Bitcoin continues to consolidate inside of our triangle formation. The price briefly dipped outside of our triangle's lower side to retest our old Short Term Trend Line, but bounced right back in and currently is sitting at $1770. We will likely see a little more consolidation in the $1760s to $1770s before the market breaks one way or the other.
I haven't changed our chart since yesterday, as I'm watching to see what Bitcoin decides to do. Will it go up or down? Will it continue to hang out in the $1770s? What will happen with the SEC's Winklevoss ETF decision? It's hard to say, but the MACD and RSI suggest that a breakout to the upside is highly possible. It's also possible that we could see a pullback if the SEC rejects the Winklevoss ETF again. It's also possible that the market just doesn't give two shits about the ETF anymore. It will be interesting to see how it plays out. I expect the triangle to be completed, followed by a break to the upside.
Overall, Bitcoin is in a good position to make a bullish move. The ETF drama could cause a brief pullback in the short term, but in the long term things are looking good. I'd venture to guess we haven't seen the last of $1800 Bitcoin and any pullback will be seen as a discount to the market. Keep stops tight until the SEC denies the ETF again. As always, trade safely.
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BTC: 1AbhUy1pDbrvTfMKW4uFTHRJ7gboTy3u5H
Monero: 47PwackL2h6H7myZVjMAKfGEViXEHsYgHUup28BeKtEEasYg9MxB5RtaUktb5AUK69YbQ28EYCEe1LTnYcz5AkmFRU1rPWk
Torcoin: TPr4HTYhjHm6XmCuzLDZu8QSCdrQU2y4LP
Burstcoin: BURST-PHKP-8ZVX-JRCB-H32ZR
Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.
I think diversification is necessary and bitcoin is starting to reach its limits - high fees, long wait times ...
check out
https://cryptoyoda1338.wordpress.com/2017/05/16/the-end-of-btc-dominance/
I would rather think that we are going to enter a bearish market soon for BTC
Interesting, but that article has one thing wrong. The solution for BTC has been ready for over a year. Miners are delaying for their own greed, but the market will have the last say. When BTC has Segwit and Lightning Network, the altcoins will be pretty much useless. All those Billions of USD will flow back into BTC. Thanks for the reply!
quite possible - miners will accept once the price drops enough so they are not stuck with useless specialized hardware and which price point that is is everyone's guess
many altcoins are just bitcoin + 1 feature, like many startups are just a feature and they hope to sell facebook or other big corporation, but since everything is open source and as there are no takeovers the non-innovators will go away over time
Right on. Even Ethereum isn't safe once Rootstock launches. Literally everything being done in crypto can be done with Bitcoin and Bitcoin has the Network Effect. That's not to say trading altcoins is a bad idea. They're a great way to get more Bitcoin. LOL
Just hit $1817 :D