Bitcoin Bull Trend Continuation vs. Additional Retracement
This FOMO Bounce was successfully predicted by IAmSatoshi (Twitter: CarpeNoctom) at @690. Bitcoin continues to be bullish over the long term although there is a possibility for a retrace on the daily timeframes to the $600 per BTC area. I'd give it a 25% chance of this retrace occurring.
1. Bounce on the retrace was successful, bids were executed on Bitstamp BTC/EUR pair at 628 through to 610 which was the absolute local bottom in EUR.
2. There was a great retrace to 50% Fib of this move, which is also the Kijoun (Base) line of the Ichimoku Cloud on the 1hr.
3. There is an ascending triangle forming on the 1hr which could go either way.
4. If there is a break upward expect a rise to pre-drop level of 735-745USD and could fomo past that.
5. If there is a break downward we could go as far as 600USD, but I would expect some more pitstops at previous consolidation areas 635USD and the monthly pivot at 630USD.
Very much bullish on this one although I only trade in spot so my risk is limited and my stops are more flexible. I'm bullish because of SegWit implementation and am confident most nodes will update to the newest version. I'll explain my stance in detail later on.
1. Bounce on the retrace was successful, bids were executed on Bitstamp BTC/EUR pair at 628 through to 610 which was the absolute local bottom in EUR.
2. There was a great retrace to 50% Fib of this move, which is also the Kijoun (Base) line of the Ichimoku Cloud on the 1hr.
3. There is an ascending triangle forming on the 1hr which could go either way.
4. If there is a break upward expect a rise to pre-drop level of 735-745USD and could fomo past that.
5. If there is a break downward we could go as far as 600USD, but I would expect some more pitstops at previous consolidation areas 635USD and the monthly pivot at 630USD.
Very much bullish on this one although I only trade in spot so my risk is limited and my stops are more flexible. I'm bullish because of SegWit implementation and am confident most nodes will update to the newest version. I'll explain my stance in detail later on.
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