BootstrapCoinDev,
Agreed, it could have gone either way... Closing above 100 MA for any stock and bitcoin is such an accomplishment. But Like I said before, it also calls for people to cash profits.
Bitcoin Update
Ok, I think I will pad myself on the back. The lines I have created since the start of the post have remained and have predicted the price of Bitcoin very closely. (The lines have not changed since the beginning of the post.)
Pink Vertical Line on December 8th. I traced this day while back based on previous support lines and a trend line (red). Bitcoin was supposed to keep the line intact but it broke down exactly on December 8th.
Trace line at 0.764 ($340.77). Bitcoin broke the up trend but bounced hard off this line maintaining the support line. Which now has become a very strong line at $340.
Now, some follow up predictions: If Bitcoin brakes down through $340, we will see a test of the low $300s and possibly high $290s towards the end of December. On a bullish scenario, Bitcoin may try to go back to above the 100 MA which means a $360 price.
Agreed, it could have gone either way... Closing above 100 MA for any stock and bitcoin is such an accomplishment. But Like I said before, it also calls for people to cash profits.
Bitcoin Update
Ok, I think I will pad myself on the back. The lines I have created since the start of the post have remained and have predicted the price of Bitcoin very closely. (The lines have not changed since the beginning of the post.)
Pink Vertical Line on December 8th. I traced this day while back based on previous support lines and a trend line (red). Bitcoin was supposed to keep the line intact but it broke down exactly on December 8th.
Trace line at 0.764 ($340.77). Bitcoin broke the up trend but bounced hard off this line maintaining the support line. Which now has become a very strong line at $340.
Now, some follow up predictions: If Bitcoin brakes down through $340, we will see a test of the low $300s and possibly high $290s towards the end of December. On a bullish scenario, Bitcoin may try to go back to above the 100 MA which means a $360 price.