Basic Fibonacci levels on daily candle chard. Long term fundamentals indicate upwards. 1005 as support. 1150 was surpasses around the time we heard of the SEC news a negative result could drive the price down with a good buy point. 170/1175= 14.5% downturn with p=.75 (negative outcome) 665/1175=56.6% upswing with p=.25 (positive outcome). Going long for the longterm
Comment:
I had attributed roughly 75% probability to SEC downturn and staged 1005 as stop but this analysis did not consider the change in BTCs story pertaining to the fork. This of course changes things significantly and technical analysis cannot capture that. 200 day moving averages indicate 1200 and 800 as the range for the near/mid term. Buy close to 800 sell close to 1200 is best bet at this time. If futher FUD continues around BTC due to bitcoin unlimited fork then it may even go below 800.
