[2015-02-02] Bitcoin Price Drops Again As We Return To Long Term Down Trend Leve

[zakoliverz]

http://newsbtc.com/2015/02/01/bitcoin-price-drops-return-long-term-trend-level/

For a couple of weeks at the end of January, the Bitcoin world was full of optimism. With a strong upturn in price it seemed to many that we may have finally broken the digital currency’s long term decline in value. But looking at longer term charts – 90 or 180 days – it becomes clear that January’s spike was simply an overcorrection for the dip in early January which had taken the bitcoin price below the long term trend line.

As you can see from the above 180 day chart, there is a clear downward pattern with only relatively minor deviations from the long term trend since approximately July of last year. You can also see that over the past few days we have return back to that long line after a brief bull surge. This seems to me to be a bearish signal which may indicate that a further decline in the bitcoin price may be expected, unless something dramatic happens to break the trend.

[cr1776]

"Long term trend down"?  Fail.  Long term trend has been way up. If they think 180 days is long term, well...

[kjlimo]

"Long term trend down"?  Fail.  Long term trend has been way up. If they think 180 days is long term, well...

Agreed, enjoy the "sale!"

[CoinMode]

"Long term trend down"?  Fail.  Long term trend has been way up. If they think 180 days is long term, well...

Downtrends start when you leave a relative high, which was the all-time high in this instance. Don't fool yourself. Prices have been in a 1+ year downtrend and have just now showed signs of stabilizing at a new low. The more this reality is ignored, the more the trend will continue down.

Arrogance is the bane of revolutionary types. Take great care to not let it be our downfall.

[cr1776]

"Long term trend down"?  Fail.  Long term trend has been way up. If they think 180 days is long term, well...

Downtrends start when you leave a relative high, which was the all-time high in this instance. Don't fool yourself. Prices have been in a 1+ year downtrend and have just now showed signs of stabilizing at a new low. The more this reality is ignored, the more the trend will continue down.

Arrogance is the bane of revolutionary types. Take great care to not let it be our downfall.

1 year is hardly long term either.

If anyone thinks the "long term" trend has been down, they are uninformed and fooling themselves.