Bouncing Bitcoins

Been looking with a little bit of satisfaction and pleasure at gold and silver both showing strong signs of a rally developing, then to look at bitcoins and see it up +15% on Bitstamp! Nice

I’m guessing but haven’t checked news that this may mean the mallability bug has been resolved or something.. Or hedge funds starting to scoop up the cheap coins ..

Heres how it looks on my latest Bitstamp chart which is an updated one from previous post comments.

Note the big colourfull fib retracement overlay I’ve been playing with. In comments I mentioned support may appear about $523, which is a fib level on my chart where green changes to yellow. This looks to be where that whopping bounce occurred. Didn’t see that coming. However not really surprised to see it. Bitcoins fundamentals today are just as good as they were when it was valued over $1000. These bitcoins are cheap, as I’ve said before still lamenting I didn’t retain dry powder to wait for these bargains..

Having said that, I’m not predicting that this means the end of the bear phase, I’m just going to wait and see. My current mode is staying long until I’m back in profit again. Or as they say in forums! HODL

7 thoughts on “Bouncing Bitcoins

    1. Usually, head volume should be lower than first shoulder volume. In this case, head volume is higher…
      Furthermore, if it was a valid inverse H&S, target would be about $860.

      Last friday, gold, silver and BTC shown strong signs of rally is, maybe, because Germany’s Constitutional Court (Bundesverfassungsgericht) has bashed ECB OMT program.

      Right now, a mtgox BTC costs $247! ! !

  1. The bounce was a result of bitstamp announcing that they are processing btc withdrawals as normal again. Bitstamp is back up and functional thus the rally.

  2. Mtgox released a statement yesterday, they are going to do further testing and have an update if withdrawals will be reinstated on Monday. Sounds like a loose statement to me.

  3. Been a bit flat since that bounce. I’ve been away from the internet for a few days, quite nice to disconnect actually. Assume Bitstamp running again means they patched the malability bug in their wallet software ? Will see if I can catch up on the bitcoin news later. Things appear to be happening, gold and silver creeping upwards, bankers jumping off tall buildings. Could be interesting times ahead.

  4. Interesting to see the BTC price on mtgox. It seems TOO flat, as if there might be someone cornering the buying. Assuming that all fiat and BTC are still at gox since BTC withdrawal have been seized and movement of fiat (USD anyways) have been slow, I expect the movement of BTC price to skyrocket on mtgox once they are up and running again, despite them being who they are and having had the problems they have had. might be some interesting times ahead.

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