Failing fork

With hindsight being such a wonderful thing, maybe I should have given more attention to the bearish divergance I saw the other day when I called for a dip, after which I unfortunately changed my mind. Price is now falling quite dramatically and has spiked below the bottom of my fork and looks to be still falling.

Anyway heres how its looking compared to my fork at the moment with 1 hour candles.

To try and guess where support might be found I’ve extended the fork with some lower trendlines, failing that perhaps we’ll head all the way down back to the 600’s where I’ve shown a possible blue line of support. Guess I’ll just wait and see.

Edit: Just been watching the price leaping up and down, quite manic! Maybe I should log off and go for a relaxing bath or find something better to do. Anyway heres aother idea for support which just occured to me. Looks like quite a strong area of horizontal support here.

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7 thoughts on “Failing fork

  1. I feel like BTC has to catch its breath before heading higher, however, this drop was all of about an hour…. I would love to see it cool off to 800s for a while.

    1. I know what you mean, it keeps going parabolic every other week it seems like ! But thats one of the reasons I’m still so bullish. It just feels to me it does that because bitcoins wants to be valued a lot higher. Would be nice to see a bit more sedate price sometimes though.

  2. Maybe its the long term channel calling it. “Hey bitcoin! What are you doing up there!!!! Come back here!!! Its not the time to be there yet, young boy!!!!” 🙂

    Saludos!

    1. Maybe, we’re still way above that channel … At the moment I’m still trying to decide if this is going to fall further.. The chart I posted in a comment above looks a bit like an inverse cup and handle..

      However I should be working and not looking at bitcoins. Ooops

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