Hows that for a quick recovery!

Just thought I’d post a quick one  with some thoughts on that recent correction.

As I expected the price has remained in the up trending channel I’ve been showing on my charts, although looks like an failed attempt at a breakout did occur. When I posted last night it was still falling and in the end it fell below $23 and maybe even spiked below $22 for the briefest of times. The price didn’t bounce where I thought it might though, on the midline I had drawn yesterday, but at a level lower than that.

I’ve updated my chart again and am back to portraying a more similar view of the trend lines I had previously after flirting with a different idea yesterday.

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In a way that correction looks like a classic ‘FUBM’. (A term used to describe a failed attempt to push precious metal prices lower) I wonder if it was? Could any banks may have there sticky fingers in the bitcoins markets?

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Chart above: FUBM ?

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4 thoughts on “Hows that for a quick recovery!

  1. Not so much a FUBM as a FD.
    Like I was saying, it looks like (when you stand back and look at 2 years worth) it will go to $75 before the next *major* correction.
    We should have maybe four or five of these minor FD corrections on the way. It is a market curve, and it is intrinsically chaotic.
    And I missed the dip, dammit! So I have to decide whether to step back on the escalator at a higher price, or just be happy with what I’ve got.

    The hard part of technical analysis: identifying the bottom of the FD.

  2. I’m not familiar with that term FD …

    Looking at the long range chart I know what you mean, I think bitcoins are definately heating up! Could easily see it getting well past the old highs ( $30 – £32.5 ish), I’m imagining there might be a fair bit of resistance at the old high, possibility of a steep FD?!

    I’ve been buying on this run up but might just ride the trend for a bit for now

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