I published this idea 11 days ago and it still appears on track, repeating the Nov/Dec bearish decline. Strongest support is around $237, with lesser around 220, 210. Once these break its an easy drop to 170. If like last time panic selling sets in it could turn nasty fast possibly into double figures.
This chart assumes 237 will break soon, however given its strength so far it may take another couple of weeks of further bouncing sideways consolidation (as it did last July) postponing the above for May.
How much longer will the same cyclic decline continue? imo until there's a substantial and fundamental shift in demand, perhaps triggered by another sovereign debt crisis or some compelling advantage like micropayments leads to a persistent upturn in adoption. Who knows, perhaps it will be something other than bitcoin which takes this prize, perhaps something with better anonymity, more flexible money supply, a cheaper network consensus algorithm or faster more scalable transactions?
This chart assumes 237 will break soon, however given its strength so far it may take another couple of weeks of further bouncing sideways consolidation (as it did last July) postponing the above for May.
How much longer will the same cyclic decline continue? imo until there's a substantial and fundamental shift in demand, perhaps triggered by another sovereign debt crisis or some compelling advantage like micropayments leads to a persistent upturn in adoption. Who knows, perhaps it will be something other than bitcoin which takes this prize, perhaps something with better anonymity, more flexible money supply, a cheaper network consensus algorithm or faster more scalable transactions?
