OK so false bubble start... I think a few people got a little too excited despite massive bearish divergences. 
However underlying hidden bullish divergence is there.  All divergences have resolved to bullish actually and multiple attempts at 270 have failed.  I think it's time for another leg up.

It could be nothing but a trigger was hit and I've closed my longs (for now).  I'm not happy with the volume on the bounce back from 281 and the first support line was broken.  I will open new longs if we can get back on top of that line but a parabolic rise will crash if it stops accelerating.  The very short term is critical here.  I might start opening shorts below the second support line currently around 280 

It may seem facetious to draw that many lines but it illustrates what an exponential rise looks like and I like the "cat's cradle" effect of all the support lines 

Tens of thousands of coins were dumped last night yet we're still rising exponentially.

That ~281 data point was exactly what we needed to confirm that the parabolic uptrend has begun.  Think about it... if you don't have corrections like that the whole thing runs out of steam too early.

Just about but we still haven't closed a weekly candle outside of it as I expected.

I think it seems possible but not likely.  That would signify basically a "Bitcoin failure" situation where we see capitulation from even long-time holders as Bitcoin becomes relegated to the "antique technology museum", still retaining some small value for historical and scientific significance.  Everyone has to agree that that is a real possibility for the future, maybe as much as 10-20% chance.  For that to happen it would likely involve people flocking to a new crypto asset, picture Ripple making some kind of massive announcement and amassing a large portion of Bitcoin's market cap.

The more likely scenario it seems to me is that we will resolve positively out of the triangle, but after that, it's very difficult to predict what will happen because the possible upside is a much more vast range than the downside. 

OK so here's where we are now.  The fakeouts below the rising support are a little disconcerting.  We've been nudging up against the top of the downtrend channel for a while, reminding me of May-Aug 2014, before the triangle represented by just the 1163 bubble collapsed.  If the same thing happens with the trendline encompassing both bubbles, Bitcoin could take a blow like we've never seen before...

Here's a closer look.  My personal prediction is that we will bounce around in the triangle until pretty much the very end, and then see a violent breakout.  If you believe in TA at all then this is a pretty important juncture.  This analysis has a long time frame with many data points supporting it.  I'm going to wait til we close a weekly candle or see significant volume outside the triangle and take a position accordingly, but everyone has their own strategy.  Good luck either way. 

Extended periods of price stability are not possible now with Bitcoin.  Too many people know about it. 

As soon as people see a stable price the thought process goes: "Hmm this thing is looking pretty stable, maybe trending up slightly... this looks like a good investment, time to buy." "Buy?" "BUY??!" "BUUYYYY!!!" There goes the stability... 

Staying flat at $250 is not an option and we will be forced out of the triangle shown above within the next few weeks (maybe sooner).

IMO these are the only 3 lines you need to draw.
The convergence of the uptrend and the top of the downtrend channel will happen around April 26th or so.
If we are above $230 at the end of the month, uptrend is confirmed.  If we are below $230, say hello to the bottom of the channel soon (high double digits).
Thoughts?

Thanks for the comment dj!

Thanks snowcrawl.  There are quite a few instruments I would like to try making.  I think Ukeleles might be my next endeavor but after that who knows

Hi Bitcoiners,
I'm a classical and flamenco guitar maker based in Upstate NY and now accepting Bitcoin as full payment.  Right now one of my classical guitars would cost about 8 BTC.
If you're in the market (any players out there?), please check out my website and blog for pictures and video of my work as well as contact information.

www.andyculpepper.com
http://andyculpepperguitars.wordpress.com/

Thanks and hope to hear from you!

Andy