bendyebassett

Consolidation Complete. Ready for bull run

BITSTAMP:BTCUSD   Bitcoin / Dollar




Above you can access the original idea. Back on the 21st we made note of a clear downward channel and a rising trendline . We have now fully consolidated to that trendline . Like in the original idea, I still expect a bullrun to begin within the week. The original target was somewhere between the 2nd and 4th of February. I am still confident in this assessment. However, we could always fall below this rising trendline and have some significant downward movement.

To assess this, keep an eye on the closing candles for the next couple of days. Look for a close below or a reversal in movement out of the downward channel and up the trendline . As of now, the day candle shows quite a bit of indecisiveness. There isn't much buy volume right now in the market (Not good), but we also have this ominous Tether fud creating uncertainty in the short term. If Tether news comes out and things are gloom and doom, I'm looking at support at around 7.5-7.9k.

I do believe that the bears are nearly exhausted however. There is a ton of good news floating around and numerous promising innovations being made. The bull can only be held back for so long.
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