I’ve been playing around with the ‘all time log charts again’. Hours of fun can be had drawing different trends on that data. (To get ‘all data’ in bitcoin you need to bring MtGox historical data back into the chart, which is tricky in TradingView but can be done). So this chart comprises MtGox and BTC-e on the same chart.
There are many permutations but I keep seeming to come back to the same slope which I always used to write about and called my ‘long term log channel’. It was a source of angst when my long term channel broke. I’ve marked the moment of the failure of the long term log channel on this chart.
But look, if I add some more parrallel trendlines into the mix. Magically is the trend intact? If that trend is still intact does that mean bitcoins being down on that line is the best bargain since they 2010 shortly after they sprang into existance ? Time to load up while they are cheap ?
Well anyway watching how the price reacts to that lower trendline is certainly going to be interesting.
Heres another slope suggested by ‘findftp’ in the forums which I find quite interesting ..