BTC Surfing Averages & Channels

BITSTAMP:BTCUSD   Bitcoin / Dollar
553 6 2
Bias is neutral to bearish following the moving averages bearish crossover, we will probably hit 705-683 major support area . Bearish confirmation/acceleration below channel support. Alternatively, a bullish crossover and a break above the falling channel may signal a leg high to initial resistance at 910
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You failed to mention that the last dip was on news of the arrest of bitinstant CEO in connection with Silk Road. Remember what happened on the last time news came out regarding silk road?
I watch your analysis closely, and from what I observed you usually get it right. IMO this bitcoin is just a dream, the dreaming of becoming rich over night, like winning the lottery or the jackpot in a casino. Do you think that technical analysis works on bitcoin or any other instrument like it?? Sure there are some patterns, you can find patterns everywhere, but is there really a good way of forecasting future prices?? I'm still gonna think the same way about bitcoin, I'm just curious to find the opinion of a good analysist like yourself.
Technician TOP vlad.adrian
Really thanks, you have a great point here. I have to admit that I am still experimenting with this instrument. I also have to say that the "irrational" volatility of this instrument makes it "almost" impossible to trade(i mean here profit from). However, in terms of technical analysis and forecasting. any instrument with sufficient trading volume can be analyzed through technical tools. But for me, u may noticed that i never posted a trade on btc, although i trade most most instruments.
yes that's exactly why I asked, cause I never saw before an ideea of a virtual coin from you and I was surprised to see you started with bitcoin.
Technician TOP vlad.adrian
Actually, i posted two forecast ideas before, but not trading setups(i mean no trade was provided)
Technician TOP Technician
I advise anyone not trade this thing unless they really know what they are doing.
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