare a lot of permabull

٧ يناير ٢٠١٦

ملاحظة

Bullish news for Bitcoin 1 hour ago. China Trading Halts again after 7.3% plunge. PBOC been devaluing the yuan vs usd. This means that Chinese will run and buy Bitcoin, Gold, Silver

WSJ article here --> crd.ht/FHnigyZ

My target at 440-450 got hit. Top of triangle is $450 on Bitfinex and we might push to touch it before a retest of $435 support and further up after January 15th next week. I believe the megabull cycle will take us to $650-680 at least after popping $470, $500

٧ يناير ٢٠١٦

تم فتح الصفقة

We popped the top of the triangle, at this point the megabull cycle is starting early due to Chinese Yuan devaluation and crash + stock market crash. We are seeing another China to BTC 2.0 bubble.

Next tops:
$475-470
$500
$650-680

Incoming new chart soon.