ChartArt

Rough trading water - Bitcoin choppiness until October?

BITSTAMP:BTCUSD   Bitcoin / Dollar
786 4 3
Bitcoin is still bouncing around two directions. It seems the bears want the price to go down one more time to test the low around $450. We need to stay above the very old slowly ascending trend lines to stay in the ultra several year long-term uptrend which started way below $100 (one of these trendlines in this chart started at in Nov 2011).

Possible scenario: Pullback to a price below $500 (and above $440). The risk taking traders load up and buy back cheap there - based on that double bottom we finally have a start of a new uptrend.

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P.S. My original "safe" short target if the price sinks below $493 was $455 (instead of $450), but after some adjustment at the stop loss price the chart shows $457. Another short target idea is $477.
Maddie
2 years ago
I agree with you on this :)
But don't forget there could also be a possibility that we go back up to 3600 again if we break the 3190 for longer than 1,5 days.
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FluidicFX PRO
2 years ago
Thanks for this. The chart illustrates something I've been wondering: that we're stuck in a horizontal channel which contains some Gaussian fluctuation, but if no major event triggers a trend, we're going to be moving sideways for a while. How boring. :)
+1 Reply
ItisCalvin FluidicFX
2 years ago
Stability is good because then we can get rid of all those skeptics, like this uneducated man http://nypost.com/2014/08/28/mit-students-engineering-bitcoin-scheme/, who think Bitcoin is a scam just because to price fluctuates drastically.

You can tell how well that person who made that NY Post article knows Bitcoin.
"Not surprisingly, MIT wouldn’t comment on whether it would accept bitcoins payment for anything.

We’ll soon see just how much MIT wants to cooperate with the bitloons."
He clearly doesn't even known about Bitpay.
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ChartArt ItisCalvin
2 years ago
Thanks for sharing this hilarious article :)
Reply
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