Short Term Update

I revised the weekly range forecast to $320-$400, this price range should work also for the next week. First support lie at $345 and is valid till sunday, then for the next week i see $320 as a good support. What is happening to btc? Well after a double top the market decided to correct a bit, at this point i think that is reasonable to expect a weekly mid-term correction that should end around $280-$300. I still think, after years, that we can’t have a prolonged bear market if the network hashing speed is constantly increasing, i’d be much more worried of a dropping network speed instead of the price that most of the time is wildly influenced by massive volatility typical of an illiquid asset like this one.

I’d like to conclude spending two words about the recent media havok about bitcoin’s future ignited by a recent open letter from a blatant liar with an inflated ego, i prefer to not enter in details but as more the media erupts against bitcoin as more bullish is the future of bitcoin itself. I like very much to use the media as a contrarian indicator for investment decisions because the entire art of speculation consists of choosing the perfect moment to invest in a way opposite to that suggested by popular opinion.

Once things settled down there will be a long term update aiming to understand if there is the opportunity in the coming weeks to average down my long term position.