In my last 'idea' I made the following argument:
If this thing were in the middle of a bubble melt-down....it would've happened by now. The power of the selling would've totally outweighed the buying power against it. Even Satoshi would've probably bailed by now.
But it hasn't crashed. It seems like it's consolidating if anything. BitCoin is a fairly young thing and didn't really start seeing a ton of volume until last year.
So the technicals and doing technical analysis shouldn't be used as the end-all be-all for gauging its' precise moves.
I just realized CNBC has started to add the BitCoin ticker to its screen even when they aren't talking abut it. That and the sudden narrative changes of people like Soros (unless he's short of course)...so I think it's a hold here if anything. A buy above the psychological 7000 level.
Since then we not only cleared the 7,000 level, but also took out that fib 50% level which now rests as major support. We're trading over 8,000 now.
Last night's announcement of the US/British/French attack on Syria chemical weapons plants have given it some jet fuel...it seems to just be coiling since then, moving up and down, finding support above that 50% fib (the big line in the middle of all those fibonacci bollinger bands on the chart).
I think the coiling is going to continue until more news comes out and/or statements are made by government officials. Anything increasing this perceived escalating of tensions with Russia will ignite the fuse on this thing upward.
If this thing were in the middle of a bubble melt-down....it would've happened by now. The power of the selling would've totally outweighed the buying power against it. Even Satoshi would've probably bailed by now.
But it hasn't crashed. It seems like it's consolidating if anything. BitCoin is a fairly young thing and didn't really start seeing a ton of volume until last year.
So the technicals and doing technical analysis shouldn't be used as the end-all be-all for gauging its' precise moves.
I just realized CNBC has started to add the BitCoin ticker to its screen even when they aren't talking abut it. That and the sudden narrative changes of people like Soros (unless he's short of course)...so I think it's a hold here if anything. A buy above the psychological 7000 level.
Since then we not only cleared the 7,000 level, but also took out that fib 50% level which now rests as major support. We're trading over 8,000 now.
Last night's announcement of the US/British/French attack on Syria chemical weapons plants have given it some jet fuel...it seems to just be coiling since then, moving up and down, finding support above that 50% fib (the big line in the middle of all those fibonacci bollinger bands on the chart).
I think the coiling is going to continue until more news comes out and/or statements are made by government officials. Anything increasing this perceived escalating of tensions with Russia will ignite the fuse on this thing upward.
