Nice bounce on support

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Just a very quick update really. We’ve had a very nice bounce from the area I marked as support earlier. This is the black trendline on the 2 month log chart above, which corresponds to the bottom of the first channel I drew back in February. That bounce has taken us above that channel and back into the March channel, which I’ve coloured in a sky blue.

I’m getting increasingly convinced that this crash marked a ‘very large’ correction rather than ‘the top’. I’ll be watching very closely to see if we are going to stay in this blue channel. Or break out above it again? Nothing would surprise me in bitcoins.

Did you sell expecting price to return to single digits ? Starting to wonder if you should buy back in? 😉

$500 and beyond !!!

But what do I know? I’m just a guy on the internet.

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2 thoughts on “Nice bounce on support

  1. I placed a sell order during the waterfall, and then canceled. Twice, actually.
    Moved some unused $ back out to Dwolla when the frenzy was over.

    I currently have a sell order at $157 or so, for half my BTC. That would bring the DCA of my remaining BTC down to zero.

  2. I don’t know much about dollar cost averaging. I just bought in quite early on and held. I sold some just before the peak. If I ‘d left it at that I’d be sitting here feeling pretty happy with how it went.

    During the fog of the waterfall though I used some of that fiat to buy back in, then decided that was a mistake and prices would fall further and tried 2 or 3 times to sell but couldn’t.

    That entire spike has been a great test drive I think. Hopefully gold and silver will do something similar in time. Bitcoins will have another run soon enough though, bitcoins is like silver sped up with volatility increased.

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