Ouch!

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Heres a 10 day chart from a bit earlier. Thats quite a drop from $260 down to $100. So we definitely got the correction. Very hard to tell where it hit in relation to my long term trendline, but I’m still going to claim that as a successful prediction of hitting the resistance I highlighted in my last post. 

In the time since I grabbed this chart, the price has bounced a few times and currently sitting near $170.

Has the bubble finally burst? Maybe its too early to call, but for me no. I’m not calling a top yet, in fact already been buying back some bitcoin I sold prior to this correction. But then again I don’t have much to back that feeling up other than the base of this mania seems bigger than the 2011 mania, the slope has been more gradual. I just think its a heck of a big correction.

On another note the charting sites have been down most of the times I’ve looked throughout the day. Last time this happened some in the mainstream media blamed ‘hackers’ who want to cause the price to fall further than it would have done. But could someone be orchestrating the hackers? On the other hand maybe its just multitudes of fearful bitcoin bears trying to sell their stack and watch the price every few ticks all at once.

If you’ve been trading, hopefully it worked out well for you.

 

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