Bitcoin just broke the 2012 long term support trend line.

[Wandererfromthenorth]

Posted on the Wall Observer thread, but it's pretty important so I will open a new thread.


Bitcoin is breaking the 2012 long term logarithmic support trend line. You can draw it a little bit differently depending on where you put the points but all of them are being tested:









Edit: Update:  

[marvinrouge]

woops

[Swordfishbtc]

what does that mean for price?

[bitcon]

looks like its done it a couple other times.... right before skyrocketting.

[marvinrouge]

what does that mean for price?

freefall (if holds)

[Hunyadi]

Are we f***ed now?  

[inca]

Let's see

[Kipsy89]

Ha, that's some interesting lines you drew right there! But on the other hand this means that we are about to bounce back and start another bull-run to a new ATH! I for one can't wait to see the moon. We will see four digits, but will probably never see two digits ever again!

[Coinshot]

A small going down below the line indicates nothing. Its not a rigid line drawn by the laws of nature, only a statistical line.

It will bounce up nicely, but will take several months to get in a bull market.

[Kipsy89]

A small going down below the line indicates nothing. Its not a rigid line drawn by the laws of nature, only a statistical line.

It will bounce up nicely, but will take several months to get in a bull market.

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

[Coinshot]

A small going down below the line indicates nothing. Its not a rigid line drawn by the laws of nature, only a statistical line.

It will bounce up nicely, but will take several months to get in a bull market.

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

Thats why I am hoping the drop down to 250-260 happens fast. It will provide the momentum for the upward movement.
As you pointed out a slow bleeding does not help but I think the capitulation is coming soon.

[GoWest]

A small going down below the line indicates nothing. Its not a rigid line drawn by the laws of nature, only a statistical line.

It will bounce up nicely, but will take several months to get in a bull market.

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

This selling volume is indeed tiny. Barely even registers compared to the dip to 275.

[dropt]

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

I'm not a "trader" so it's up to you guys. But isn't this when you're supposed to be buying the dip (cheap coins)?  People seem real good at selling the tops, but poor as shit at buying the bottoms.   Between the farms cashing out and the short-capades going on at all times is it really a surprise that it's continually bleeding out?

[celebreze32]

Different people have drawn that line slightly differently. What kind of price range must bitcoin fall below before everyone agrees the 2012 long term support trend line is broken? Someone said ~270 a while back and others gave slightly higher and lower figures.

[Pattart]

Posted on the Wall Observer thread, but it's pretty important so I will open a new thread.


Bitcoin is breaking the 2012 long term logarithmic support trend line.

Interesting to see, 300 still looks so high on that (linear/nonlinear?) chart.

[Kipsy89]

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

I'm not a "trader" so it's up to you guys. But isn't this when you're supposed to be buying the dip (cheap coins)?  People seem real good at selling the tops, but poor as shit at buying the bottoms.   Between the farms cashing out and the short-capades going on at all times is it really a surprise that it's continually bleeding out?

Well, a lot of people are really greedy and will never sell at the top, but buying the bottoms is hard because things look dire then, and people start to panic. This is contrarian-investing, but works only when you are totally sure about what you are doing! As soon as emotions get involved, you are screwed!

[Arv1e]

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

I'm not a "trader" so it's up to you guys. But isn't this when you're supposed to be buying the dip (cheap coins)?  People seem real good at selling the tops, but poor as shit at buying the bottoms.   Between the farms cashing out and the short-capades going on at all times is it really a surprise that it's continually bleeding out?

Well, a lot of people are really greedy and will never sell at the top, but buying the bottoms is hard because things look dire then, and people start to panic. This is contrarian-investing, but works only when you are totally sure about what you are doing! As soon as emotions get involved, you are screwed!

Please introduce me to someone who knows what they are doing and thus accurately predict the price.. I have read a lot of threads on here and havent come across anyone yet. Cheesnut is excellent at short term predictions using EW but thats only for the short term traders.

