BillyMabrey
Short

Reversal in November?

BITSTAMP:BTCUSD   Bitcoin / Dollar
943 1 7
First of all, drawing lines everywhere is very arbitrary in my opinion, you can usually find anything you are looking for.
Second, I'm a novice and you should probably not listen to anything I have to say! I welcome critiques, so have at me. Regardless, I drew some lines anyway, looking for strong unbroken trends beneath current price.

the first trend (dark blue) is from the April 2013 "bubble pop" to the bottom in July 2013. Interestingly the SR panic last October couldn't break this line and it has never been tested since.

the second line (light blue) is from the December "bubble pop" to the bottom of spring 2014. It has a downward slope which has yet to be tested, but it seems we're swiftly on our way there.

Of course both lines inevitably would cross somewhere, but I found it interesting enough that they cross directly ahead of our current trend. Adding a regression channel to the current downward trend shows how close all of this aligns.

Again, just lines on a chart, but it indicates to me that we will inevitably see more downward movement until we approach that price range of 260-300 which looks like it will come during November.

The speed bump in the idea is the 76% fib level of the run up to the all time high. We've bounced off it before in April 2014 and may very well bounce again around 340 in the next few days.

Aside from lines on a chart, there seems to be many people waiting on the sidelines with cash ready to buy back in when reversal signs look good. The recent Paypal news gave us a taste of how many seem eager to pull the buy trigger for fear of missing out. While that was predictably short lived, when the reversal comes, I think we'll all know it fast.
AdrianThomas
2 years ago
Do you think a reversal will come - looks like heading back down to $100 area.
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