Daily | BTCUSD Long-Term Static Shock For Bears - Jan 27, 2014

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
310 8 3
Being near a major support fib line, we may be seeing a huge bullish month up to the heavy resistance trendline at 2300. I expect it to rally from a starting point at around the 780.00 mark, continuing up sharply with steady gains and minor retracements. It's just a theory, but stay cautious. Have fun and tread carefully! ;D
What made you decide to start the line at X ?
Mennzz flibbr
Which point is X?
flibbr Mennzz
The initial point where you draw the line from.. and what makes you come up with 2,300 ?
Mennzz flibbr
That point is a special fib point which has a big impact on price, and the 2300 comes from the important connections of the fib and trendline points and a general clone of the whole previous upmove to 1233. :D
and here I thought the failure of that weekly candle meant bearishness for a while? Or have you been looking at my crazy 2011 rally symmetry chart again?
Mennzz ronfkingswanson
hehe well, it looks like BTC may have another chance on this divergence pattern, if it only actually takes place. But the weekly candle would have to close bearish again so we'll have to see. ;D
I see what you did there...
Mennzz ronfkingswanson
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