China-the Yuan escape hatch, BRexit, or I call it BRodzilla, technical problems at Bitfinex - conspiracy or not, the Black Swans are landing and the panic is rising. Panic is good. There is money to be made in panic.
What motivated me to comment this time was not the chart activity. Plenty of it. It was what one state government Bureauhack said about BTC. "It is way to unstable for us to accept as tax payment". You keep thinking that chump. From where I sit, BTC is stable and it's the rest of the world that's wildly nuts. And, who is clamoring to pay tax with BTC? I'll throw my wads of worthless fiat at them. Take that fools! I'm keeping my BTC.
OK, I had to get that off my chest. A couple of comments about the chart. We needed the pull back. The rally was way too up and beyond the trend lines. Thank you Bitfinex. I have to admit the timing of the outages were suspicious. If it keeps happening, I personally will abandon them. I added another up arrow on the near record volume of money moving into the market. This is future rally rocket fuel. I think it's enough to keep the major trend moving up for another 6 months to a year. I moved the official "Panic Zone" up a notch to start at $338. If you don't know what the "Panic Zone" is, click on my links and read more. I also added another level of support at $474. Everything else remains unchanged from the previous commentary. The blue hash trend lines are starting to appear to be real. I wouldn't be surprised at an occasional pull back to the red hash. For now I'm content to watch the price bounce along the top blue hash. Top side resistance still starts at a roughly $950 ceiling.
Hang on to your chowder. The wild ride continues...
I have had an additional thought: There is a very good chance the Chinese part of this rally will come to a conclusion once the Yuan settles on a new trading region with the USD. We are already seeing some softness. A resumption of the explosive growth has not had any lasting traction as the price is drifting down and up slowly moving towards the red hash major trend line. Volume on the weekly chart is also indicating what money has moved into the market from the beginning of this Chinese segment has moved back out. I expect EU turmoil to take over dominance and this is going to be a slow trend rather than the impulse of an overnight devaluation.
One other thing to point out: In a couple of weeks this rally will be a year old. It is already the longest sustained rally in BTC history. It is interesting the main stream media has not noticed this. It implies that market late comers that knee jerk off of breaking news are still sitting on the couch and have not entered the BTC market. It is these late comers that create blow-off tops like the one that took place in 2013. This is all good. This rally should continue for a good long time after settling back to the major trend line.
One other thing to point out: In a couple of weeks this rally will be a year old. It is already the longest sustained rally in BTC history. It is interesting the main stream media has not noticed this. It implies that market late comers that knee jerk off of breaking news are still sitting on the couch and have not entered the BTC market. It is these late comers that create blow-off tops like the one that took place in 2013. This is all good. This rally should continue for a good long time after settling back to the major trend line.