Read more in my new blog post where I am discussing why I expect Bitcoin to finally print a red at the $500 area:
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 , assuming bitcoin gained $250 again, since the recent retracement ($50). Yet, Bitcoin actually found support there:
We are also past the 161.8% ($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%?