Long Term Chart - Current Price Could be Crucial
This is a lifetime chart of BTC so I'm certainly using a log scale again.
This chart starts in the early days of BTC, the bottom trendline originating from 10/06/10, at just $.05 (Yes I've excluded the two massively long low wicks on 8/30 and 10/08 so it's your decision to agree or not on their importance). I've extended this lower trendline to 3/25/17 where it hits a low of just under $891. If this trendline is extended through today, then it runs through the $5800 area that we are currently trading at. I'm exhausted, so I'm not going to go into any big analysis on them, but I've also drawn two upper trendlines that I think are quite important (the 3 move parallel to each other to validate a channel).
So going back to my last posted idea where I showed my trend line analysis to look at possible zones of support, this $5500-$5800 level seems very important and a break below this level looks bad for BTC. Contrary to my last "home run" type prediction at the bottom of my post, with the thought of BTC finally reversing in the high $4000's, I think reaching this low of a level could be very bad, as it would look like a solid move below BTC's longest and lowest trendline, something that might setup extremely strong downward momentum.
Anyway, I believe in fundamentals and the amazing impact that blockchain will have on our world in the future (there's been so much objectively positive news during this bear market), so there's no way that TA is something to look at alone (especially with whales and market manipulation), but given what I'm seeing, I might pull an all nighter to take and watch positions,I think we're at a very interesting level.
This chart starts in the early days of BTC, the bottom trendline originating from 10/06/10, at just $.05 (Yes I've excluded the two massively long low wicks on 8/30 and 10/08 so it's your decision to agree or not on their importance). I've extended this lower trendline to 3/25/17 where it hits a low of just under $891. If this trendline is extended through today, then it runs through the $5800 area that we are currently trading at. I'm exhausted, so I'm not going to go into any big analysis on them, but I've also drawn two upper trendlines that I think are quite important (the 3 move parallel to each other to validate a channel).
So going back to my last posted idea where I showed my trend line analysis to look at possible zones of support, this $5500-$5800 level seems very important and a break below this level looks bad for BTC. Contrary to my last "home run" type prediction at the bottom of my post, with the thought of BTC finally reversing in the high $4000's, I think reaching this low of a level could be very bad, as it would look like a solid move below BTC's longest and lowest trendline, something that might setup extremely strong downward momentum.
Anyway, I believe in fundamentals and the amazing impact that blockchain will have on our world in the future (there's been so much objectively positive news during this bear market), so there's no way that TA is something to look at alone (especially with whales and market manipulation), but given what I'm seeing, I might pull an all nighter to take and watch positions,I think we're at a very interesting level.
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