Thing is, it really isn't about to fork any time soon, not without consensus. I'd be willing to wager that too. Does not matter though, too much uncertainty for new money to bare. The downside to the influx we witnessed these past couple months. Question is, when will the fog lift?
Yeah, $750 could be tested, but I would not be shocked to see one more push up the the 1025 range first.
Yeah, $750 could be tested, but I would not be shocked to see one more push up the the 1025 range first.
Zooming out on the charts you can see what looks like a cup and handle. This dump could be necessary before the handle forms. In the long run I'm not worried, I don't think there will be a fork, and sooner or later that handle will form. The best time to buy is when there's blood on the streets, and that's probably now.
As in December 2013 size cup?
That's what I'm hoping for. The price has been held back by so many events for so long that I'm beginning to wonder if the market's stopped caring and just wants to go up regardless of what happens. There's a giant cup in the charts that's just waiting for a 2013 style handle.
Any respectable handle is going to have to cut to $800.
That's not what investopedia says, although trading advice sites vary in their analysis. It says the handle can retrace one third of the gains made by the cup's right hand side. If the gains were $1350 - $150 then they were £1200. One third of that is $400, and subtracting that from $1350 gives $950 as the bottom of the handle. If that works out then Bitcoin's oversold already.
http://www.investopedia.com/university/charts/charts3.asp
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the general rule is that the handle's downward movement can retrace one-third of the gain made in the right side of the cup.
On the other hand using chicken bones is often more reliable than technical analysis.