Technician
Short

Bitcoin heading back to normal

BITSTAMP:BTCUSD   Bitcoin / Dollar
3881 14 42
After the recent boost which i believe was another dead cat bounce , boosted by Greece risks. Greece finance minister once said that if to exit the euro             adopting bitcoin as a medium of exchange is possible.However, Yanis Varoufakis is no longer the finance minister for Greece, and Greece will eventually get back to track with the euro-group. We have seen the Greek parliament accept the latest terms of the euro             bailout proposal.

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Hi,technician:

glad to view your page and to this chart i have something different to say.

in the pattern's side, it is mostly like a adam and eve bottom, and the chart's drawing an cup with handle now. so, i think it's going to 295-(295-220)*30%~=273, and goes north. 295 is about the cup edge, and 220 is about the cup bottom.
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You might have to redefine "Normal", Normal for bitcoin is years and years of growth, despite the extended pullbacks following peaks. If you're calling for normal, you must expect continued growth!
+1 Reply
Technician TOP venomspike
True, i should have defined what is normal.
As i have been saying for more than a year and a half, the normal for bitcoin is a downtrend that goes to below 100 and around 50.
Just my view, i might be totally wrong. So ignore it if you don't like it . Thanks.
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venomspike PRO Technician
I support all analysis, even if I disagree it's good to see the other side of the debate. Just pointing out that any long term chart (from the beginning) supports normal growth, not decline.

Thanks for your work on this either way.
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If we go above 310 this scenario will be invalidated
+1 Reply
Technician TOP vortexspaces
Yep in my view a daily closing above 310.00
+1 Reply
Agreed.
One and the only forecast for Bitcoin
+1 Reply
Greek parliament accepting bailout proposals does not change the fundamental situation. People have been hit by the banking system reality. Secondly the up dip was more probably more a result of Chinese banking crisis and following capital inflow. Even that may have a short solution. But what the market learns is that Bitcoin profits from market crashs and volatility.
+1 Reply
good to see you analyzing bitcoin again.. so yeah greece news was nothing but "that catalyst", "bait", "fud" market movers needed to drive the price up. in reality crypto has little to do with anything except cheap liquidity. it's obvious we hit the top as the movers run out of fiat to keep bitcoin above 300. i watched the volume and i could say enormous amount of fiat was pumped in and i'm not sure if they covered their cost and made some profit but we'll be sideways with slow downturn until they sell off their accumulated stash for another 2-3 weeks, i presume they'll be significant sell offs planned ahead.
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Yep sir, in my view, it was maybe a last chance to short..
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