Rashad
Long

Bitcoin's Falling Wedge Faces Long-Term Support

BITSTAMP:BTCUSD   Bitcoin / Dollar
274 3 4
Bitcoin 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.
IAmSatoshi
2 years ago
Thanks for this, great chart!
Reply
Rashad
2 years ago
Interesting, the price is currently sitting on the green line. This was my best chart, but it is possible that the Bitcoin crash was just an undershoot when the larger picture is considered. We will have to see if that support line holds.
Reply
Rashad Rashad
2 years ago
TYPO!!!! THIS WASN'T MY BEST CHART. LOL.... Its funny what happens when we accidentally leave out one word
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