For first time since double top, the Bitcoin chart (Bitstamp) has formed an ever so slightly bullish higher post bounce high.
Trending gradually and then spiking up to 735, taking out previous 720 post bounce high.
Perhaps the latest rumours from China (cash movement in and out of exchanges is possible again) are fuelling this, although volume is still very low.
Time for bears to change their outlook?
Trending gradually and then spiking up to 735, taking out previous 720 post bounce high.
Perhaps the latest rumours from China (cash movement in and out of exchanges is possible again) are fuelling this, although volume is still very low.
Time for bears to change their outlook?
Well it did trend bullish for a while after the April crash. That landed about 50% lower of the slightly higher bounce, right down to the 70's.
Remember, everything is now still based upon China. People are ignorant, so the market trades on whatever the hell China does. The slightest bit of bad news from China again (banning vouchers, i mean come on, vouchers?, and banning privately taking cash for the exchange (huobi)) will send us crashing down again.
Still, as long as no bad news comes from China, expect to follow their lead --> high and faked volume rise to create a suckers rally. We'll see in the next week how high it goes..
Yeah....despite what the Bitcoin Nutters are telling me, Bitcoin does seem totally wired into China. 'Good News/Rumours' from China today, Bitcoin hits a higher high.
I however, would gladly take a slice of any rally, suckers rally or otherwise.
I am in for now to tune of 5K USD.....will see if I can hold to high $700s and will see how things are looking at this point.