18 month conservative logarithmic downtrend broken on Huobi

[minerpumpkin]

[1714781390]

1714781390

[1714781390]

1714781390

[minerpumpkin]

Breaking right through it:

[BlackSpidy]

Slowly breaking out of the bear-line! Onwards!



Sorry, I couldnt find an equally epic bull-riding image...

[Trading]

A longer-term chart would make the point better.

On that chart, the line only has one touch. Its looks like a line that came from nowhere.

Showing that there is a high volume is also important to point to a breach of a line.

Anyway, fake breaches of a line are very usual, especially with bitcoin.

[tarmi]

fake breakeouts on fake exchanges.

it happens.

[coinableS]

The bears are in retreat, or it could just be a false break. We'll have to wait to see if we can hold over $250 and push back up over $300. I think the bear phase is over, but we might just see more sideways movement before we launch into the bull market.

[Trading]

On Bitstamp, there is a descending logarithmic line starting at the top of about 1150 with several touches at 659-582 and 454. This line was touched at 258 yesterday and there was a pull-down. Without a clearly breach of the 258 with high volume, IMO, one should forget about entering now.

But read, think for your self, and make your own decisions.

[HI-TEC99]

On Bitstamp, there is a descending logarithmic line starting at the top of about 1150 with several touches at 659-582 and 454. This line was touched at 258 yesterday and there was a pull-down. Without a clearly breach of the 258 with high volume, IMO, one should forget about entering now.

But read, think for your self, and make your own decisions.

I'm not convinced the normal technical analysis rules apply to Bitcoin. The market is so small and dominated by the big players that they can break every technical analysis rule in the book. If a whale wants to pump or dump he can do it regardless of the fact he might be breaking technical analysis rules that make his pump or dump apparently impossible.

[Trading]

I agree that some technical indicators don't work, but I wouldn't say that none works. A line is a line, clear and objective.

The Bitcoin market is controled by China and chinese exchanges aren't that small. Big players lose a lot when they try to go against the market.

[pleaseexplainagain]

On Bitstamp, there is a descending logarithmic line starting at the top of about 1150 with several touches at 659-582 and 454. This line was touched at 258 yesterday and there was a pull-down. Without a clearly breach of the 258 with high volume, IMO, one should forget about entering now.

But read, think for your self, and make your own decisions.

I'm not convinced the normal technical analysis rules apply to Bitcoin. The market is so small and dominated by the big players that they can break every technical analysis rule in the book. If a whale wants to pump or dump he can do it regardless of the fact he might be breaking technical analysis rules that make his pump or dump apparently impossible.

totally agree - also any whale changes can be magnified by insider trading at these exchanges. I think ok coin is one of the bigger and the allegations against it by Changpeng Zhao were damning. They seem to have oddly even more credibility by okcoins recent rebuttal which is an incredible piece for a company with a good share of trading volume to issue (link below)

https://www.reddit.com/r/Bitcoin/comments/37u6ca/okcoins_response_to_czs_lies_and_desperate/

 we have a few big players and really a very weird exchange market place so I have real doubts about the usefulness of any data being "normal" enough to make line drawings on especially if the aim is to predict the future bitcoin price