I DO own and use bitcoin on a regular basis.
To me, based on that chart and what I have been thinking before this crash is that the "True value" of BTC is $2500-$3000. Just look at the forecast, based on the yellow lines on your chart. That is natural growth by the real bitcoin users. The sudden surges etc were from non-bitcoin users. Meaning Chinese currency manipulators and stock market investors looking to make a quick buck. Investors like that are not loyal, nor do they care about the future of bitcoin - only quick profits. Bitcoin users believe in the technology and future of bitcoin, so they stay for the long run. The natural, slow growth of bitcoin users is made over months and years, not days and weeks.
I agree with this it was obvious we were in the middle of a bubble, we went straight through, we almost did not touch the three thousands, so it is obvious that a correction was coming since speculators were getting ready to get out of bitcoin as soon as a negative news came.To me, based on that chart and what I have been thinking before this crash is that the "True value" of BTC is $2500-$3000. Just look at the forecast, based on the yellow lines on your chart. That is natural growth by the real bitcoin users. The sudden surges etc were from non-bitcoin users. Meaning Chinese currency manipulators and stock market investors looking to make a quick buck. Investors like that are not loyal, nor do they care about the future of bitcoin - only quick profits. Bitcoin users believe in the technology and future of bitcoin, so they stay for the long run. The natural, slow growth of bitcoin users is made over months and years, not days and weeks.
Disclaimer: I own no bitcoin and am not trying to scare the bejesus out of anybody who does or doesn't.
This image is my analysis on an xe.com screenshot of the last 1 year of XBT as USD:
Raw armchair analysis here - the takeaway is that the current bitcoin value of $3381 is a key point of support, if broken thorough the next point of support is $2500. The green lines show some volatility in 2016/2017, Feb-July 2017 in yellow lines shows increased volatility with a peak in June when there was some negative news to take the shine off Bitcoin temporarily, but really April to September in blue lines have seen 3x the variability of early 2017.
Looks like the volume has been dropping off recently - previously the volume increased with price (suggesting lots of agreement between buyers and sellers on price), but the price has come down and so has volume - suggests the buyers/sellers are having difficulties with the current price. Buyers may be thinking the price will go lower, sellers may be thinking this is just a dip.
I think the next 48 hours are going to be pretty telling.
Good luck to all!
This image is my analysis on an xe.com screenshot of the last 1 year of XBT as USD:
Raw armchair analysis here - the takeaway is that the current bitcoin value of $3381 is a key point of support, if broken thorough the next point of support is $2500. The green lines show some volatility in 2016/2017, Feb-July 2017 in yellow lines shows increased volatility with a peak in June when there was some negative news to take the shine off Bitcoin temporarily, but really April to September in blue lines have seen 3x the variability of early 2017.
Looks like the volume has been dropping off recently - previously the volume increased with price (suggesting lots of agreement between buyers and sellers on price), but the price has come down and so has volume - suggests the buyers/sellers are having difficulties with the current price. Buyers may be thinking the price will go lower, sellers may be thinking this is just a dip.
I think the next 48 hours are going to be pretty telling.
Good luck to all!