ronfkingswanson

Plotting long-term correction to Nov. rally based on April rally

Short
MTGOX:BTCUSD   Bitcoin
27
Thanks to @DanV, we can see the deviation experienced in both the April and November rallies, including how far from the mean the april correction extended to the opposite 1.0 boundary. Given a similar range on the peak of the Nov. rally at the 1.0 boundary, it would seem unlikely for the resulting correction to stop only by returning to the mean, and only during the brief moment of the bottom of the last panic sell. A longer, more gradual organic decline to a new bottom would be more effective in establishing a solid base for the next upward trend.
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