Log trend fail

Shown above, the the grizzly chart in log price scale. The beloved Bitstamp log channel isn’t holding. Who’d have thunk it ?

Heres similar chart with linear price scale against my familiar trendlines.

I hate being bearish bitcoin but at the moment its not looking great, that log trendline was quite an important line in the sand which is now breached.. Will there be support on bottom of pink channel at about $550 ? Can hope so but I think it could go way bit lower now, might head down towards levels I’ve shown with blue horizontal line. Part of reason for that thinking is suspect head n shoulders pattern just about completing.

On bright and shiney side gold and silver are headin up!

7 thoughts on “Log trend fail

  1. This better not be like when silver made the run up back to $37 before peaking which turned out to be a countertrend rally in the 3 year bear market.

  2. We’ve been finding a bit of support at first level i mentioned, where the green spoldge is on the chart. Lets see how long it will hold. I’d like to see price climbing up that green trendline now.

  3. What do you think about the last move to $600? Bitcoin is acting strange past couple of weeks due to %51 Ghash.io and auction news. If we analyze the climbing pattern starting from $450. I am still expecting a huge rise to $850 level. Do you think this can still happen ?

    1. Hi Ace, thanks for commenting, sorry for delay responding.

      I definately think price can still rise if the log trend is breached, it could have another moonshot or two. Bitcoins has surprised to the upside sevaral times and most likely will do again.

      Having said all that there is no gaurantees. I wonder if one of the next generation of altcoins is going to make a challenge to bitcoin supremecy? But which one?

      The 51% thing, I don’t know what to make of that its a worry.

      1. Just adding a few further thoughts as they occur.. I think bitcoin a lot depends on how ‘the powers that be’ want it to end up. If they want bitcoin to succeed then high chance it probably will. I sometimes wonder if the ‘hatred’ of it is double bluffing. Transparent blockchain is something they’d like I think. They have proven with gold and silver that they can use derivatives to get past limited supply and still control (suppress) price. Bitcoin is on a path to increasing centralisation, which again they’d like. Powers that be want to eliminate cash, which again bitcoin ticks a box, it looks like cash but isn’t because its more traceable than cash. I don’t think bitcoin is the libertarian end of central banking thing that many of us wish for, but maybe its a step on the path to that.

      2. Vertcoin looks promising but I don’t think any of current altcoins will challenge Bitcoin in near future. My best guess is big banks and e-payment / e-shopping companies may integrate the crypto technology to their current systems. And also, with the current computing technology innovations we may see that 21 millions of Bitcoins mined sooner than expected. I am a big fan of this technology that fully invested in, however, we are still in early stages that still holds high risk level as an investment. (Yes I love taking risks because without them, life is just too boring)

        The real problem with Bitcoin is its low volumes. If couple of millionaires decides to manipulate the market, they can do it easily and they can make huge profits out of it. I hope people can understand that investing in Bitcoin is not only about making money but also about helping the technology to grow and reach more people.

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