Was that the bottom ?

As you can see I’m still very much thinking along the lines that bitcoin may be nearing the end of this brutal downtrend that we endured all last year. Heres an idea I’ve been toying with on btc-e with linear price scale. Was that the bottom ?

The lowest trend line has been hit by some significant bottoms in the past. Including the low point after April 2013 bubble was deflating, the silk road seizure panic sell-off and the wierd btc-e flash crash. Personally I’m getting increasingly tempted to start going long particularly if the price takes another dip. These desicsions are of course all at your own risk, there are still bearish trendlines still in force which will provide resistance to any new bullish runs.

By the way, in recent posts I had somehow reverted to Bitstamp charts again, still not sure how that happened but I’m sticking with btc-e for my charts on this site and have moved back to that now. I’ve seen too many exchanges fail to trust that Bitstamp is in the clear myself. Could be wrong. But anyway my opinion remains that any bitcoin you hold with 3rd parties is at serious risk of being lost, I know this from sad experience losing sizeable number of bitcoin with bitcoinica and mintpal more recently. Keep that in mind.

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6 thoughts on “Was that the bottom ?

  1. Thanks for the update!

    Many sources converging to something big coming in the next couple of weeks .. some are talking about the “RESET” approaching fast .. Any thoughts on that ?

    1. I think its a bit like predicting when an avalanche will happen. It is snowing but which snowflake will finally trigger the collapse?! The possiblility of the eurozone splitting up is starting to look possible again which might be interesting if Greece votes to exit.

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