Do you not know how to read a chart and analyze a trend? When price is close to the downtrend, the market is just looking for any excuse to go down. This is going to persist until there is a significant increase in volume to terminate the trend and there is a powerful spike above the line.
There are analysts left right and centre scrutinising Bitcoin. Some of them are bullish, some of them are bearish. Thus they are looking at the same data and coming to different conclusions. How could that be?
So what trend are we looking at here?
Trend on 4hr hour chart on correction from bounce since 16th April?
If so, then I make the upper reaches of that corrective trend to currently be around $460, and the lower reaches to be $400. We are currently at $450. All the bigger purchases are eating into the Ask wall, not selling into Bid wall (on circlejerking Bitstamp anyhow). So we are at the upper extremities of the correction trend, buying pressure seems to be having the upper hand. We have had a textbook 60% retrace from the bounce up from the bottom, several indicators are showing signs of recovering from an overly depressed state, the 1 day MACD is looking as though it ready to cross......
......what is not to like for the bullish near term case?
I agree with you, Bitcoin for me right now as a long investment is as I said, 'skating on thin ice' (i.e. don't fkn do it). But how could you argue against the long case with all these technicals in it's favour?
