This chart shows the decent from the $800 consolidation level at the beginning of the month, to now. What is important to note is that the major lows are moving harmonically with time, and guess what time it is. I've averaged out my buys all the way down and I've got one last big shot left. We've blown through the last major support levels at 572 and just now at 550 (turning it into resistance). There's nothing left but bottom. I'll be looking for mid to high 400's before we're through.
be patient and stick to your plan.
I took a look at harmonic trading (fib), but I find it difficult to see patterns, ah well practice makes perfect they say... Cya around Ninja! :)
I will look into this bat pattern to understand it better. Thanks again for sharing your thoughts.
My long term view is bullish, (very bullish) and I'll be letting the bulls run as soon as we get reversal confirmation at the 500 level or lower.
The widely held view, is that it was the result of a very well orchestrated hoax. (http://www.reddit.com/r/Bitcoin/comments/1ymb4r/some_light_on_the_horizon_for_gox/) Some people with the technical know-how, made it appear as though withdrawals on Gox were working again. The spike was market reaction but I think the continued stair-stepping up is a combination of denial and restless bulls wanting to get the uptrend underway. I'm working off a completed Bat pattern now, thanks to the hoax break out and I'm still short since *about* 572... shitty deal but I'm not sweating it. Target #2 on the Bat pattern should get us right back to where we started at the 570 level. We're going to see more ups and more downs but I've not seen an evidence contrary to my overall market view, which is lower lows to come.
Bat Pattern completed...
As for this chart, if we're going to stay on target for the projection of new lows, we should start to see a turn to the downside here in the next 8 hours or so.