MoonTrader

Long term trend line still in play

BITSTAMP:BTCUSD   Bitcoin / Dollar
Don't let the bears scare you just yet.

The market failed to confirm a long-term bull trend, but as you can see we're not far off of the long term upward trend line . We are still in a bullish pennant which, incidentally, ends at the long term uptrend. I'm not saying this is a sure thing, but I will certainly be watching this interesting pattern to determine a long-term trend for bitcoin .

Judging by the volume , it is very possible that the price has simply been consolidating ever since the highs last year. We may have to way until 2015 to see a real bull market, but if not, then I expect to hit another trend line somewhere in the low $100s. Either way, this could end up being a very healthy correction for bitcoin , which should be a promising note for all traders since it means there is a possibility that we can continue to reap the rewards of this new technology for a long time to come.

For now, I'll be targeting the $250 level to watch for a possible reversal. Good luck!

BTC Donations:
1JzjmYmk2enL3HPCoruSR7KYQRQ4bkoTR4

Thank you! Don't forget to follow me on Twitter for regular updates: https://twitter.com/LeviGrandt
IvanLabrie PRO
2 years ago
I agree, better wait for the real floor before pannicking, we're traders not emotional gamblers, right? ;)
+1 Reply
IvanLabrie PRO IvanLabrie
2 years ago
(I'm in cash btw, since 378) Better trade something else until the downtrending correction settles down. My take is 86usd for a crucial decision point, trend lines are not that relevant in my analysis. (Feel free to check out my 5 quarter base chart)
Reply
Maddie
2 years ago
Please take it in logical next time, the picture would be so different from yours ...
Reply
MoonTrader Maddie
2 years ago
I just redid this chart in log scale at your request. The results are pretty similar. Check it out.
Long term trendline still in play - log scale
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out