Steady, ever-increasing support for bitcoin price cointinues (with charts)

[btcprice]

In the thread titled "Your thoughts on when BTC will reach $1000 again?" I posted the following chart showing ever-increasing support:



Since then we had a large run-up in price with a subsequent fall. However, we still show ever-increasing support as seen by this chart:





I intend to keep posting charts in this thread to see if this support continues.

[TERA]

Try using a chart of any exchange besides gox and see how badly this trend was violated.

[Ibian]

Why don't anyone ever use the average USD price?

[Ducky1]

[TERA]

So according to this chart we reach $100,000 before 2015?

[arepo]

haha good job spotting the trend after it's threatening to reverse this isn't "ever-increasing support" it's a bull run that looks just about over...

[Ducky1]

Stamp

[Ducky1]

So according to this chart we reach $100,000 before 2015?

Thats your interpretation.

[TERA]

So according to this chart we reach $100,000 before 2015?

Thats your interpretation.

I'm just pointing out a flaw in drawing arbitrary lines on arbitrary scales with no explanation.

[Ducky1]

It's not a flaw, its a feature.

[T.Stuart]

It's not a flaw, its a feature.

+1 

[btcprice]

So according to this chart we reach $100,000 before 2015?

Thats your interpretation.

I'm just pointing out a flaw in drawing arbitrary lines on arbitrary scales with no explanation.

I did explain. I mentioned that there was support and also "to see if this support continues". That leaves the possibility of support being removed at some point in the future which also means we don't necessarily continue. I'm sorry but these are elementary principles here. No long-winded ideas. Simple sentences.

[btcprice]

Wouldn't you know that as soon as I post my second chart above that resistance would be broken. Oh well. I'm still going to track this line since the price rose above it after breaking below the support line (if indeed it is just that). This line continues to the $1000 mark on January 13th which I believe is the same date I called out in the other thread mentioned in the first post of this thread.

I'll post the chart in the next post in this thread so the text doesn't get lost in between the charts.

[btcprice]

Here is the chart showing today's prices:

[Kungfucheez]

Just because it's rising doesn't mean it won't fall.

I think it will rally above $1000USD myself, but I'm not going to say that if anyone asks me, because I have nothing to base that on, it's just a gut feeling I have.

Nothing's stopping it from dropping though, if that's the way it goes. I'm sure many people thought when the price broke $1200USD that it would continue to $1500, or $2000 or whatever, and instead it crashed by 50%

[RenegadeMind]

I'm a bit more positive.

BTC-e with a dev. channel and fib retracement.



Full size: http://imgur.com/MfY4nVb

$900 seems to be an important support/resistance level at BTC-e - for now anyways.

Plotting different points yields similar results.

[btcprice]

Just because it's rising doesn't mean it won't fall.

I think it will rally above $1000USD myself, but I'm not going to say that if anyone asks me, because I have nothing to base that on, it's just a gut feeling I have.

Nothing's stopping it from dropping though, if that's the way it goes. I'm sure many people thought when the price broke $1200USD that it would continue to $1500, or $2000 or whatever, and instead it crashed by 50%

Correct. I just wanted to see how long this trend line would continue.

[Kungfucheez]

Just because it's rising doesn't mean it won't fall.

I think it will rally above $1000USD myself, but I'm not going to say that if anyone asks me, because I have nothing to base that on, it's just a gut feeling I have.

Nothing's stopping it from dropping though, if that's the way it goes. I'm sure many people thought when the price broke $1200USD that it would continue to $1500, or $2000 or whatever, and instead it crashed by 50%

Correct. I just wanted to see how long this trend line would continue.

It is interesting to watch, no doubt about that.