If it breaks through that trend line down to 560 it will go. If not it's head up to 680. I am not seeing a lot of volume which makes me believe up we are going. It's summer and everyone is on vacation. When they come back they'll say hey that's cheap time to get me some!!!
Comments
MoonTrader
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Like yoda you speak.
TerryKinder
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I have heard several different people comment about the light volume and saying that they think the Bitcoin price will go up. Was doing some reading the other day about the descending symmetrical triangle pattern here - thepatternsite.com/dt.html. If I am correct and the Bitstamp Bitcoin price is forming a symmetrical triangle, then the decreasing volume would indicate that price will breakout soon. According to the Pattern Site cited in the link above price resolves to the downside 64% of the time.
I listed some reasons on a chart posted earlier why price will likely move down - horizontal line of descending triangle is at $558.72 which is similar to the $560 level you mentioned. Also have valid downside targets on Point and Figure chart of Bitcoin beginning at $360 and going lower from there. Upside target currently $900. Have a feeling Bitcoin will see lower prices before it sees higher ones.