About me"Speculation is most dangerous when it looks easiest."
- Warren Buffett /////
"I believe the market prices are always wrong in the sense that they present a biased view of the future.”
- George Soros
This isn't a forecast, it's more of a study I will be able to refer back to in the future. It's a combination of golden ratio spirals, fibonacci retracements and multiple pitchfans on a Bitcoin chart from Winter 2013 until the Summer of the year 2015.
We were starting to go over into a uptrend after leaving the bottom at 550 US Dollar, but because we broke through the 600 US Dollar area, when Bolivia announced that they are banning Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have still trouble with DDoS attacks on their service providers CloudFlare and Incapsula making trouble for trading...
Checking the current likelihood if the uptrend started at the end of May 2014 will reverse in the 2-day chart with several indicators, among those are the:
- Directional Movement Index (DMI) developed by Welles Wilder
- Aroon oscillator developed by Tushar Chande
It seems most of the selected indicators confirm a overall bullish trend in this longer time-frame.
**UPDATE** **WE ARE NOW IN A DOWNTREND**
With more information I can say that the green triangle was already the (short) uptrend after the inverse head & shoulders completed the right shoulder.
Because we broke through the neckline at 600 US Dollar, when Bolivia announced that they ban Bitcoin and meanwhile Bitcoin...
Either this will be just a short rally up, or this establishes itself as the great new bottom from where we go back to 600 US Dollar is still open. But I see Bitcoin at a bottom at 550 US Dollar on several exchanges in the 1-minute chart.