Finally we have a correction, which was kind of needed really given the relentless spike up we just experienced. Logic was telling me I should sell yesterday, would have turned out rather well if I had. Ah well happy to hold for the long term.
Anyway, this is a quick update to my shorter term chart to show how the price is currently looking after falling back below $200.
Its quite a large and steep sell off, in other markets that would be quite gut wrenching, here in bitcoins its just part of the normal routine. Until the bitcoin economy grows a lot bigger we’ll just have to get used to that. We’re still well above the original channel I was following though, however of course can still fall further. Will be keeping an eye on things to see where support materialises.
Theres also my longer term ‘take off’ channel which I’ll include too and seems to show quite clear lines of support and resistance
Based on this view support might appear at around $175 if it falls that far