Re: rpietila Wall Observer - the Quality TA Thread ;)

Following the logic depicted on this chart, we should have taken support and fallen to less than 50 USD before the last bull run to 1200 USD.
We didn't.
If you have been waiting that we hit that support line you show, well, you are still waiting...

We didn't? We toched $50 twice: http://bitcoincharts.com/charts/bitstampUSD#rg60zig15-minzczsg2013-04-10zeg2013-04-13ztgSzm1g10zm2g25

We did in April '13, but I think MahaRamana is saying we should have hit it again in around Oct or Nov '13.

I just said the argument that we are going back to that support line does not hold, because we didn't revisit this support line between the peak at 266 and the peak at 1163. Quite far from it actually.
Even in April 2013, look at the chart, we are staying much higher than that supposed support. I said 50 USD just because there is no value on the chart and it's hard to guess on a log chart.
In the whole 2013 there was two big bull runs and a long decline. It could have been argued that we would go and revisit that support line, but we didn't.

This support line was good for 2012 but 2013 invalidated it imho.