This manic rise in price had to end at some point and it looks like that was probably the top, at least for now. So my spike to $2000 didnt get reached in fact the price didn’t quite make it to $1000 either however I think the price did pass $900. The 2011 bubble still reigns supreme.
I’ve had more than half an eye on the prices today during my work hours watching amazed as price plunged then rebounded and oscillated by hundreds of dollars. I don’t know if any particular event triggered it but in any case it was well overdue. Heres how it looked.
Unlike in April this time I had made a concious descision beforehand not to get caught up trying to buy and sell into dead cat bounces and oscillations. Partly because it just isn’t feasible with localbitcoins.com but also because it makes it much less stressfull.
From a peak of $900 it fell in the region of $500 at one point. Now the price is sitting at about $690 but we’re seeing lower highs and lower lows at the moment so you’d have to say the price is in a downtrend.
Heres a chart with my recent uptrending fork on it which you might remember from last week, which I’ve shaded to look greenish. Its early days of course however I also now have a new bearish fork in red. Which will win out? For now I’d have to say the bearish fork looks to be winning. I think lower prices are on the immediate horizon, unfortunately for those who bought near the top. But we are still well above the top of the original fork, it will be interesting to see if the trend of the original fork comes back into play.
In the meantime I’m watching carefully to see if finally I find a good spot to buy in with the fiat thats been burning a hole in my pocket because I’m still feeling bullish to be honest. Shhh