RE: Bitcoin Explodes Through Key Technical Resistance, Hits 7-Week High

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Bitcoin Explodes Through Key Technical Resistance, Hits 7-Week High

in bitcoin •  7 years ago 

I'm still feeling bullish as fuck in the short-to-mid-term. There's legitimate buying power on the book between here and $7,000 -- echo'ed by the sentiment here. Large net-sellers & BART'ers are not as willing to market dump in the same way they were back in the mid-to-low $6,000's to flush weak hands. Alts are getting crushed on their ratio pairs -- while BTC price remains moderately-flat. Traders are piling into long BTC and willing to dump & lever up against alts to do so. Now we get our much sought-after RSI reset for the bullish continuation.

Semi-related anecdote... offshore Yuan just crashed to 12-month lows. I'm a huge Chinese perma-bear (and I'm Chinese lol) and expect money to flow into Bitcoin/crypto as it always has when this happens. Before, it was capital flight ('14-'15); now it's capital preservation. CNY near or at same levels as before our meteoric rise in Q4 last year..... Coincidence? Probably, but I'd only lightly discount it; as everybody is well aware, the Chinese are mega-sized players in the crypto scene.

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