Just by glancing at this chart, I can tell you will 99.999999% certainty, that BTC still has a long way to fall. Sure, it could rally and fall and rally and fall, but the end result is going to be BTC at or below $34. There is a saying on Wall St . that I have cited many times as an analyst here, but it applies now more than ever. "Never try to catch a falling knife." This market is a falling knife. If you go long, you're attempting to catch that falling knife, and when you do that your hand usually gets impaled.
What you are looking at, is a classic bubble meltdown. You can disagree if you want, but that is a fact of this market, and I've been saying it for months and months — often in the face of mass rejection. I don't normally do macro analyses such as this, but it's very evident, and this simple analysis ties in nicely with the last macro analysis that I did, showing that BTC is still far above it's average historical price.
In the recent log analysis that I did, I gave a very strong technical argument for why BTC is poised to fall to at least $34, should it repeat it's historical price movement, which appears to be happening. However, ANYONE, and I mean ANYONE, who tells you that the bottom is in, at this point in the market cycle, is leading you toward extreme financial danger. Just look at it. Doe's it look like, overall, we're heading higher, or lower? I'm not asking if you think a rally is going to happen. I'm asking from a macro, longer-term perspective. Because, to me, it looks like well into 2015, BTC will continue to fizzle out, as it grinds toward the ground it once lied on. Rallies will happen, and they might be quite significant, but they will still fall short, and BTC will most likely return to a long drawn out cycle of nothingness. Now, after that cycle of nothingness, things could liven up again, and who knows, we may see higher highs in the market. But I can say with nearly 100% certainty, that it's not going to happen anytime soon, IF it happens at all.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***