On the fence

The bull channel I noted in my last post has already had the price drop through the bottom of it, although it has rebounded back in, usually these kind of things precipitate another move down, is quite easy to imagine the price will fall further.

Heres how my updated channel is looking at the moment.

The horizontal line which has been support and resistance and various times looks like the next level of support to me. Have marked it in as a green dashed line at about $834

After that will prices fall below $400? Or will a strong rally take us to new highs? I personally think you could decide by flipping a coin and deciding heads or tails just as easily as looking at these charts. To me it feels like the market can’t decide if this is a bubble collapse or a correction on the way to bitcoins being a new paradigm.

I’m sitting about half in bitcoin half in fiat at the moment, if prices fall significantly I’ll be buying more bitcoin. At the moment I’m going to sit out and wait.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s