Quote from: Sept93 on February 08, 2018, 09:21:01 AM

Quote from: metenjean on February 08, 2018, 09:14:50 AM

Couldnt agree more, the price has found support in $7k range however we need more confirmation to define if the downtrend has reversed and in this case we need to see the price break $9,5k trendline for short term trading and retest back into $8,5k which will be the the second buy setup i've been waiting since buying in $7k area. This however only confirm that the trend will gain slight momentum towards $10k area. The price needs to break around $12k area to totally regain the upwards momentum and starting the bullish trend. Stoploss set below $5.9k but noted this review and suggestion didnt intended for choppytraders Grin

Ranging price between $6k - $7,5k so there will be my most buying position and limit setup and anywhere below $6k will be my stoploss, need to see more closing candle confirmation, mostly done by using line chart.

Here is the 4H chart with the same trendline which conform the downtrend still in play with some pullback momentum upwards, however this doesnt mean the trend has changed. However we need to know that bitcoin movement is the most volatile and trend can be changed in days countdown and not weeks or months Grin

The biggest problem is goverment. Downtrend will be continue...

Fundamentally speaking government and taxing will be the problem since last year even before bitcoin booming into mass outburst last december and as i say the downtrend still in play and the price need to break a few levels to conform uptrend movement however the price already found support around $6k - 7k which is i think normal price because its the price when China start banning bitcoin last october if i'm not mistaken and the price still thrive, and if you read the news around that India and russia are starting to implement cryptocurrencies tax, which means that they start recognizing bitcoin and because they cant control the mass overflow of it, why dont they reap some fee from the transaction itself moreover because it happens in their own countries with their own countrymen.

Looking from these perspective as such big and powerful country started to legalize bitcoin in an economic way which generated income tax, i'm sure other countries will follow and its just a matter of time Grin