Quote from: miscreanity on March 07, 2017, 01:53:52 AM

Quote from: iamnotback on March 06, 2017, 11:12:58 PM

What you guys think about the Bitcoin ETF news coming March 13?

Quote from: iamnotback on March 06, 2017, 11:05:19 PM

Bitcoin is not going to do a double-top at its ATH because that is not what technology adoption curves do (see the chart I posted of Amazon's stock in the past). At worst, it will consolidate at $1100 or so, and continue to move higher this year. We've broken out of the "mountain of premature hope" of the first hump of technology adoption curves. These don't breakout to a new ATH and then crash anew. We'd been climbing the "wall of worry" lately due to block scaling concerns, but the fact remains that Bitcoin is crypto-currency and the altcoins are not (yet). Bitcoin is going higher because it is the reserve currency of all the experimentation in blockchains (regardless of Bitcoin's scaling).

We are entering a massive exodus from the Euro and into dollars and other safe havens outside the collapsing economies of Europe due to BREXIT and will accelerate when Le Pen is elected in France in 2 months. This will also drive an increase in speculation in those assets which are ignited by this flood of capital seeking a home.

There three ETFs under consideration, not just the Winklevoss ETF. Also there sentiment is not expecting a certain approval. Approval sends Bitcoin skyrocketing. Disapproval merely causes a minor consolidation.

I am not selling BTC fearing a massive price collapse. Diversifying into best of breed altcoins for more leverage is okay, but this leverage can bite you in both directions.

Quote from: iamnotback on March 06, 2017, 11:33:34 PM

Quote from: joerazor on March 06, 2017, 11:21:05 PM

I personally see BTC consolidation happening at a $900-$1000 range.

It is plausible. I am not trading, so I won't stress over it. Traders may wish to analyze it deeper.

An ETF would simply add fuel for a short burst. Maybe $2000-2500 to start. After a correction from there, a flood will probably start (likely coming from Asia & Europe) with $6000 as an initial target for late 2017 to 2018.

The chances of BTC going below $1000 are rapidly dwindling. We're currently at the top of the red channel from my prior posts, and if we exceed $1288-1290 for more than a day it's very likely the trend will continue.

Eventually we may have to retest $1000-1100 but that's likely to be short-lived and sometime around Armstrong's call to beware of April. As of now I still see only the beginning of an acceleration in trend. If we hold above $1265, I think it will be more of a pause in trend than a correction. It still seems that $1300-1500 is being reached for. To borrow a term from Armstrong - this may be a phase transition; the rules seem to be shifting.

May you elaborate on this please ?

Quote

To borrow a term from Armstrong - this may be a phase transition; the rules seem to be shifting.

Thank you