Time for a new post I reckon, but will have to be fairly brief as I’m really supposed to be doing other things. As you probably guessed if you read my last post ‘Another Fork’, I’m still focused on the last fork I posted, which was a fork linking the recent all time high to the bottom of the recent correction which went all the down below $500 briefly on Mtgox.
Heres the latest snapshot of that fork on a chart showing 1 hour candles. I’ve added more detail to the fork with new inner trendlines at half way points between the lines I had last time. Got to love the charting tools on TradingView.
To me it looks pretty clear that I managed to guess the slope correctly as the price seem to be following those lines pretty closely. There was a point were the price almost tested the levels of the old high and at same time tried to break into upper half of the fork. Looked like it had suceeded but then fell back into the lower half of the fork. Price has since consolidated roughly around the $800 level but in doing so is also moving lower in the fork.
In a way I quite like to see the price stabalise for a while, it almost feels a bit too unreal when it constantly marches upwards. I would like to see it stay within this fork however theres still a litle while ( a day or two) before it hits the bottom line of the fork if it keeps staying flat like this. Funny how doubts can creep in though, is that looking like a double top there? Sometimes its not easy to stay on a bull.
Edit: Also forgot to mention thanks for all the comments in the last post, thats the most comments I’ve had so far. Its a nice feeling having people stopping by to share info or just say hello. Cheers