The last Bitstamp log chart and the end of the long term channel

This story is getting old. With price falling dramatically yet another bitcoin exchange fails spectacularly, according to my sources (that is to say Artiti) they’ve managed to somehow lose 19K BTC. But wait a minute someone must have them or know where they are ?? One might almost imagine a clandestine operation being carried out to steal 19K bitcoins from one of the largest exchanges and sell them all in order to smash through what was expected to be a very solid support line. Well its just my wild fancy I sometimes like to let my imagination roam. But it is bizzare to me that the support gave way with so little fight.

pyramid-on-reverse-of-us-one-dollar-bill

However in reality the world is not controlled by powerful psychopaths .. Its all just free market forces and animal spirits and stuff. This can all be explained by normal dependable human falibility and mistakes being made and shit.

But still, funny how it always happens at the best time to try and make the chart look bad. Remember the timing of the Silk Road takedown? That also smashed through an important support line. But failed to stop a dramatic bubble materializing anyway.

Just as I had to switch to Bitstamp for my charts when Gox failed now I switch to BTCE as Bitstamp is no longer showing any updates on trading view. So for posterity here is what will no doubt be my very last bitstamp chart which also shows the sad end of my dear old friend the long term log channel.

The last Bitstamp log chart and the end of the long term channel

Its quite hard to show up to date charts just now I’m in process of transistioning to BTCE and will have to reinterpret my trendlines. From what I can tell the price is holding around the level marked by horizontal blue line which shows the old April 2013 peak. Lets hope it holds, below there is real danger of further huge falls. I don’t feel I can advise anyone what to do but for me personally the bitcoin I hodl will most likely still be hodl’ed. If you feel you want to sell and buy in later that may turn out to be a good move, hard to call, if anyone wants to share their opinions and advice it will be well received. Good luck.

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8 thoughts on “The last Bitstamp log chart and the end of the long term channel

  1. By the way, gold is testing an old resistance. Take a look

    Now, an ounce of gold costs more than €1000! Never seen this since august 2013.

    About, opinions you are awaiting. I would sum up mine with that video clip : https://www.youtube.com/watch?v=lEBP9dpVM70

    I’m so fed up by this terrible and so long downtrend, by MtGOX, Bitstamp, mintal and all these shits that I want to flip all my cash into bitcoins. Then I disconnect myself to cryptocurrency world, I go to live somewhere like a monk and be back in few year.
    I’m definitly bullish in a quite long term.

  2. As you did, I draw some lines on btc-e chart.

    So… We’re in a falling wedge wich is a bullish pattern (orange and yellow lines).
    The red line is the higest price of april 2013 bubble (should be a strong support). See that amazing latest fall makes a perfect synchronisation between price, yellow and red line. AF you wrote “There are powerful forces who do not like monetary competition”. On the contrary, we can maybe think that a powerful force has dumped a bucket of bitcoins (during weekend market depth is thinner) and then it grabbed tons of BTC. So now we might be “on the verge of a huge bubble”. 😉

    Well if all my dreams miserably failed, next support would be the dashed blue line. It would be more than a support, it would be a lifeline. If that line breaks, I will pass out on the floor (as bitcon will).

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