CRInvestor

BitCoin - a bit washed out?

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
386 1 1
This trading vehicle has been such an interesting story to follow. From being the text book darling of the market to a now shunned foe, BitCoin             has been through it all it seems. What is so ironic about this story is the simple fact that less than one year ago this thing was $50 a coin (what ever that actually is....lol). I find it fascinating how quickly manias can get so rediculously out of control. Once we got to the point of restaurant waiters telling me it was a buy I knew it was a trap. You can read about my fundamental take on the 'currency' in previous posts, today I thought we ought to take a look at her technically from a larger time frame basis. Very simply, two significant technical levels are fast approaching and will be what I am watching for over the coming weeks. From a strictly technical perspective, I would be willing to buy at the $403 level, risking $200 for the potential reward of $400 on an anticipated move back to the 50% fib (at or near $800)....
Bravo...excellent work keep going..enjoy reading to you and your view.
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