BTC- The Grand Picture (Comment your thoughts!)
Hey all, just wanted to take a fully zoomed out picture of the life of BTC.
This chart isn't meant to necessarily show us going to one side or the other, but rather a largely objective viewpoint of the life of this coin.
I have split up everything by yearly intervals, as well as overall price change for the year. 2013 was the only year thus far that continued downwards and had a downtrending change.
You'll notice that each breakout to the upside occurred upon breaching the flag/pennant/wedge patterns. By the looks of it, we are currently in such a formation. Downside appears to want to conclude around August, and then we would expect to see a break up. The first critical resistance is around 44,000, while the second is around 103,000.
Note the diverging red lines- the red support line is very likely going to be retested, which I would imagine brings us around 3,300-3900. The red resistance line may be reachable, but it's tough to truly say. The dotted green line around 43,000 may act as a very strong resistance.
Looking at this graph, there is a VERY strong chance that we could dip ever so slightly out of the bottom channel, which would obviously scare people senseless. I think this would be the signal to commence a massive bull run. I'm not saying that this is the course we'll be taking, but it seems inevitable.
All I can say is that the overall major resistance (solid green line) will likely never be touched again. I think we have one or two more legs up against that red resistance, and then we could see a catastrophic collapse. This would be a few decades from now I believe, but the chart spells it out as far as I'm concerned.
This is merely my point of view, and I'd love to see what others thing.
This chart isn't meant to necessarily show us going to one side or the other, but rather a largely objective viewpoint of the life of this coin.
I have split up everything by yearly intervals, as well as overall price change for the year. 2013 was the only year thus far that continued downwards and had a downtrending change.
You'll notice that each breakout to the upside occurred upon breaching the flag/pennant/wedge patterns. By the looks of it, we are currently in such a formation. Downside appears to want to conclude around August, and then we would expect to see a break up. The first critical resistance is around 44,000, while the second is around 103,000.
Note the diverging red lines- the red support line is very likely going to be retested, which I would imagine brings us around 3,300-3900. The red resistance line may be reachable, but it's tough to truly say. The dotted green line around 43,000 may act as a very strong resistance.
Looking at this graph, there is a VERY strong chance that we could dip ever so slightly out of the bottom channel, which would obviously scare people senseless. I think this would be the signal to commence a massive bull run. I'm not saying that this is the course we'll be taking, but it seems inevitable.
All I can say is that the overall major resistance (solid green line) will likely never be touched again. I think we have one or two more legs up against that red resistance, and then we could see a catastrophic collapse. This would be a few decades from now I believe, but the chart spells it out as far as I'm concerned.
This is merely my point of view, and I'd love to see what others thing.
As we start this week's candle, I'm strongly under the impression that we'll be hitting 11600 this week. I would love to see us going higher, but we'll see what happens.