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