BITSTAMP:BTCUSD   Bitcoin / Dollar
1325 27 11
A key trendline that looks like breaking rightnow.
Patient traders should wait for the candle close as a confirmation.

Please leave a comment on how long you think one should wait before calling this trendline definitelly broken.
I'd give it a couple days more ...

Related Ideas

grahvity
2 years ago
Interesting times ahead.
snapshot
+2 Reply
Ni6HTH4wK PRO
2 years ago
9/23
+1 Reply
TheReasen
2 years ago
https://www.youtube.com/watch?v=TcJ-wNmazHQ
+1 Reply
TheReasen
2 years ago
If btc go down of 460 is broken
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ezen
2 years ago
You made a trend line that starts at the beginning, hits the very tip of a spike on a linear chart and then uses the bottom of the candle of a dip (and not the tip). Once again, all on a linear scale. I'm sorry but I whole heartedly disagree that this chart means anything.
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MagnusTradingGroup ezen
2 years ago
market tells otherwise and thats the only thing that cares. nobody cares if you or I agree or disagree :D
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ezen MagnusTradingGroup
2 years ago
You're just fitting the line in a way that allows the most recent dip in price to seem like it's breaking some kind of important support. According to your "trendline", we were below the trend for the entire first 3 years of it's existence. In fact, not even the massive spike up two years broke the trend. Only after we tripled in price did we meet the trend?

Sorry, but this is nonsense. Use a log chart and you'll see there's an actual trend in place, just nowhere near where you've drawn it.
-2 Reply
MagnusTradingGroup ezen
2 years ago
your understanding of trendlines is too narrow. and you are being disrespectfull so I'm not going to answer anymore
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ezen MagnusTradingGroup
2 years ago
That's the common thing to do when someone can't defend their position - just insult the intelligence of the one you're speaking to. I haven't seen a single person use a linear chart for this sort of thing. Switch to log and you'll have something going. It's just standard issue.
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Ni6HTH4wK PRO ezen
2 years ago
log is standard, but if the chart matches something in linear, its always good to observe and see if its real or just ignored. Charts are all read and traded by people like us so whatever chartists do, the market will do.

Top of candles and bottom of candles that seem to match a trendline should not be ignored as it is common to see resistance and support lines fall on the same price area.
+2 Reply
MFB Ni6HTH4wK
2 years ago
How does starting at the beginning of the Bitstamp data mean anything? So, does one just ignore that the price of bitcoin hit $31.00 back in 2011?
+1 Reply
MagnusTradingGroup MFB
2 years ago
people trade what they see. also these kind of lines are not supposed to be brickwalls, they have influence though obviously as you can see on the chart
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Ni6HTH4wK PRO MFB
2 years ago
it only means something due to the lack of data available for all. If you use the full data you can see more but that data is not easily available. IOW, avg joe who zooms out on bitstamp will think thats when trading began. Its just like the S&P or the DOW. Trading began a loooong time before that but the data isn't available due to the sands of time now and the lack of record keeping back then.
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MFB Ni6HTH4wK
2 years ago
I understand your point, but we do have pretty good data on price prior to late 2011. It seems that starting the line at point "A" gives it an arbitrary slope, given that there are more data points.
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MagnusTradingGroup MFB
2 years ago
price is reacting to it. that's all that counts. it might be completly arbitrary indeed though
+1 Reply
IvanLabrie TOP MagnusTradingGroup
2 years ago
Another take:
snapshot
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IvanLabrie TOP IvanLabrie
2 years ago
AB=CD might make us hit 290 if accurate on that C leg. But, what do I know? It can also stop dead on at 410 and then start a new rally.
+1 Reply
MagnusTradingGroup IvanLabrie
2 years ago
440 is a major balance point ("bottom"). one should expect support there, and if that fails, ab=cd is the next option just like you say and I pointed out on my other chart aswell:
Future of Bitcoin
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IvanLabrie TOP MagnusTradingGroup
2 years ago
Yeah, log or not log, we agree on that one.
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MFB ezen
2 years ago
This is exactly what I immediately thought when I first saw this chart last night. The trendline above probably doesn't represent meaningful support.
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MFB MFB
2 years ago
In response to ezen's first comment.
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MagnusTradingGroup MFB
2 years ago
price bounced off it largely last time so if we close bellow the line on weekly you can expect a large move down.
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Ni6HTH4wK PRO MFB
2 years ago
log is standard, but if the chart matches something in linear, its always good to observe and see if its real or just ignored. Charts are all read and traded by people like us so whatever chartists do, the market will do.

Top of candles and bottom of candles that seem to match a trendline (log/linear) should not be ignored as it is common to see resistance and support lines fall on the same price area.
+1 Reply
IvanLabrie TOP Ni6HTH4wK
2 years ago
Specially if you see increased volume activity on support levels, and increased or decreased vol on tops. ;)
+1 Reply
HerSerenity
2 years ago
Personal recommendation, based on my new "Wandering Magnus Major Trendline Bias Indicator":
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IvanLabrie TOP HerSerenity
2 years ago
You can confirm these with volume profile data as well. :)
+1 Reply
MagnusTradingGroup HerSerenity
2 years ago
Instead of trying to run around and desperately find something to discredit others try come up with own ideas. all charts that you show here are perfectly fine as all you had to do was look for a breakout or reversal pattern and trade accordingly. My personal bias doesn't deduct value from the ideas that I present in the charts. You would have made a good amount of money following those trendlines and short on breadowns for example. trading is not about being good at predicting, it's about being prepared for any direction and have good targets so who cares if price goes opposite direction of your arrow as long as you know how to profit from the opposite aswell. And bottom line, if you don't like my charts why do I see you commenting under everyone of them ? Just ignore if you don't feel like I'm doing anything valueble, it's not like I'm asking you for your feedback
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