The angry scotsman with a great sense of humor calls this rally.
But you also said bitcoin was going into double digits
Give it time.
Primary trend is still bear market. At the present moment, I like Bitcoin up until probably the
$400 range, or until which time the shorts on Finex (which I use as a barometer) go POP. After that I will reappraise my stance and indeed my position.
Finally taken a position since I am sick of calling market correctly and not having a bean in the game....problem is calling market correctly generally means shorting, and shorting means leverage and I fucking hate all that and tend to conspire to burn myself time and time again.
U can check my post history and u will see I jumped on the right side of the trade before the market broke out from its consolidation phase.
I would sell my Bitcoins if the price drops to only double an Alt-coin I trust. Then I am going all in with the Alt-coin. How about you?
My upmost target is $450.As soon as/if Bitcoin hits that, I am out. If/when it gets there, it will likely be assisted by a short squeeze on the CNY exchanges and on BFX.
After the culmination and the failure of this rally to break beyond the inevitable short squeeze asssited peak, then it is back to test (and probably breach) the $150 low as far as I am concerned.
I hope you are right in longterm projection, however i placed my bet that we will have retrace to ~250-260$.
All this recent news flow is looking artificial to me, and i doubt it will pick up pace this moment, but i agree that will eventually.
Longterm investors will profit whenever they buy <500$, but if u like to gamble, your stake might increase for few %.
I would suggest that perhaps $260 - $270 would be a likely retracement but I wouldn't try to tard it. Margins aren't worth it and Bitcoin is good until the upper $300s at least, with a likely market pop up into the
$400s. That is where my market sentiment lies at the moment and fuck the news. Nothing but cherry picked horseshit and by the time Coindesk does report anything significant to the Bitcoin Kool-Aid guzzling masses, you can bet your bottom dollar it is already priced in.
Edit: Another 'strange' but true fact, that despite the likes of Bitfinex now dwarfing Bitstamp in terms of volume, obviously when it comes to real liquidity Bitstamp is still the market leader with trades on Bitstamp being much more likely to represent capital flowing in and out of Bitcoin, other than tarders swishing coins backwards and forwards all day as is the case on Finex. This is why the market stopped at the large Bitstamp Ask Wall, and not for the first time has Stamp called a halt on a Bitcoin rally.
