Bitcoin Price Stalled

Bitcoin Price Stalled

In the past few days, we advised traders to consider taking profits ~$344. It turns out that the magic number was a few dollars shy of that figure ($338). We also suggested that when the next pullback occurred we could possibly get a test of the long term support line. As I am writing these words, price has touched that support line. For now at least, that support is holding. See the 3-day chart below. As long as we do not get a close below that support line I will remain medium-term bullish. I continue to expect that the market will rise as soon as the price passes through the 2nd arc....


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Quotes

Back in 1994 when Amazon was just getting started the bricks-and -mortar merchants were asked how they would respond to Amazon. They were asked "What’s your Internet strategy?" And their collective response was along the lines of ... "Our what?" It’s 2012. The question now is ... "What’s your Bitcoin strategy?"

Stephen Gornick