Target met

I’ll try not to be too smug about it but that rise up to about $500 is just about exactly what I predicted based partially on the inverse head and shoulders pattern I spotted here Inverse Head and Shoulders. Nice to see it work out on this occasion.

Heres bitstamp with 2hour candles;

Looks to be resistance at $500 and above at about $520 ish, which might keep further rises in check for a little while. I’ll be looking for support to materialise somewhere on one of those green trendlines so chance a wedge could form at these levels. When bitcoin get bullish it often surprises just how bullish it gets but for now I don’t think we’ve picked up much steam yet for that kind of action, further consolidation likely.

3 thoughts on “Target met

  1. I have spread the word last week that Bitcoin will be at $500 soon. Now when I walk about, people stand aside and gaze at me in silent admiration.
    Of course it’s all your doing, so feel free to be (too) smug about this. In fact, if you run out, just say the word and I’ll get you a new shipment of smug.

    Excellent work πŸ™‚

      1. Nice call!

        Share your kicking, I was bullish about $600 on the way down.. I have so far avoided calculating what I lost out on there πŸ™‚ Have completely stopped day trading at the moment though as I was just bleeding crypto!

        Hopefully we’ll get a bit of consolidation around the $520 – 530 mark before a run up again, breaking $500 was significant and I think anything China does now is priced in (plus they don’t actually appear to be doing anything).

        We’ve got ETFs and Second Market bringing investor money into the market and hedge funds starting to take notice so that should be a good support for the price.

        One problem to further rises is that the more people use BitPay the more depressed the price will stay, since BitPay converts its Bitcoins on Bitstamp almost immediately there is a constant sell volume going on there.

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