VERY early Google trends data for 'Bitcoin' from January indicates a new bubble approaches. Need to wait longer for confirmation

https://twitter.com/alistairmilne/status/816562457758011392

I also hold the coin for the long term.

SUMMARY OF PAST 2/3 weeks

Bitcoin price broke past $1000

Media went mad! All sorts of euphoria inducing headlines. The ones we love to hate, because they bring in a new wave of buyers, investors, savers, - new people!

January 2017, Bitcoin inches to gold parity, breaks all time high (debatable. depends on exchange etc. yawn! semantics that get in the way of a great headline)

January 4, Bitcoin sells off from top to $887. Nasty, the kind that brings back the journos and critics from the woodwork. Like Izabella from FT. Red candles everywhere! Blood on the streets

Same day, Afrikoin trades the sell off, rises to pole position on Bit-sim trade leader board (from 11) here http://www.bit-sim.trade/login.php *grin*

January 5, China rumours creep in, dumpers/manipulators/whales/shorters (again semantics) sell and market dips again to $871

Bitcoin as a safe haven asset class theme re-emerges. Even in a little country in Africa, of 45 million people, home of most successful mobile digital currency MPesa!

Chart summary of 2 weeks

If the ETF comes thats great - long term. But short term and immediate term, China leads. I think we are setting up for a multi-month consolidation and then higher. Demand for bitcoin continues to grow, we just got overbought again. Rinse and repeat.

China, Seeking to Stop Weakening of Currency, Issues Restrictions

http://mobile.nytimes.com/2017/01/05/business/dealbook/china-currency-renminbi-yuan.html?em_pos=small&emc=edit_dk_20170106&nl=dealbook&nl_art=4&nlid=75803110&ref=headline&te=1&referer=&utm_source=facebook.com&utm_medium=social&utm_campaign=

Good thread 

Updated my BTC correction chart - I had to adjust the Fibonacci retracement overlay. 800 BTC/USD is the most important support.

If price stay above that support line, it will recover more quickly.
If price drops below 800 USD, retracement is higher than 50% and further losses are more likely.


$800 seems to be decent support. lets hope she holds for a few days and confirms the bull is still on

ps: not mine