Perhaps we reach $170 mid-week and encounter mad-resistance, sit there over the weekend.
Or, we bounce up to just under 200 by mid-week, then thursday+ friday bounce back to $170 for support, sit there for the weekend...
Lol.
Problem is, with so much money coming in, you can't realistically expect it to sit at a support for any longer than a few days.
Topic: Secret Monster Wedge? - page 2. (Read 2374 times)
We're already breaking to the downside, and sell orders on MtGox are the highest they've been since late November/early December of last year. People are sending their coins to MtGox who haven't had coins there in a long time because they're worried it's time to cash out. The magnitude of the group behavior behind this shouldn't be ignored, as it indicates a long slow continuation down. We're witnessing a very large bull trap.
So you're saying $170 should be the true valuation?
* = Gox Shutdown
I'm not saying that technical analysis is everything, but I still figured some people here would enjoy this. Sorry if the chart is a bit messy, I made it in paint (lol).
The theory is that the gox shutdown time does not indicate a sideways trend and patterns would be more apparent if we didn't treat time gox is down as "time passed."
Once one does so a "monster wedge" becomes apparent, which shares a "top" of a pre-gox-shutdown wedge. That wedge has a "tip" of about $170-ish, potentially indicating that the huge fall below this valuation was simply due to a panic. However, it also means that $170 is potentially a major resistance level.
Thoughts?
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