Spekulatius
Long

Oh crap, this rally could be far from over!

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
478 3 4
Just look, the latest white line is actually a pure clone of the older one, it has the same slope and matches perfectly with the latest trend. Although this "correction", if it is one, is unparalleled in length and size to any other (mini-)bubble in Bitcoins history, it may very well be the foot slope to the largest rally yet to come (in total numbers).
The outbreak above 200$ gives confidence in a rise to retest 217$ and even the 233$ mark. If it is surmounted, the rally will continue. Alternatively this break out could turn fake if we develop a bearish wedge before hitting above to old high of 233$.

The only other concern is the steep slope we are in. As analyzed earlier:
Degrees of Craziness III


we are pretty much in the Danger Zone already with this angle. When we upped the notch one more time during the last hours of the past run up from 212$, we only had 18hours more to go before the whole thing collapsed. If we do so again and break out of this trend channel I predict, based on this analysis (also check link above) the next crash/correction.
zubcoin
3 years ago
Do you have any comments about todays levels?
Do you still see this chart as relevant?
Reply
Spekulatius zubcoin
3 years ago
Yes, we may crash back to the white resistance of 500$ or even only 600$ and continue the rally for a bit, who knows but those are the levels to watch out for!
Reply
Spekulatius Spekulatius
3 years ago
-edit- i mean 600$ is the critical number.
Reply
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