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.
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?
Chart above: FUBM ?