JimMakos

Did Bitcoin bounce off a support level of November? Yes, it did!

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
578 3 4
Sure, my recent prediction for Bitcoin wasn't confirmed, as Bitcoin price failed to climb up to the previous highs:
Is Bitcoin selloff over?


(Still, I discussed why we should take profits in the process: https://plus.google.com/u/0/104941013638539474491/posts/LGFqA6htXDv)

On the other hand, the support level I used to draw the Fibonacci retracements on that day, coincided almost exactly with the support level this week!

Just press "play" on the link above and see how Bitcoin touched the support level drawn one month ago!

Aren't support and resistance levels just great?
Hi Jim. What do you use to trade bitcoins?
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sachin41 sachin41
also, do you think there is still room for more downward movement?
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JimMakos sachin41
Hey,

I don't trade Bitcoin but I keep an eye on the Bitcoin charts.

I can't really predict at this point if Bitcoin will trade below $440, as long as that support holds.
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