Further validation of the bull fork

In my previous post I speculated that we were due a correction which turned out in fact did happen, with price now down to about $416 as I write. However I don’t get the opportunity to be too smug about this as my prediction had the run ending at about $450 where the horizontal resistance lies when in fact it shot a good way higher first.

Heres how it looks on Bitstamp, log price scale 4 hour candles. Notice where the run spiked up to.

This chart is once again showing the same bull fork I’ve mentioned in other recent posts. Here the spike touched just about bang on the mid line of the fork before the steep correction began. If any further evidence was needed, this is the bull trend plainly visible. With this fork showing the slope of the trend. The way bitcoin is going I won’t be surprised to see price break up into the top half of this fork before long. I bet the bankers wish they could suppress bitcoin the way they do gold. (edit: as a caveat to that I’m not saying it will break up straight away, there may be a bearish period to endure first in which this last spike begins to look like a dead cat bounce and giving false hope to bears)

For a bit more context heres another look at the same fork zoomed out a little bit on 1 day chart so I can show the points how the fork is defined.

I’m guessing there’ll now be a period of consolidation but to me the bull trend seems pretty clear on longer timescales.

4 thoughts on “Further validation of the bull fork

  1. Thanks for the update! Why can’t they suppress Bitcoin like gold? I can understand that there s no “paper” market for Bitcoin but it’s a very little market anyway isn’t it ?

    1. I think if they wanted to suppress bitcoin they would need to hold vast stores of them which they don’t. If they wanted to buy that number of bitcoin they’d need to push the price up hugely in order to do so. Bitcoin is very scare. I also have feeling they don’t yet know if they want to suppress bitcoin or somehow subvert it or use the transparent blockchain to their advantage.

      In gold it seems to be that they flood the market with lots of selling pressure to prevent any rallies gathering steam, then when it is more subdued they quietly unwind and buy it back. Usually they don’t even need much physical metal to do the selling as they use futures contracts instead. Anyway this is my rough understanding of it. Its like a wash rinse and repeat cycle in which they win when buying and win when selling. It may be there are natural depressive forces in play in gold but they definitely do seem to slam price on anything you’d normally think would be gold positive to help it stay down.

      Gold has been suppressed many times in history and always breaks free eventually. It will be new if they can suppress it forever. Especially when you look at the mess of the monetary system. Money printing and zero interest rates left right and center and all that.

      Anyway this is my understanding, maybe I’m off the mark but I suspect not too far.

  2. Bitcoin has been finding resistance on one of the lower trendlines, but looks like its breaking up to again test the middle line of the fork again which was where it reached on the last spike the other day.

    Maybe this time it will manage to get up through middle of the fork. Seems very bullish at the moment.

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