Bitcoin is fascinating! Chart update.

Bitcoin is trading with incredible percentage volatility.  Here is my last BTC update in which I clearly laid out 3 likely short term next moves (color coded orange, blue and red), all of which were downward.  Here is the direct link to the chart from that post.  Since then we are at least at the blue model with the red model quite possible still but certainly not assured.  This thing is moving faster than I can even post about but soon, very soon, it will either prove itself to be a mania which closes lower than where it started OR it will swing up wildly into a big 3rd wave that takes it to a higher high than the recent $1200ish price.   If it cannot hold the level of black C (see upper left picture), then it's likely mania-ville for BTC.  The federal government will have shot it in the head for competing with fake US fiat currency.  As Ron Paul likes to say, "Don't steal, the government doesn't like competition".

On the minute chart, it looks like 5 waves are ready to play out.  Then an a-b-c back to $300 and then a C wave down OR a break to a lower low than black C which means a 3rd of 5th wave in progress which means higher probability of mania collapse.

No matter what happens, this kind of volatility in economic matters shows how unsettled the world is about our fake money system.  Smart people will continue to dollar cost average into gold and silver bullion coins with their retirement funds and perhaps gamble with a small amount of money on asymmetrical "investments" (HA HA HA!  Investment?  HA HA HO HO!!  These paper/electronic "assets" are G-A-M-B-L-I-N-G, PERIOD).