Low Pro

Bar Pattern Measured Move lines up with the 27th

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Which just happens to be the exact time of the government auction.

Comments

What I think what might happen:

+1 Reply
Low Pro ChartArt
This is a great alternative!
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ChartArt Low Pro
Off course those lines are hand drawn and I mostly focused on the next days. I doubt that we will see $1000 so quickly again.
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ChartArt Low Pro
Not only a great alternative. This is what actually happened :)
+1 Reply
Major Support Line...about to be broken?
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ChartArt johnrfraser
That wasn't the actual major support line - if you ask me.
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Is the government auction news really bullish, though? Sure, people will be bidding on the bitcoins, but won't the 30k coins coming back into circulation dilute the market value? I'm honestly not sure.
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ChartArt MoonTrader
The bullish thing is that those large investors will hold these coins long-term. And there will a lot of media attention about this event.
+2 Reply
Low Pro MoonTrader
I think everyone is making it more bearish than it is. No one buying 30 Mill in coins is going to turn around and dump on a exchange... that would be beyond stupid. The want to buy a rising market and have more intensive than anyone to make sure we make new highs. It will be a market Maker buying those coins.
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MoonTrader Low Pro
Thanks, that makes a lot of sense. For some reason, I had the idea that it would be small investors bidding on these coins, but it seems more reasonable to think market makers would be buying these up, since it would be difficult to get that many coins otherwise.
+1 Reply
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