Quote from: infognom on April 21, 2014, 08:30:25 PM

Quote from: SlipperySlope on April 21, 2014, 07:25:05 PM

Price action is still near the upper resistance trendline - which goes back to the November 2013 peak

Trying to draw the very exact same trendline and i'm struggling, not sure which data you took exactly. I think there are a couple of possible potential lines to draw and you somehow took the most pessimistic one, aren't you? With that i mean the one which is most difficult to break.

The most pessimistic one i could draw was (on 6h chart) 2013-11-30 -> $1163 + 2014-01-06 -> 995. In both cases the top of candle (highest price).

Well that has at least the advantage that it crosses the 16th april candle between high and entry-price at about $544 (little bit more pessimistic than yours) and so it would be more or less ideal for our purpose of a clear trend-reversal-signal ... am i right?!

Any additional thoughts about which points to take in which cases?

Here is a redraw of the upper resistance line using the built in line tool on BitcoinWisdom. For a chartist, the trend is rather scary unless one makes the presumption that I did . . . April 10 at $340 was the bottom of the bubble collapse.