chewner
Short

Bitcoin 2014 Crash Overlay

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I've tweaked the chart a bit from the very first one I made a month ago. Still the same outcome, this just shows the resistance and support lines a line better. Red line is Metcalfe's Law for Bitcoin             and where it's user value truly is, anything above it is pure speculation.
Comment: Here's a quick video I made showing how to use the Bar Pattern tool to make the overlay: https://www.youtube.com/watch?v=b1aIQyGjigA
Comment: didn't catch that I had drawn one of the lines a little incorrectly until earlier today. Upper target reached and shorts have the power now.
Uhm
+1 Reply
@nistic, yep, broke out of the bear market
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A few ideas about what´s going on.
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chewner babyjungle
@babyjungle, good write up!
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I love your chart, thank you!
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If BTC does not drop to 7500 closing daily then this overlay is invalid. Too many dips overlaid on small pumps.
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Well, that crash in 2014 was caused by MtGox hack so I don't see any reason for massive crash now. However, whales can do that but that's most unlikely atm. Anyways, thanks for sharing your thoughts!
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thanks for the great understanding! we are still in bear market...
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Wow this is one of the worst comparisons I have ever seen. You do not do TA without taking into account the sentiment. What's the current sentiment?
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@tecknit, What do you think the sentiment at the top was?
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