julius.tilvikas
Long

Doube bottom with resistance @ 1060 and looking forward @ 1600

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
540 2 4
This double bottom signals the end of correction. As BTC's long term uptrend continues to evolve this end of correction is going to be supercharge... So, "buckle your seatbelt Dorothy, 'cause Kansas is going bye-bye!"... see you at 1600
Why 1600?
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julius.tilvikas
3 years ago
1600 is based on 1d graph Fibo extension - 0.764 (1308) - target is very near to ATH@ 1242 and if previous resistance @ 1060 will be broken, wave of bulls should enter the market, and move price up to the ~1300 level, than correction will occur, which will determine new support, which probably will be @ 1050-1100 zone, but looking forward increasing BTC adoption and demand, this shouldn't be for a long time, and then next wave of BTC hoarding should move price up to 1500-1600 level. I think this will be much stronger resistance - mentally market will have to realize, that the BTC costs "1,5 grand".

Of course, I can be completely wrong with levels - who knows what will happen, and I'm open to any critique regarding my way of thinking :)
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