BITSTAMP:BTCUSD   Bitcoin / Dollar
When It comes to trendlines a clear pattern can be seen. At first the price attemps an insane break above the line moving over a $100 in as little as a few days, usually fueled by some bogus "good news" yet it is unable to close above the trendline on the first attempt as it moves too far too quickly, a massive selloff quickly ensues.

On the second attempt a break above the trendline is within reach as it is usually less than $50 away This easily enables a healthy and sustained break above the line that previously supressed the price.

Im thinking that we will break above the 451 downtrend line within the next few days as the branch is a little lower now for us to grab the fruit!

As we have had the second highest volume during the week of the 152 decline this signifies a bottom, so upwards movement from here on is likely.

Check out the linked chart for an indepth explanation into bitcoin bubbles

Happy Trading!
ditz PRO
2 years ago
This is the pattern I've been following now for several months - seems to fit. Question is wheres the current bottom?
Reply
pumapunko PRO ditz
2 years ago
Its a very profitable pattern! I beleive we touched the bottom at 151 due to my observations on volume. We may get close to that price again thus making a double bottom but i think thats unlikely.
+1 Reply
wonky_tonky pumapunko
2 years ago
agree.. volume wise.. 151 = bottom. and ppl who want to go for double bottom is going to give the accumulators a nice buy opportunity..
Reply
oaksacorn
2 years ago
I agree but don't know about "a few days".
Reply
Bmack PRO
2 years ago
How do you figure that the largest daily bottom would mean a bottom? Calling a bottom at this point is guesswork.
Reply
pumapunko PRO Bmack
2 years ago
please see
Start of a new rally? An observation of Bitcoin bubble volume
for an explanation
Reply
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