[celebreze32]

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

I'm not a "trader" so it's up to you guys. But isn't this when you're supposed to be buying the dip (cheap coins)?  People seem real good at selling the tops, but poor as shit at buying the bottoms.   Between the farms cashing out and the short-capades going on at all times is it really a surprise that it's continually bleeding out?

Well, a lot of people are really greedy and will never sell at the top, but buying the bottoms is hard because things look dire then, and people start to panic. This is contrarian-investing, but works only when you are totally sure about what you are doing! As soon as emotions get involved, you are screwed!

Please introduce me to someone who knows what they are doing and thus accurately predict the price.. I have read a lot of threads on here and havent come across anyone yet. Cheesnut is excellent at short term predictions using EW but thats only for the short term traders.

I doubt anyone can 100% of the time. One analyst, who has now locked his thread, said he could do better than the flip of a coin, but refused to make 100% guarantees.

[criptix]

Better 20x leverage now

[Wandererfromthenorth]

I hope it bounces up, too, but don't we need a higher volume for this to be significant? RIght now it only looks like a continuation of the bleeding out that's been going on for quite some time now and that can't be good for anything, this just pushes the price down further, and isn't causing any support to remain valid.

I'm not a "trader" so it's up to you guys. But isn't this when you're supposed to be buying the dip (cheap coins)?  People seem real good at selling the tops, but poor as shit at buying the bottoms.   Between the farms cashing out and the short-capades going on at all times is it really a surprise that it's continually bleeding out?

Well, a lot of people are really greedy and will never sell at the top, but buying the bottoms is hard because things look dire then, and people start to panic. This is contrarian-investing, but works only when you are totally sure about what you are doing! As soon as emotions get involved, you are screwed!

Please introduce me to someone who knows what they are doing and thus accurately predict the price.. I have read a lot of threads on here and havent come across anyone yet. Cheesnut is excellent at short term predictions using EW but thats only for the short term traders.

I predicted the $450-$680 megapump and timed it perfectly so did others for example.
Same for for the timing of today's sell off and I posted a bunch of other easy trade setups lately.

Not bragging, just saying that it's not rocket science, anyone can do it if they know the right (simple) tools, and that predicting major moves is absolutely possible.

Trading is important IMHO because you can protect yourself from crashes like this. Since you can sometimes time the markets, you can stay in fiat and stay safe watching the price decline. You have all the time in the world to rebuy if you want to.
It would be a way for the perma-bulls to protect themselves...

this is my take:

some ask: "why a sudden increase in price"? what's the news?

the reason is simple, and it has nothing to do with news!


Trend reversal was about to happen only if we had these conditions:

-Important breakout points broken and crossings of trend lines
-sudden rise in volume










Do you think it's a coincidence that the huge sudden spike for no apparent reason (no news) happens when two lines that touch several crucial points in the graph meet PERFECTLY for the first time ever?  

Careful bulls, this thing will crash, support just cracked.

Careful bulls, this thing will crash, support just cracked.

It's gonna be either a huge long or a huge short:

Last support trend line standing before the void. Only on Chinese exchanges.









I suspect we would have breached that before the Microsoft P&D (as you can see from the chart, we went under the trend line for a few minutes/hours), but the news was good reason enough to stop the dumps and pump a little before returning to the same levels.

I gave you guys a no-brainer trade setup and told you when the big move was gonna come.
I told you to buy the breakout if we break the big triangle up, short if we break the triangle down.

This could be a ridiculous big move that is gonna take us a lot lower. Why not stay safe?
How many didn't listen?  

Timing the BTC markets is easy as fuck  

 

Next big move should come in a few days (4-6 max)
Wait for volume to confirm a breakout/breakdown.

If big volume confirms a break in either direction, it should be a major move.

You don't need to guess beforehand. That's the point. You short the breakdown (if we go down) or you long the breakout (if we go up) when we exit the triangle trying to get the best fill. Only if volume confirms it though.