Don't let the bears scare you just yet.
The market failed to confirm a long-term bull trend, but as you can see we're not far off of the long term upward trend line. We are still in a bullish pennant which, incidentally, ends at the long term uptrend. I'm not saying this is a sure thing, but I will certainly be watching this interesting pattern to determine a long-term trend for bitcoin.
Judging by the volume, it is very possible that the price has simply been consolidating ever since the highs last year. We may have to way until 2015 to see a real bull market, but if not, then I expect to hit another trend line somewhere in the low $100s. Either way, this could end up being a very healthy correction for bitcoin, which should be a promising note for all traders since it means there is a possibility that we can continue to reap the rewards of this new technology for a long time to come.
For now, I'll be targeting the $250 level to watch for a possible reversal. Good luck!
BTC Donations:
1JzjmYmk2enL3HPCoruSR7KYQRQ4bkoTR4
Thank you! Don't forget to follow me on Twitter for regular updates: twitter.com/LeviGrandt
The market failed to confirm a long-term bull trend, but as you can see we're not far off of the long term upward trend line. We are still in a bullish pennant which, incidentally, ends at the long term uptrend. I'm not saying this is a sure thing, but I will certainly be watching this interesting pattern to determine a long-term trend for bitcoin.
Judging by the volume, it is very possible that the price has simply been consolidating ever since the highs last year. We may have to way until 2015 to see a real bull market, but if not, then I expect to hit another trend line somewhere in the low $100s. Either way, this could end up being a very healthy correction for bitcoin, which should be a promising note for all traders since it means there is a possibility that we can continue to reap the rewards of this new technology for a long time to come.
For now, I'll be targeting the $250 level to watch for a possible reversal. Good luck!
BTC Donations:
1JzjmYmk2enL3HPCoruSR7KYQRQ4bkoTR4
Thank you! Don't forget to follow me on Twitter for regular updates: twitter.com/LeviGrandt
