On November 4, 2015 we posted a chart providing downside targets of $350.33 and $245.83 when Bitcoin was priced at $408.74. By November 11, 2015, Bitcoin had declined to $312.58 and we thought that there would be a continuation of the decline to $245.83. The reality was that Bitcoin never went below the November 11th low.
We were wrong about Bitcoin declining to the mid-range target, however, with the recent ascent in the price, we now need to focus on the conservative downside target based on the high of $538.15. Below we’ve outlined the conservative and mid-range downside targets.
As the price of Bitcoin increases we will have to adjust the target. For now, we’re looking to the $388.51 level based on the work on Edson Gould.
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