Its been a long time since I saw bitcoin data going back to days of Gox but thanks to some excellent work by one of the Trading View Pros, who goes by the name ‘munkeefonix‘ I am at last able to examine that data on TradingView.
Following chart shows combination of MtGox data for the period up to MtGox starting to fail after which data transitions into Bitstamp data. The result is this chart in which you can see bitcoin price rise from a few cents of a dollar up to over $1000 on the one chart.
There are doubtless many different trendlines that can be drawn through this data but the pink line I’ve added here seems like quite an obvious place to look for support from a line going back to before the massive bubble in 2011.
I believe I have older versions of the gox data somewhere in the archives of my blog but wasn’t able to find where just now, but if my memory serves correctly this pink line is corresponding to bottom line of what I used to call my all time long term channel.
Will we get support there? Is the bearish correction nearing the end ? Stay tuned.