Reminder for myself: Update
I decided to draw a chart today, just to practise this, but i was at work and had limited time. This time i took more time and i want to update this.
I did not believe that the 780 support would hold for a third time, and I think it gets more and more interesting as we continue to swing in waves of 50$. If you dare, you can make a lot of money there: the borders are defined. However, if we break out, you can lose a lot.
The bold lines represent old trend lines based on 1D chart. They come from ATH and the last move to 1000, as well as the ATL after the ATH and the last low in the enduring uptrend. These form a big triangle, which we could exit in a bullrun. Resistances on the sellside are still strong and we need good news to overcome this.
Remember that we are not entering new territory every few dollars, as it was with the first rallye. People now know where to set sell levels, and we are still at a very high point.
I did not think that we would go that high again. Thought we would consolidate at about 300-500, but it seems to be less of a bubble then people expected.
About all the bad news: Keep in mind that even if 1 billion people ban this currency, it would just need 5% of amazons revenue to generate a turnover and exchange of bitcoin that would make them worth much more then today. HOWEVER its highly volatile and merchant's booming acceptance is driven by the fact that positive publicity is generated by accepting bitcoin (or you boost your own massive investment by announcing your own store accepts it - what would Jeff do?)
I am closely watching the support levels. If one breaks, also focus on the psychologically important levels like 800, 700 and 750 and so on. Keep in mind, previous support zones are of more importance here. Also, i noticed that fibs can tell you where a short term resistance might be, but during a sellof they are useless.
I did not believe that the 780 support would hold for a third time, and I think it gets more and more interesting as we continue to swing in waves of 50$. If you dare, you can make a lot of money there: the borders are defined. However, if we break out, you can lose a lot.
The bold lines represent old trend lines based on 1D chart. They come from ATH and the last move to 1000, as well as the ATL after the ATH and the last low in the enduring uptrend. These form a big triangle, which we could exit in a bullrun. Resistances on the sellside are still strong and we need good news to overcome this.
Remember that we are not entering new territory every few dollars, as it was with the first rallye. People now know where to set sell levels, and we are still at a very high point.
I did not think that we would go that high again. Thought we would consolidate at about 300-500, but it seems to be less of a bubble then people expected.
About all the bad news: Keep in mind that even if 1 billion people ban this currency, it would just need 5% of amazons revenue to generate a turnover and exchange of bitcoin that would make them worth much more then today. HOWEVER its highly volatile and merchant's booming acceptance is driven by the fact that positive publicity is generated by accepting bitcoin (or you boost your own massive investment by announcing your own store accepts it - what would Jeff do?)
I am closely watching the support levels. If one breaks, also focus on the psychologically important levels like 800, 700 and 750 and so on. Keep in mind, previous support zones are of more importance here. Also, i noticed that fibs can tell you where a short term resistance might be, but during a sellof they are useless.
Penafian
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