Bitcoin 2 Weeks Forecast until the Silk Road Auction - Update 3

19 giu 2014

Notice 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)?