After a straight descent from a plateau that can hardly be read as "organic", and breaking through every conceivable historical support, it appears that we are seeing a strong shift in the price action, starting a new movement to break out of this 16-day channel. EMA's that haven't crossed up since the top of the channel are finally crossing. But most notably, the slopes and formations have inverted solidly.
This does not mean a similar straight rise ahead -- more likely lots of volatility, but we've seen the bottom of this november bubble correction, and it's time for a new trend.
Comments
grahvity
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Forever alone on a Friday night watching BTC slowly collapse.
I got to wondering if ronfkingswanson had made any charts lately that I missed so I came to his profile.
Nope. Might as well look at this old one about MtGox.
Hi! Nice analysis but not out of the woods on Gox yet and almost certainly not hit bottom on Bitstamp / BTC-e yet. As to Holger's comment "Not too sure why people are still bullish. Bitcoin is dead" I'm short bitcoin and will be using my profits from the short to buy with both hands (but NOT on Gox!) when we hit the bottom. Watch this vid: youtube.com/watch?v=qHUPPYzzZrI to understand why. Disclaimer: I have nothing to do with the vid. but as a zoologist / statistician and a bit of a trader, such growth cycles make a lot of sense to me. Many thanks for the chart and best wishes, Nick
HolgerFertig
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Last bulltrap on the way down.... Not too sure why people are still bullish. Bitcoin is dead
ronfkingswanson
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because until it *is* dead, it's still quite profitable ;-)
Universe
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Bitcoin has done this exact type of drop four times now. Could very well happen again and hit new highs within the next years. That is why people remain bullish, and they believe in the core technology.
KavaKauboi
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No little rocket ship today?
ronfkingswanson
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lol forgot ;-)
but also, don't think it's a straight moon shot from here. simply the end of this death march.
I got to wondering if ronfkingswanson had made any charts lately that I missed so I came to his profile.
Nope. Might as well look at this old one about MtGox.
So I clicked on "load new bars."
i.imgur.com/3vgLIoe.gif