Warning Bitcoin Megabull Cycle on the Verge of FailureFull credit initially for this chart goes to JoeBu on TV. He was kind enough to share his initial find with me. I dug more into it and detected the 36 days consolidation/sideways pattern (yellow rectangle) before each megabull cycle started. All those cycles occurred however when Mark Karpeles was in charge of Mt. Gox failed exchange where initially the bot Willy drove the market.
Bears:
Seeing that close to the 36th day of consolidation we are inching lower instead of heading up slowly suggest that the megabull cycle might not occur anymore and that all the previous cycles might have been just the manipulation of Mark Karpeles back then with his bot. Why on earth could we have really repeated the pattern afterall? If we fail to bounce from $400 upwards on the current drop then we will head lower and wash down to $348 initially. If volatility picks up then we will hit $325-315 and with max volatility I expect $275.
Bear targets summary:
$400
$348
$325-315
$275 (achievable with max volatility)
Bulls:
If however our current ongoing drop goes to $400 which behaves as support and provides a bounce up back to $440++ then their might still be a chance for the megabull cycle to occur. However I find this unlikely given the previous patterns yet not entirely impossible.
I am here to help. Feel free to ask me questions or Private Message me directly.
Also follow me on twitter (see my TV profile for the link)
Donations: 1Kbfudifg5n9DtpYymcL3E8pE2oX4Vq7CG
Bitfinex Signup: www.bitfinex.com
Okcoin Signup: www.okcoin.com
SimpleFX Signup: simplefx.com
