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Title: Year of the Bull: China New Year Celebrations close with start of a nice rally Post by: bitcoinmarkets on February 19, 2016, 02:04:30 PM from: http://www.bitcoinfuturesguide.com/bitcoin-blog/party-hard-in-year-of-the-monkey-bitcoin-uptrend-in-post-chinese-new-year-rally
http://www.bitcoinfuturesguide.com/uploads/6/4/6/5/64656757/5256323_orig.png The year of the monkey has started with the coming of the bulls. Chinese traders have extatically bought this market up bursting through 2600 and above 2800 in the week since Chinese New Year celebrations have concluded. This is an interesting note given that the Chinese Yuan has actually strengthened in that time, and lots of people were concerned about a potential downturn as a result. http://www.bitcoinfuturesguide.com/uploads/6/4/6/5/64656757/6552853_orig.png This goes to show you that relying on simple correlations in trading is not a good strategy. Just because Chinese like to buy bitcoin when their currency is being threatened with various devaluations, does not mean that they will sell off when their currency strengthens a little. Granted we were at a point earlier where the trend had potential to reverse, but now that we have rallied the uptrend is very much alive. Stay nimble, traders. Title: Re: Year of the Bull: China New Year Celebrations close with start of a nice rally Post by: randy8777 on February 19, 2016, 02:44:34 PM i don't consider the recent price action to be a rally. i think it's just a normal thing to happen considering we are comming closer and closer to the block halving. it can be a rally when the price shoots up to around $500 but at this point we need to see whether the price can stay above $400 or not.
Title: Re: Year of the Bull: China New Year Celebrations close with start of a nice rally Post by: Booker75 on May 04, 2016, 07:49:55 AM I am totally agree with (randy8777).. ;D
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