Rough trading water - Bitcoin choppiness until October?
Bitcoin is still bouncing around two directions. It seems the bears want the price to go down one more time to test the low around $450. We need to stay above the very old slowly ascending trend lines to stay in the ultra several year long-term uptrend which started way below $100 (one of these trendlines in this chart started at in Nov 2011).
Possible scenario: Pullback to a price below $500 (and above $440). The risk taking traders load up and buy back cheap there - based on that double bottom we finally have a start of a new uptrend.
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P.S. My original "safe" short target if the price sinks below $493 was $455 (instead of $450), but after some adjustment at the stop loss price the chart shows $457. Another short target idea is $477.
Possible scenario: Pullback to a price below $500 (and above $440). The risk taking traders load up and buy back cheap there - based on that double bottom we finally have a start of a new uptrend.
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P.S. My original "safe" short target if the price sinks below $493 was $455 (instead of $450), but after some adjustment at the stop loss price the chart shows $457. Another short target idea is $477.
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