BITCOIN: What goes up must come down...

in bitcoin •  8 years ago 

To the disappointment of many the price of Bitcoin dropped last night from around 920 USD to 775 USD (on BFX).

So what does this mean?

Let's be honest. No one really knows, but we are all making our guesses. My gamble (shown below) is that bitcoin will continue its decent in a wedge formation to around 700 USD, then it will be decision time.


Let's take a closer look

As you can see I am anticipating several weeks of up and down with an overall down trend. If it reaches the supporting trend line I will be watching the price closely. A solid break and I will consider exiting; however, I am hoping it continues the uptrend because I just can't deal with another Bitcoin bear market.



Disclaimer: Trading is gambling and this post is not financial advice. If you are looking for financial advice though I say buy yourself some STEEM :)

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8 years ago by

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      ·  8 years ago 

    I knew it! I called this when it broke $900 on the way up! I said back then that it would come back down to ~$750. It's somewhere on the blockchain, if you can find it! (Or maybe in chat...I honestly don't remember, but I think it was on a post.)

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        ·  8 years ago 

      You said it everywhere my friend

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          ·  8 years ago (edited)

        Well, I said it would come back down rather quickly, but I actually called the price at $750 somewhere early on. I am a soothsayer.

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            ·  8 years ago 

          We've got almost the exact same view. I appreciated your chart, the theoretical ABC wave motion within the descending wedge.
          I pegged $686 as the minimum bottom, if our yearlong trendline holds:
          https://steemit.com/bitcoin/@chainsaw/bitcoin-technical-analysis-1-12-17-up-or-down

          Of course it could go either way, but I think that the 1yr+ ascending trendline of support will win out over the shorter-term, reversal-pattern descending wedge.

          Thanks again for the analysis - I'll be following you!

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