What I'm expecting is that BTC will rise and then bounce off the bright blue trend line, then it will eventually fall below the green 1 trend line and then bounce off the green 2 trend line. Then it will finally break the bright blue trend line. This pattern of behavior is something I've seen over and over, which is why you have to draw as many trend lines that touch at least 2 points as you can to see where the price bounces.
The reason for eventually bursting through the blue trend line? I think the large amount of volume approaching the 786 fib level, and then around where it bounced off supports the start of new impulse up. Sometimes the start takes a bit of time especially when we've seen a sudden drop.
I do believe the sudden drop was precipitated by Mt Gox sell-offs. Now the Mt Gox guy didn't necessarily sell it himself, but I think he distributed it to people who did sell off. Now some have analyzed that the amount of sell-off is only a fraction of daily volume, but it only takes a tiny pinhole in a dam wall to make a bigger hole. What I believe is that while the wave down may have happened without the Mt Gox guy, the extent and speed of the drop was helped by the Mt Gox sell-off. This is just a theory I have.
One day, this miserable Mt Gox nightmare will end. I just hope that decentralization will make it harder for institutions to manipulate BTC. As BTC sees regular use for payments, and the price naturally rises - it will be harder to manipulate the price of BTC. Banks and the Elite will try to manipulate it for the exact reason why they suppressed the price of gold: whoever controls fiat money controls the world. Why would they want to democratize money? Gold and crypto frees the middle class from the elite, and the elite want to crush that.
However, unlike gold, BTC has an advantage: it has decentralized distribution options and thus is more widely accessible than gold. You can't do much with gold, you can hoard it and make jewelry (and there is some limited electronic uses). But you certainly can't transact with it as easily as BTC. I can pay some guy without a bank account on the other side of the world with BTC - how do I do the same with gold?
The reason for eventually bursting through the blue trend line? I think the large amount of volume approaching the 786 fib level, and then around where it bounced off supports the start of new impulse up. Sometimes the start takes a bit of time especially when we've seen a sudden drop.
I do believe the sudden drop was precipitated by Mt Gox sell-offs. Now the Mt Gox guy didn't necessarily sell it himself, but I think he distributed it to people who did sell off. Now some have analyzed that the amount of sell-off is only a fraction of daily volume, but it only takes a tiny pinhole in a dam wall to make a bigger hole. What I believe is that while the wave down may have happened without the Mt Gox guy, the extent and speed of the drop was helped by the Mt Gox sell-off. This is just a theory I have.
One day, this miserable Mt Gox nightmare will end. I just hope that decentralization will make it harder for institutions to manipulate BTC. As BTC sees regular use for payments, and the price naturally rises - it will be harder to manipulate the price of BTC. Banks and the Elite will try to manipulate it for the exact reason why they suppressed the price of gold: whoever controls fiat money controls the world. Why would they want to democratize money? Gold and crypto frees the middle class from the elite, and the elite want to crush that.
However, unlike gold, BTC has an advantage: it has decentralized distribution options and thus is more widely accessible than gold. You can't do much with gold, you can hoard it and make jewelry (and there is some limited electronic uses). But you certainly can't transact with it as easily as BTC. I can pay some guy without a bank account on the other side of the world with BTC - how do I do the same with gold?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.