I got bored one night and started drawing major trendlines on the log chart and noticed that they all seemed to converge at certain locations. The most obvious is at the recent ~20k all time high, and the trendlines seem to fan out from that point. But then I noticed that there was an obvious trend in which the lines plotted all converge at a point around 3k, as if that point in the future is acting as a magnet for price action that is battling with the magnet from 20k.
Then I noticed that you can plot lines that lead back to bitcoin's inception (the "bottom" from the last couple of months is one of these) and price action seems to overtly follow those. Not sure what this means or if I'm looking way too much into this, but thought it was interesting none-the-less and figured maybe someone else could provide insight as to whether this is significant or not.
If there is legitimacy to this idea, if you just followed the obvious trendlines from the beginning of bitcoin and especially once we went parabolic just recently, it would have been obvious it converged at 20k and you would have had a good idea it was going to land there one day.
I noticed too that there are some trendlines in the price action from the last year that all converge around 60k in december of 2018
Then I noticed that you can plot lines that lead back to bitcoin's inception (the "bottom" from the last couple of months is one of these) and price action seems to overtly follow those. Not sure what this means or if I'm looking way too much into this, but thought it was interesting none-the-less and figured maybe someone else could provide insight as to whether this is significant or not.
If there is legitimacy to this idea, if you just followed the obvious trendlines from the beginning of bitcoin and especially once we went parabolic just recently, it would have been obvious it converged at 20k and you would have had a good idea it was going to land there one day.
I noticed too that there are some trendlines in the price action from the last year that all converge around 60k in december of 2018
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Also, check out the BLX index if you want to plot these from the beginning
Comment:
price obviously didnt go directly there but its interesting that the 3k range ended up being the bottom before the next bull market.