venzen
Long

BTC Support & Resistance plus the corrective "BTC double tap"

BTCE:BTCUSD   Bitcoin / Dollar
224 1 0
One feature of all BTC pair charts is the phenomenon whereby price returns to the area of the previous correction of either one lesser degree (wave 4) or in wave C of the common flat correction. Examples are circled in blue. This "BTC double tap" seems to have just concluded the January correction. In the event that BTCUSD             continues advance then we can expect strong resistance directly overhead at 850 (BTC-e) and 970 (MtGox) where there is an overlap of various Fib levels related to the past two months' wave formations. Further up near 1000 (BTC-e) and 1100 (MtGox) is an area that has decisively rejected price on previous attempts - possibily because it represented a targetted supply zone for "better-safe-than-sorry" profit-takers.
venzen
2 years ago
My direction was completely wrong in this instance. Price gradually dropped to 600 and eventually spiked down to 102 on the day Mt.Gox revealed the true state of their wallets.

I'm leaving this chart analysis here as a reminder to myself and others. Bitcoin has it's own logic and although I read it completely wrong on the chart above, some of the features identified do recur and will surely come back into play. Also, 840 is bound to be a reaction level during the next rally, as identified on the chart.
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