JimMakos

Bitcoin is soaring to $500 price mark. Will it meet resistance?

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
276 0 0
Why Bitcoin still looks like a bubble? Will Bitcoin crash and what does a Bitcoin crash actually mean? Finally, what's a fair value for Bitcoin today?

Read more in my new blog post where I am discussing why I expect Bitcoin to finally print a red candlestick at the $500 area:

http://www.tradinggraphs.com/2013/11/17/bitcoin-value-increase-500/#.UohlzPlkOak

Bitcoin reached $260 during the Cyprus crisis. When that was resolved, Bitcoin collapsed down to $50. But before it did, Bitcoin managed to gain $250, ascending from $10, where it had been consolidating for 4 months during 2012. What if a similar movement completed nowadays?

Well, we are past the $300 mark. That could have been a likely resistance level , assuming bitcoin gained $250 again, since the recent retracement ($50). Yet, Bitcoin actually found support there:

https://plus.google.com/104941013638539474491/posts/awWfzdqwgKt

We are also past the 161.8% Fibonacci extension ($415 area) as noted in the chart.

How about a %100 extension since the recent high ($260)? That would mean that Bitcoin is expected to slow down its climb at $510.

Will Bitcoin shoot through to 261.8% or will it slow down at 200%?
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