BITSTAMP:BTCUSD   Bitcoin / Dollar
497 5 10
I'm seeing a lot of bearish analysis out there at the moment for bitcoin so thought I'd throw this idea out there as a contrary opinion.

In log price chart there is a well defined bull channel, shown in green which goes back to 2012 (and possibly earlier if MtGox data were available). Recent spike up to $500 ended exactly on midpoint of the uptrending channel (supporting the validity for the trendlines). Other evidence for these trendlines is provided by the upper trendline of the channel which supported bitcoin multiple times while it was in bubble territory before finally giving way as the price went on to reach its post bubble low.

The recent spike is reminicent of 'mini' bubble in bitcoin in 2012 before the huge bull moves began.

In the short term if horizontal resistance at $320 doesn't hold then price should find solid support at around $270 ish             which will be a great place to go long if it gets that low, with sell stop under the channel.

With bitcoin already very depressed after the collapse of the last bubble there is plenty of room on the upside. Bitcoin can get past previous all time highs while still in the channel, before even getting into crazy bubble territory.

For fun I've shown possible path price might take as the halving mania and price pump begins to take hold using some black arrows.

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afbitcoins
Still primed
afbitcoins about BTCUSD 8 months ago
Great analysis. Good to see a bullish perspective amongst all the bears
+1 Reply
grahvity
a year ago
Love the chart. A word of caution though: since you included a link to your site on it, tradingview will likely remove it without notifying you.
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afbitcoins grahvity
a year ago
I'll keep that in mind for future reference. Must have been flying under the radar so far.
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blackswan
a year ago
this reminds period when everyone was waiting for double digits that never came before nov bubble to 1200... USD 1600 or more is possible..we were able to rise 50% in a matter of week so why not..
Reply
afbitcoins blackswan
a year ago
Yes it could be like that again. Anything is possible in bitcoin. Time will tell.
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