So everyone knows that stocks, and cryptocurrency for our purposes, can make or break you. If you don't know how to read the stock market, or just don't have very good luck, you can end up out of a lot of money. On the other hand, if you do know how to play and get lucky, then you could be in for a pretty nice score when selling.
One such pattern to look for is known as the "W." When price drops suddenly, it could be due to any number of factors. If it rises again back up to where it was before it dropped, that's known as a "U" and it is likely to be followed by another sharp decline. This time, however, if it stops dropping and rises back up again, this is the "W." If you see the "W" shape, then expect the price to spike.
This is what could be happening with Bitcoin at the time of this writing.
(image credit to https://blockchain.info/charts/market-price on 8/12/16)
Area 1 shows a good example of a "U" (while it could have just been chance, there is no way to really know.) The price dips, comes back up, and plummets. Area 2 is a good example of the "W" shape. The price stabilizes from the fall, then makes a "W" form and proceeds to increase. Area 3 is this month, and the point of interest. As indicated by the arrow, the price dips then comes back close to where it was. If it rises then falls, or simply just falls again but stops, then we could be in for a nice increase in the price.
Legal disclaimer: I am not a professional nor do I know what I'm talking about. I am an amateur and do not have the experience or training of a professional. None of the articles on this blog are to be used or applied. If you want to try things that I say, then do your own research first. I am not a professional and all posts I write should be taken as that from someone who does not know anything. Read everything with a grain of salt and do not believe everything I say.
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