BTCUSD - Potential Weekly Morning Star Formation
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Once again, short & simple morning star, this time forming on WEEKLY.
Previously as linked, a morning star formed on the daily and price has since risen more than $400:
If formed with price holding while closing the week in green on more than half of the body of the first red candle, I expect prices to continue trending upwards in weeks to come (albeit with some retracements here and there).
With regards to any upcoming FUD and the Korean Initial Coin Offering news today, I strongly stand by the fact that the market has since gotten more and more resistant towards these news. It is like the boy who cried wolf - and it seems that demand for BTC at reasonable prices is strong, pushing prices up quickly once critical levels are reached. As long as there is demand, prices will trend up over the longer term, passing hands from the doubtful to the believers.
Previously as linked, a morning star formed on the daily and price has since risen more than $400:
If formed with price holding while closing the week in green on more than half of the body of the first red candle, I expect prices to continue trending upwards in weeks to come (albeit with some retracements here and there).
With regards to any upcoming FUD and the Korean Initial Coin Offering news today, I strongly stand by the fact that the market has since gotten more and more resistant towards these news. It is like the boy who cried wolf - and it seems that demand for BTC at reasonable prices is strong, pushing prices up quickly once critical levels are reached. As long as there is demand, prices will trend up over the longer term, passing hands from the doubtful to the believers.
Kommentar
Played out extremely well. We are reaching key resistances. Do manage positions carefully now.
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