What I am seeing right now is Bitcoin has moved to the other most pitchfork. Please take note that I did add an extra parallel line since BTC is highly volatile. The red line seems to be most fitting for Bitcoin since it never seems to want to go higher very quickly. We will have to wait and see on that. For a time it had been following that original orange line until it broke lower. I would say getting above 620 would be a good for the short term trend. Failure to break and remaining below 580 would be a sloth market (sideways), because they are slow and tend not to move quickly. Going below 555 is not a good sign for the bulls if that should happen again.
Indicators • PSAR – The first buy signal since almost half a month ago was given! This may signal the beginning of something good. • Aroon – Nothing yet on if this indicator will decide to give us a buy signal. I had hoped for one, but basically it is saying we would need to go higher for a better chance of positive rate markets. • StochRSI – I can see that this time it may actually go barely into the OVERBOUGHT area. May curve down just before then, but that would at least mean we would go up quicker than just a slow 5 point move.
All this doom and gloom sentiment makes me confident we will at least have another retest of our 680 resistance.
"I've been a believer since 2 years ago, but I'm starting to think that we won't be seeing another bubble." - From a Redditor.
The question isn't a matter of if it is a matter of when. There always is some type of rally. Even in markets that go down long term.
There is an interesting chart floating around about being close to the trend line that has been there since the beginning of time.
tradingview.com/v/nuSiob79/ We are pressing right up just like we had in 2013.
Another make or break moment.
Maddie
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I only can agree with you :)
Great chart!!
TerryKinder
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How is this pitchfork drawn. Maybe I'm not seeing it, but my understanding is that a pitchfork would be drawn either High-Low-High or Low-High-Low. In other words, it would be drawn from important price pivot points. This one looks like it is drawn in between a low and high pivot.
ItisCalvin
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It is based upon the 339 low, the next significant high (548) and 447.14.
I just checked and there is an invisible trend line that I forgot to delete next to the pitchfork. It goes slight right of where the actual pitchfork is setup.
MarvinMartian
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I see strong resistance (human perception) at $620-635 due to the US Marshal's sale.
Unfortunately for news movement, I don't see the news of any big companies saying they will take BTC now, that will move the price of BTC more than 3-5% positive. But I do see many potentials for legislation to decimate the price.
It's hard to calculate actual support... since we do know someone is heavily vested in the lower $600's. You have to presume a lot of purchase action at above $600 when BTC was peaking in November (I see a lot of buy volume there) that might still be a held position, good for buoying price.
But the strong support area is $430. I feel like any number of bad news items could drop us back to that price.
Maddie
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I think it will be this fall ...
ChartArt
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"When Will We Break 700?"
Answer: Maybe not this year anymore.
ChartArt
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... at least we will not break 700 US Dollar in August 2014.
There are many indicators showing that we are currently in a bad situation in the long-term. But if we get out of that downtrend and find a bottom soon, then the next price rise might be very strong. But I don't think we get out of the downtrend until Oktober, November or December.
"I've been a believer since 2 years ago, but I'm starting to think that we won't be seeing another bubble." - From a Redditor.
The question isn't a matter of if it is a matter of when. There always is some type of rally. Even in markets that go down long term.
There is an interesting chart floating around about being close to the trend line that has been there since the beginning of time.
tradingview.com/v/nuSiob79/
We are pressing right up just like we had in 2013.
Another make or break moment.