I’ve been removing some of the lines that were beginning to clutter up my chart a bit, and added a few new downtrending ones that seem to fit the chart quite well and I really should have been looking at before now.
So heres bitcoins priced in those lovely government, fiat, unbacked, green, banking, all-seeing eye dollars from the US of A, data from Bitstamp with 1 day candles and showing all of that huge price bubble we are so used to now.
As you can see the resistance which is stopping bitcoin rising with my nice green trendlines which I’ve been liberally sprinkling all over my charts for some time now is those pesky red trendlines originating from near the price peak at beginning of the year. Price at the moment looks to be finding good support at the lower green trendline, hopefully that will continue. Red lines are forming a wedge, within a wedge, if we break out this one will still be in a bigger one. Its bitcoin wars! Epic struggle of bears versus bulls … yawn, wake me up when its bullish again already.
When I saw that chart I got a feeling of deja vu in fact. Back in April last year I produced a similar chart describing the situation after the April 2013 bubble had collapsed and looked to be consolidating, Bitcoin wars, https://afbitcoins.wordpress.com/2013/04/29/bitcoin-wars-the-battle-continues/