I’ve written a ‘testing trendlines’ post in the past on this blog which I’m sure you can find via search if you are interested but anyway history rhymes and repeats and stuff so heres another testing trendlines post.
Incidentally after a briefly flirting with a post about stock market I’m back to bitcoin for this one you may be glad to know.
In my last bitcoin post I discussed possibility that the bottom ‘was in’ based on a trendline from btc-e on linear price scale. Nothing has changed since then up to now to change that suspicion, its still an idea I like.
Anyway for first time in a long time I’ve pumped some new fiat into the bitcoin economy by way of buying a bit more bitcoin for my stack and putting my money where my mouth is. Which sadly won’t bring my stack up to levels it has been in the past but anyway point is I’ve been watching shorter timescales than usual to try and convince myself I was right!
Heres a chart, btc-e on linear price scale
With some satisfaction I’ve seen price break up through the first trendline, meaning the one second from top, (prooving me right), at the top trendline price has ‘corrected’ downwards, but in classic fashion has then found support where previously was resistance (prooving me still right but with a bit of worry I might be wrong) and now looks to be ready to rally again and maybe push through that line this time (prooving me awesome (if it does))
One thing I do know is that after being prooved awesome (if I am?) price will then decline to a new unfathomable low which prooves I know jack shit!
But then I might buy more and if it goes up from there regain my awesomeness when I sell for 10K.
lol just kind of joking about the feelings you get as an investor but really if you buy bitcoin at 239 then one day it falls to 88 will you really kick yourself when selling for 10K ?!
Or when it crashes to less than 1$ you’ll go arrgh I should have sold when they were $239.
Wish I had a crystal ball.
Anyway one thing from this is its nice to see the price testing trendlines exactly at levels I expected.