Could, the price continue to meet the expectation or is it going to confound the bulls? What does the correct application of and Principle suggest for the Bitcoin's intermediate term price action?
Whilst, my anticipated resistance at 570 zone in my last chart was short lived and now we have 680 at the doorstep. This has acted as a resistance now for few days. It is possible that it might hold, or more likely we have potential small triangle in formation which could be very short term and could achieve 700-720 or on a particularly strong breakout could even reach the proximity of 800.
So in the very short term potential . However on an intermediate term it is in cycle and the current bounce could be viewed as a bear market rally. So my dreaded "RED ARROW" to 300 zone still remains.
Many have taken issues with me for being persistently and not appreciating all the positive fundamentals filtering out recently. Many ask me at what time will I change my mind? Why should I expect 300 retest for the final low?
It would seem that my attempts in explaining these in the Chat has been unsuccessful and perhaps confusing in usage of various terminologies of Bull and Bear cycle or moves.
Well, whilst I do not expect you to accept my analysis without questioning, at least fully understanding my reasoning and apparently taking a solitary stand on the matter could assist you to considering possibilities and then dismissing it if it is flawed and you have a better handle.
Here is the Youtube Link http://www.youtube.com/watch?v=OzZ0t9BVLPA
When the low of $340 hit, I realigned the fib retracement. This gave a 50% target of $751.40 which we have failed to hit. My question is whether we still need to move to this target or will the 61.8% target of $654.26 (hit) be adequate and marks the move back to the bear cave? From this, the 127.2% target is $115.88. I don't know if I can fathom BTC going that low, but who knows. Maybe this talk of an FBI bitcoin dump might just bring us there.....?