In my last post ‘Waterfall’ I tracked the correction using a steep downwards fork. I’d say it was pretty successful for the short duration it was active but the price has already busted through to the upside. Looking like this.
The price ultimately bottomed below the first bullish fork I’d been watching but has now climbed through and above that one too.
So heres a new fork that might be worth watching. Using the high and low of this manic top and the correction bottom as it’s B and C points.
The mid point of this fork could show a bit of resistance and if that is the case make a kind of dead cat bounce pattern. Is it too bullish to think the price is going to continue to levitate up, up and away ? A small part of me is wary this could be a bit of a dead cat bounce, but I don’t think so. For a start the price barely paused for breath on its climb from $200 up to over $900. I know this because I spent most of that time waiting for a dip to buy into.
Also the phenomenal rise has grabbed a whole lot of media attention. People are talking about bitcoins all over the mainstream now. A new wave of investors may soon enter. The chinese are really going for it and apparently one of the chinese exchanges is now the largest.
Spike to $2000 still on maybe? Or infinity and beyond?
On some US TV station they were talking about how central banks CAN manipulate bitcoins, (unfortunately don’t have a link to the clip). Anyway, they do this apparently by adjusting the rates of fiat money and all that usual interfering crap they do, which they claim will affect bitcoins and gold and stuff.
Dream on central bankers! Imagine bitcoins is a cute puppy and so is fiat another cute puppy, the bankers are going. ‘if you don’t play our game we’ll stop hurting this fiat puppy!’… or something. Lol it sort of made sense to me that analogy.
By the way it only ‘works’ on gold because they sell hoards of paper into the market at those times to create the illusion of it working. Manipulators your days are ending.