Whats this?

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I thought I’d take a last look at the charts before bed and I see bitcoins are back down to $24 dollars. Quite a steep looking plunge on the 2 day chart!

So what now? Is this a good buying opportunity? Should you sell now while the goings good? Well I can’t say those things obviously but it’s interesting to speculate. So I’ve had another bash at drawing my channel, which I’ve refined a bit since last time, to try and see where this decline fits into that picture, chart below.

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I wouldn’t be surprised to see a bit of a bounce about now at a zone which looks like might provide support, the median line on my chart. If it goes below that median line then I would imagine theres more resistance where the prices have ‘tapped’ down to a couple of time however the median line will then be resistance instead of support.

I’m guessing prices might stay within the range I’ve shown between the upper and lower lines. Of course I could be wrong but I sense that this run is not over yet and could reach or even take out the all time highs before its done.I suppose it boils down to wether this is becoming a bit of a bubble or if it will settle down to a new plateau as I imagined when I first started this blog.

Anyway, I’m tired, bed time for me, wonder what the charts will look like when i wake. Happy trading

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One thought on “Whats this?

  1. Dammit, I missed the FD.
    Looking at the long term chart, you can see that the current ramp looks like the one in 2011, but starts at a higher level. Just eyeballing, it looks like it’s gonna get to maybe $75 before another major correction.

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