Sideways churn

I’ve been going a bit manic drawing trendlines this evening, then removed most of them again to distill this chart which I thought I might as well share since I quite liked the look of it.

Note the additional blue line which is a trend I think shown by Artiti in previous comments. It has a few touch points first as resistance and now as support with another bounce from it earlier today.

This chart doesn’t really change the theme of my earlier ‘bulls fading’ post but I think shows quite well the boundaries I expect the price to be constrained in the near future which is mainly between the red and blue lines.

At some point price will break up or down I guess, I still feel you could flip a coin to decide which way. As I’ve mentioned before I am reserving some fiat in case cheaper bitcoin do emerge although if I’m honest I’m feeling slightly more bullish than bearish currently what with my bull mode being reactivated and all that ..

Edit- updates in the comments

Advertisements

10 thoughts on “Sideways churn

  1. Hope you’re right.

    After 2 bad days, I expect a profitable day today.
    We touched downside of the triangle 8 hours ago and we’re about to see a MACD cross over in 240-minutes-time-scale.
    I bought few @902 and wait till ≈985 to sell them.
    Now let’s see what happens !

      1. You’re rigth and I took this line into consideration. It was my strategy for yesterday.

        Today I set target @974. Few hours ago, price hit 973.2 !

        If it won’t go throught, tomorrow, I gonna set it lower.

  2. Watch out for the last week of January, when Chinese new year begins. Rumor has it that Chinese government is about to announce something. Speculators in China are jittery.

  3. Yes I think I heard end of January is when withdrawals from chinese bitcoin exchanges will no longer be allowed or something . . You’d expect down moves around that time.

    Heres the latest view of the chart I posted above. We’re rallying just now, up roughly 4% today as I write. Still within the expected range looks like met resistance where i’ve added a red dashed line.


    https://www.tradingview.com/x/5YcyDjCB/

      1. Interesting idea. I’ve been looking at all time log views again lately too. There are ways to interpret that are much more bullish than the long term channel I often refer to (your red one)

  4. Hi AF Bitcoins,

    My name is Marc and I am the publisher of Forex News, a leading forex website. We are starting a bitcoin section and would like you to be an anchor contributor. What can I do to get you to move your analysis of over to Forex News? (We would be willing to pay!)

    Best,

    Marc Prosser

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s