Sandman

Sandman

I have fitted the Fib retracement to the best fit of the data, extrapolating a bottom. (I understand this is not best published way to use this). While we are near bottom here, I have extrapolated from the bottom movements to great effect so far, called the top on this small movement. Comments?

Sandman

Based on the previous volume we have seen in the previous 48 hours, this is a possible resolution assuming continued trend.

Sandman

Price is inside a very large descending triangle contracting over the last 40 day period. After bouncing off the top of the triangle vector, testing proven support at 575 is inevitable. If this breaks, next firm support is in the 555 region.

Sandman

We may see capitulation soon. OBV is showing very low buy volume but panicking bulls from the failed logarithmic bull trend line for several years. Bitcoin oversold on almost all oscillators but remains 90% speculator asset, panic could bring unforeseen lows.

Sandman

While there is noticeably less volume this time around, we have had good news for the Bitcoin with acceptance by corporations such as Dell. With all those on the sidelines waiting for a bubble, we may see an avalanche effect soon.

Sandman

**** SEE COMMENTS FOR REAL SCREEN**** While there is noticeably less volume this time around, we have had good news for the Bitcoin with acceptance by corporations such as Dell. With all those on the sidelines waiting for a bubble, we may see an avalanche effect soon.

Sandman

Shown is how the price has broken out of two descending wedges and by looking closely at the pattern, we can see it has a similiar trend prior to breaking above almost 25%