BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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 ...
Personal recommendation, based on my new "Wandering Magnus Major Trendline Bias Indicator":

IvanLabrie HerSerenity
You can confirm these with volume profile data as well. :)
+1 Reply
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
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.
market tells otherwise and thats the only thing that cares. nobody cares if you or I agree or disagree :D
ezen MagnusTradingGroup
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
your understanding of trendlines is too narrow. and you are being disrespectfull so I'm not going to answer anymore
+1 Reply
ezen MagnusTradingGroup
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.
+1 Reply
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
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
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