Tips for the bitcoin businesses
Bitcoin businesses – technical analysis. Goes Everything as expected?
Last weekend I was expecting more of a continuation of the previous profit-growth, but I have to admit i move to the side. Profit taking is eventually moved up to this Thursday, when the price for one bitcoin left the area around $ 380 and within one day fell about 20 $ below. And that remindes to everyone that the Bears have not yet left and some time will be with us.
Does this therefore mean that Bitcoin businesses will still be cheaper?
According to many opinions, which spreads the Internet, it seems that investors with that vision are many. And there should be one to watch out. Applicable rule is that the more investors are expecting something, the easier it will be to the contrary.
Look at the daily chart – bitcoin exchange Bitstamp
Chart is time delayed to show the situation in April. There is easy to see how the price developed after several days of panic sales has been achieved then the minimum $ 339 per bitcoin. By the way, it’s still lower than the current price. It is obvious then that there was a correction to the price of 548 and was touched by the then declining trend line. Then the price point stagnated until after the sell-off that caused the price to then support the 431st. Bitcoin exchange rate in October 2014.
When comparing the development in April with the development in October, you can see that the price evolves very similarly. Only the other price levels. This time, the support prices around $ 350 and can therefore be expected that the eventual crash course stop at this level. It can of course be briefly overshoot, but the stabilization could eventually be right here. The graph indicated by the orange line. The line, however, should reflect the seven-day moving average, is therefore to be expected that the actual price may be below and above the short term.
What to expect in the coming days? My advice for the weekend and next week.
Prices probably will go to the side. Definitely Do not buy with stop loss just below 350, it could cause it to shatter. Sales may not be profitable. Any rotation can be expected in November after declining green line breaking.