Silk
$SILK Power PlayBeautiful accumulation volume spike on Sept 18. and with volume drying up with MACD and stoch looking to cross up, $SILK could be a potential power play higher
US Marshal's Auction StudyA comparison of the similarities of the US Marshal's Auction in 2014 to the upcoming one.
Bitcoin 2 Weeks Forecast until the Silk Road Auction - Update 5Update 5 is a major correction to Update 4. Indeed the night I posted the earlier update, China decided to re-correct the price downward following my red bearish line due to low volume. I guess there was a slight delay which I did not take into consideration. So were back overall bearish for the short-term (next 7 days)
I will keep this simple:
> Set your buys at $553 (don't feel shy to add an extra $5 in order to ensure it gets picked up) (green arrows)
> If you are VERY DEARING and risk taker put another buy at $530 ($535 recommended) but we might NOT even see this range if we refer to the red line crossing the other. (scenario represented in yellow arrows. This really depends on the bears and how much they want to pump panic in the market)
Bitcoin 2 Weeks Forecast until the Silk Road Auction - Update 4Not a lot of volume the past few days leaves Bitcoin in a CONGESTION phase until June 27 to June 30 just fluctuating without any clear direction. TA cannot be very helpful in such a immature market but a forecast can still be done.
The congestion range is mainly between 582 to 621.
My opinion is:
(1) technically the chances of seeing 550 is unfortunately slimming down BUT we might still be able to drop to 550 around June 26-27 and quickly rebounce upwards.
(2) BUT another scenario (not pictured in the above chart and which is also VERY LIKELY to happen) would be not to see 550 and the market just moves UP PAST 621 to 635 after rumors of the last price paid for the auction are LEAKED and you have to expect for sure that the price will be ABOVE the CURRENT MARKET PRICE. There are a lot of big players bidding on those coins and this is a very bullish sign that newbie traders do not see since they trade with their emotions. Given that China has been bullish more than other regions would point to that scenario to be most likely to happen. Also the fact that the Silk Road news is on the news more and more will bring more new investors in the next few days and weeks which will fuel the next rally.
Bitcoin 2 Weeks Forecast until the Silk Road Auction - Update 3Notice the red rectangle or cloud on top of each resistance and notice how they all end up with a big dump of $90 or $60-50. Their is a strong possibility that we will see the same scenario in our current situation unless of course a whale decides to push us up. But I am still sticking with my plan for now with buys at 545-550 and another somewhere at 500-522
Update 2: today we crawled up to 619 and encountered lots of resistance even with buys of 100BTCs trying to buy there way upwards encountered huge resistance = At this point it is a good confirmation we are NOT going up.
Thats what happened where we were at 670-680s spent few days there crawling our away to the resistance and past it then crashed down 54$ to 620.
I find this VERY interesting, why? well say we stay at 606-620 range another day or two trying to break up and we failed, then seeing what happened at 680 we can very well crash badly down to $556 = $610 - $54 so we land right at $556 or 550+- interesting pattern isn't it?
Update 3: We had some good stability so far that's why we could be very well in a CONGESTION period between 604-620.
However I just heard from the REDDIT forums that GHASH is back at 44% and that's exactly the kind of scenario that happened last week combined with the Silk Road auction and some bad news form China. I still think we might retest 550 so I will keep that possibility there.
Note: I am a TA newbie so yes there are few theories and factors I might overlook
Correction: Seems the GHASH ratio went down from 45% to 35% during the course of the day. Still we went down as we failed to breach the resistance at 620 (and we followed my big dotted bearish trend line that I traced since my last Update). I am still expecting a correction to 550 in the incoming days. Weekends are coupled with low volumes and of course it is easy to manipulate the market in that case you remember last weekend. I set my buys at 550 since I am sure about this bottom will need to be tested again appropriately. Could 550 be our new 440 (remember April)?
Bitcoin 2 Weeks Forecast until the Silk Road Auction - Update 2Notice the red rectangle or cloud on top of each resistance and notice how they all end up with a big dump of $90 or $60-50. Their is a strong possibility that we will see the same scenario in our current situation unless of course a whale decides to push us up. But I am still sticking with my plan for now with buys at 545-550 and another somewhere at 500-522
Update 2: today we crawled up to 619 and encountered lots of resistance even with buys of 100BTCs trying to buy there way upwards encountered huge resistance = At this point it is a good confirmation we are NOT going up.
Thats what happened where we were at 670-680s spent few days there crawling our away to the resistance and past it then crashed down 54$ to 620.
I find this VERY interesting, why? well say we stay at 606-620 range another day or two trying to break up and we failed, then seeing what happened at 680 we can very well crash badly down to $556 = $610 - $54 so we land right at $556 or 550+- interesting pattern isn't it?
