In my last post I offered 3 possibilities of what might be coming as resistance was reached.
If the price drops we may find support at $75 ish where the middle of the channel is or somewhere just above $60 if we fall to the bottom of the channel. Perhaps we’ll just flatten out at $90 for a few days.
Would say I wasn’t far wrong, the price fell steeply down to the mid trend line I’ve drawn right at about $75. Now I’m kind of kicking myself I didn’t sell some of my bitcoins when I wrote my last post. Could have bought some more back at $75. Ah well, c’est la vie. I would have been a little worried initially though, it looked like bitcoins wanted to break up out the top of this steep exponentially increasing channel!!!!
Yet again this correction was greeted by calls of crash in the forums. I still maintain it could have fallen all the way down to $60 and still not been a crash. Although these increasingly large rises and drops are quite emotional I have to admit.
What now? I don’t feel we are topping yet. Can’t predict how high we’ll go, but I’m not thinking of selling my stash just yet.