Poll
Question: Closing BTC Price June 28:
$0 - 5 (2.6%)
<$7,000 - 4 (2.1%)
$7,000-$7,499 - 0 (0%)
$7,500-$7,999 - 0 (0%)
$8,000-$8,499 - 1 (0.5%)
$8,500-$8,999 - 3 (1.6%)
$9,000-$9,499 - 4 (2.1%)
$9,500-$9,999 - 27 (14.2%)
$10,000-$10,499 - 26 (13.7%)
$10,500-10,999 - 15 (7.9%)
$11,000-$11,499 - 14 (7.4%)
$11,500-$12,000 - 17 (8.9%)
>$12,000 - 59 (31.1%)
>$20,000 - 15 (7.9%)
Total Voters: 190

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21254275 times)
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bassclef
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July 13, 2015, 11:59:37 PM

I'm currently trading this. My guess is up. It's a classic ascending triangle trend continuation, where buyers aggressively outbid each other to get their limit bids filled. This results in rising bottoms. Eventually it breaks up when there's no lower prices to be had and the resulting market orders push up the price through resistance. 

Or not  Wink

The setup didn't pan out as I had hoped but I'm still holding the position. I think LTC will probably follow BTC during the upcoming bull market (as it did in 2013) so it will pay to have strategic positions in each. One should be cautious playing with LTC as it's a smaller market and therefore more volatile and prone to slippage.

The recent rally in BTC is fundamentally different than those that came before it in that it jumped the resistance between $260-80 very decisively and quickly on strong volume, with a large jump in price in a very short time (compare the length of the big 3d green candle to previous ones).

After a long, excruciating trading range where price has held resilience and various informed interests have taken position, this is a huge sign of strength and an indication that the market is ready to move up and begin to correct and recapture some of the lost gains from the year long bear market.