Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
I was pondering like, as you do, what the continuation of higher lows would look like and I concluded that the obvious next data point would be a bounce off $100. Hey presto, yesterday happened.
It looks a little early though thanks to the weak hands selling the news so I think we'll see a double bottom in the next couple of days. Every day we hold above $100 into May is a point for the bulls I believe:
Linear not log as usual bear in mind.
It looks a little early though thanks to the weak hands selling the news so I think we'll see a double bottom in the next couple of days. Every day we hold above $100 into May is a point for the bulls I believe:
Linear not log as usual bear in mind.
This is the chart I've been waiting to see. To me, new highs aren't really that important, I mostly have been waiting to see the new bottom. It's provided us with this third critical data point for growth rate, which gives us a better idea of bitcoin's trajectory. I like what it shows.
I drew this chart with log prices and show a breakthough. But as the decline appears entirely news-event driven, I am thinking now that this could be a false breakout on my chart.
Given my hypothesis of a bubble collapse from April 10, this support trendline must be broken through to the downside by the end of June. Simply going sideways for that length of time would constitute a breakthough on the downside given the steepness of the support line.