Well looks like my bearish angst was indeed justified. Price is down to about $860 as I write this and earlier fell out the bottom of that ‘new channel’ I had hopes for with no real resistance. Instead looks like its falling within the bearish fork I was looking at in my last post. So heres an update to that fork.
Not only that the possible double top formation looks like it has been confirmed too with the price falling below the valley between the tops. Not saying it has to, but if this plays out the target would be down below $500.
My own experience of this drop has been frustrating, having successfully predicted it, I decided I wanted to sell some of my stack but its taking ages for the transfer from my wallet to reach localbitcoins and still hasn’t got there yet, hours later. Is this because I didn’t set fees in my wallet? Or is the blockchain getting too unwieldy? It doesn’t usually take this long does it?
On that note I’m having some existential doubts about the whole scalability of bitcoins. The blockchain is now about 14G and will keep growing. Perhaps its time to convert some of this crypto money into real gold and silver?