pumapunko
Short

Bitcoin must fall (hard) before it can rise again

BITSTAMP:BTCUSD   Bitcoin / Dollar
Hello

Bitcoin has failed to break free of the downward channel that has held bitcoin captive for almost a year and a half.

Yet again the resistance proved too strong, As the linear uptrend line was violently peirced in January I doubt that it will save us by serving as support.

I think the price will bounce along the linear uptrend line around the 230s for a few days at most before spiking down hard and testing the new uptrend line around 160-175 depending on when it touces it.

A similar testing pattern can be observed between 4th July 2013 and 1st October 2013 prior to the November 2013 rally. In july 2013 there was a capitulatory move down, 3 months later price spiked down again to test that trendline before beginning a new rally.

Right now it has been almost 3 months since the capitulatory sell off to $151...

Once the price touches the line it wont stay there for long. New buyers looking for bargain coins as well as the weak hands who will be well and truly shaken out of the market should catapult the price into the stratosphere.

Fundementally the global economic conditions are extremely favourable to bitcoin . The problems in Greece & the Eurozone as a whole could be enough to make Bitcoin appear as a safe haven asset again but due to the overbearing downward channel resistance it needs to go down and hard before it can attract enough buyers to gain terminal velocity and escape the gravity of resistance so that we can head for the moon!


http://uk.businessinsider.com/most-terrifying-chart-about-the-greek-crisis-2015-3

http://www.telegraph.co.uk/finance/economics/11518862/Greece-demands-279bn-from-Germany-in-Nazi-war-reparations.html

http://blogs.ft.com/the-world/2015/04/greeces-reparations-demand-could-bring-the-euro-crisis-to-a-head/
oaksacorn
2 years ago
It does not have to visit 151 to 170 again. Don't count on it. That issue has played out as the volume that day was extremely significant. It could hold 209-217 or even 224 and continue to muddle sideways and up until May 19. Way to many comfortable shorts. The next Mercury in Retrograde on May 19 will bring back the appropriate fear associated with too much short leverage in an asset like bitcoin.
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pumapunko PRO oaksacorn
2 years ago
Im afraid i dont understand how planetary orbits affect the price
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oaksacorn pumapunko
2 years ago
We all come from Stardust. We are part of the universe at the very core. Follow the correlations. Many significant events in my grown ass man trading history have coincided with Astro events. Mercury in Retrograde especially. I have learned to keep an eye out for the emotional pull these events bring.


"The unanimous message of mystics of all ages that all entities in the universe are interconnected and constitute an indivisible whole is proven now by unequivocal physical experiments that have been replicated again and again. From this undeniable unity, connectedness, and inseparability follows that any action or configuration in any distant part of the universe can influence processes in the solar system inhabited by man. This is also valid for the interrelations of Sun and planets within the solar system and especially the Earth's connections with other cosmic bodies in the solar environment.

Time-Price-Research.
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