is facing support from two support lines. It is receiving support from the support line in a long term falling wedge
, and is receiving support from a support line going far back as April 2013
. I extended out the trend lines
to see where they intersect. The long term support line and the support line in the falling wedge
intersect at about 1-07-2015. The long term support line and the resistance line in the falling wedge
intersect at about 2-12-15, and the support and resistance
lines in the falling wedge
intersect at about 3-22-2015 (that's also my birthday :D ). In the most bearish
scenario, a break below the long term support line, I don't believe this bearish
behavior can extend past March 22, 2015. As well every time volume
peaks, it peaks lower.
The grey line represents the average Bitcoin
price on Bitstamp
since 9-13-2014. (This is as far back as Quandl Data Lets me go). Interestingly, that price is very close to the intersection of the resistance and support lines of the falling wedge
All else considered, Bitcoin
is one of the most important technological innovations of all time. A huge number of adopters streamed into Bitcoin
during 2014, and now with government participation, Bitcoin
is well on its way to become mainstream. As more people adopt Bitcoin
, the less volatile it will become, and the more merchants may choose to use it and to hold onto it. I believe the current price of Bitcoin
represents one of the most attractive Buy in opportunities for the Long-Term of 2015. Too many investors forget to ask the question? "How Much"?
Keep in mind the what the past teaches us it that the future will always surprise us.