davidflana

A simple look at bitcoin.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The way I see it, Bitcoin pumped so hard in November and december that it exceeded the natural growth line. Kind of like taking a loan out. It was in the negative, and needed to pay that money back. Just like credit card bills after christmas, the bill collector came calling, and old Bitcoin needed to pay back that big loan with an equal amount of dip... The chart shows from left to right- 1 huge spike (loan 1), a second less huge spike (loan 2). Then one less huge dip - paying back loan 2... And we need that repayment on loan 1 before we can move on to take out a new loan! I think we will travel down this decending channel until we hit that $6,000 "double bottom". That should make us even with the loan sharks (the bears!). Then we can boom over the summer.

I am no expert, I just know the market is driven by emotion. We were greedy greedy pigs... we are paying our dues now. Once we make that last payment, we will be released from jail and allowed to run wild again. I think everyone looks at this chart and thinks this in the back of their head.... we didn't quite pay our dues just yet... almost!
Mar 21
Comment: Wow, did you see Bitcoin bounce off the 200 day moving average today? Got bitch slapped back down to 8800 after touching the 200 day at 9200.... "not in my house!"
I see a lot of TA on the 2 and 4 hour charts... I just can't believe those charts for a long term outlook. I bought in heavy on a couple alts and wanted to buy the biggest dip I could so I can average my spend and gain a lower break even. I was kicking myself a bit when I didn't buy Eth at 500 as I planned. BUT I expected Bitcoin to be at 6000 when Eth hit 500. Since it wasn't and Bitcoin seems to drive the alt prices, I figured we were not done dropping and that I would be mad that I bought when it dipped even further. I was actually thankful I didn't buy because it went down to $450, but then bounced... oh well, I STILL think bitoin has debts to pay and we will double bottom before we really rally.
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This is the suspicion I have as well. I sold all my holdings at $8500 based on a chart of mine very similar to yours, and am starting to feel the heat...
Let us pray
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I hope you are right.
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