Well it's been going in the right direction for a few hours now, that has to be a good sign! Even if it doesn't hold, it's at least given us a few hours to recharge our batteries ready for the next run.
This could be a start to the formation of a giant handle.
That's a good thing, right??
Yes, it's code for "To $10k"..
Whoop whoop! I can live with that
There were a few threads in November 2013 discussing the formation of a cup and handle. In this quote from 2013 they were speculating the bottom of the handle was the crash to $180, and that the top of the handle might be $300-$500.
They were too pessimistic, it went to over double that, more than $1100. I'm hoping history repeats itself and we are all being too pessimistic. If we are it could go to over $20k, but I'm pessimistic about it.
A large amount of capitulation (and potential handle) already can be seen from a few weeks ago ("crash" from $230 to $180 or whatever, and the following week).
Yeah, it's really difficult to tell what we might expect to see (obviously), but, it's reasonable to imagine that the launch from the 140-declining-to-130 handle in September could start a run that goes for 2,3,4 or more months with no major corrections. If that happens, we will look back and see the cup-and-handle for what it was-- a sign of yet another level (speculating maybe 300-500 range).
I understand what you are saying, and there are so many variables, including the improvement of many of BTC's networking effects - but on the other hand there are way more ways to short bitcoin these days than had existed in late 2013....
I don't know... I put this top in the $3 to $5k territory at best (we know it is all probabilistic, so it may or may not happen, anyhow), and yeah, if we end up getting double that, then we are in the $6 to $10k territory (that is if some kind of irrational FOMO plays out)...
Sure, I don't really have a problem being wrong, because whether the top is $5k or $10k or $20k, I am still going to retain a pretty decent quantity of my coins... even while I am continuing to sell a few here and there along the way... to prepare for these stupid ass and crazy dips (like we are currently in the midst of hopefully recovering from)..
