Complete credit to Artiti if this plays out, shared in comments recently .. Looks like an inverse head n shoulders pattern could be on the cards. Heres a chart.
Hopefully the pattern is obvious. To me looks quite like a rebound up to $600 might be on the cards for bitcoin.
I have a confession to make which is that I’m following Cloakcoin much more avidly than bitcoin and precious metals at the moment. So having got confession out the way, heres some more thoughts on cloakcoin.
Cloakcoin as you recall was very recently spewed off a cliff ( after which I decided buy some more) but now its being spewed again! Apologies for graphic terminology. I was quite confidently expecting a large deadcat bounce but what have we got instead? Well its a feeble dead cat bounce if you can even call it that with even larger sell volumes pushing price down further!
I’m not going to bother with a chart just now, try to imagine a spew off a cliff with a little breather then another vomit. But this time imagine a huge 200000 volume vomit in the space of only a few minutes from out of nowhere. Causing price to cascade down further in a waterfall decline. Anyone who follows precious metals knows this scenario. Manipulated markets?
Ultimately I find cloakcoin almost impossible to predict with normal technical analysis, in the comments of my last post I was expecting or at least hoping it might hit 0.005 instead it has fallen below hoped support at 0.003. Perhaps Cloakcoin is just too young and volatile to try an predict?
All I can do is once again offer condolences to fellow bag holders. There are no guarantees, literally. The developer(s) could easily turn out to be a con artist, or well intentioned but inept or something else. But I like to think not. If it is true that Cloak failed an audit of the code what does that tell you? That cloak failed? Or that cloak was brave enough to attempt it. How many altcoins audit their code ?
Cloak is an idea worth preserving and I like the cut of the jib from Alty. The brand means something, it means the holy grail of crypto currency, trustless, anonymous. I hope it lives up to expectation. If it doesn’t something else will try.