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RE: August 2, 2016. What Is this Date's Significance to Bitcoin?
My dude! I have been telling people they need to be prepared for a crack of 10k on bitcoin. 6k and change is even lower than I was looking, but that's the avg.
Solid info. I draw similar trendlines and didn't even realize I was doing bump and run analysis.....now I have a term for it! :-)
I've been eyeing 10K as the possible "floor", too.
Assuming that I'm right about the test being imminent, there's a decent chance that price will stay up here in the 13~17K range long enough for the moving average to catch up to the point where the test would happen at, or above, 10K.
It would likely have to stay in that range for more than a month for that to happen, but, you know what, despite having a large investment position in bitcoin, I think I'd rather that scenario play out than for the price to shoot up from here to new highs. I prefer to keep the 200 SMA close by, going for slow and steady growth versus these quick, vertical shots that are just begging to lead to flash crashes that give the profits all away in one fell swoop.
Fun fact (quoted from the link that I supplied in the original post):
...should have stayed with BARF, IMO ;)
BARF, that's perfect! Especially cus that's what the market will do if BTC was fall to the 200 in one fell swoop!
I do see a scenario where we crack 10k to freak everyone out, but just one of many possible scenarios as discussed. I would love to buy around 8,500 though :-)
haha. yes, BARF is the perfect word for that.
I'd be all over on bitcoin if it hit that level!