There was no breakout above 300.
There is now break below the 1- month build support.
Theoretically it can accelerate down without constraint.
Potential Target if acceleration: 160/100.
My only view is: trying to say bitcoin should go up because it is useful is as good as saying crude oil should go up because it is useful....
Re timing, i dont know.. if it falls, the timing is probalby 2months per leg down..
I am not sure when it will get of the cone but if even if the appropriate price is much lower, it will get of the cone soon or later and the pressure will abate then.
- No short sellers. Little room for squeezes then.
- There are people who are long. There is hope and pain.
- I think the buyers are getting less numerous as it goes down. My take is whoever had interest got involved already and whoever was not is probably going to stay on the side line.
Why do you think people would come buy it at 100?
Although gold has similarities in the fact that it depends on people trust, gold has proved itself over centuries and you can derive some macro behaviour with Rates/FX etc...
Gold had also a bubble phase and price did behave in a similar way after this phase.
Gold isn't of course the same as Bitcoin if you look at other aspects.
I think after some further correction and maybe fundamental changes Gold will shine again. Bitcoin will never see 1000 again..