i have actually been since closing my short at 593-595 range, just wanted confirmation on different time frames.
Taking fundimintals into consideration makes this position solid. the ongoing global economic slowdown, continuing US dollar weakness and focus on cash conservation by investors should create new demand, bitcoin remains attractive as a store of wealth.
more importantly there is a 120,000btc missing from the supply chain, that is a substantial amount & with the halving effect starting to be felt by the market now, its been months since daily supply has halved & with those 120k coins missing its all producing pressure to push the price with low supply.
i have opened a long at 598$ ( 3990Yuan) expecting some quick movement to 620 with the ultimate target of 635+ for this position.
major support 590
Tp1 615 - TP2 630 - TP3 640
stoploss - 587 ( 3915 yuan)
i do expect price over the longer time period to be very . we should see 700+ again in 2016 with targets of 1000$ + for Q2-Q3 of 2017.
took profits at 603.50, was not worth the risk as not clear what kind of news will come out..
small chance of bad news, maybe some technical issues but not worth the risk, if things clear up & everything is ok & trading resumes will look for another entry on the upside..
longed 598.. exact same targets & same setup.
the momentum has died down a bit & 4050 has been rejected a few times so rather take the profits on a fairly big position.
will now wait for breakout of 4050 before considering another long.
best to wait to see if this previous resistance will turn support on longer time frames.
not sure what bitcoin analysis has to do with how much money i make or have .. ;-)
bitcoin is not a share or a business where it needs news to support the price, its used as a store of value.
Supply is down, it has had a huge hit, the main market for BTC is china , you mentioned im assuming people have money to invest in btc, last time i checked there is so much money in china they dont know what to do with it, trillions of it ;-)... china likes btc thats important..
Regarding other altcoins its not relevant, they are the equivalent of penny stocks for small players hoping to find the next btc,
they have no effect on btc price as china the main btc player does not adopt alt/shit coins..
altcoins are a way to accumulate more btc for the smart money..
anyway thanks for your comment, appreciate it.