For some weeks ago their where many charts about how the bitcoin price rally is repeating itself like an endless loop. The history repeat is true until it isn't. And I would say we're arrived a point where we can't repeat the last year.
Before I try to explain, with my like an idiot sounding english ^^, I will mention this short chart.
In there I chart the merian of our trendline. The last rises is was't broken and we drive on the red line like it was a route to moon. But is it that? Maybe, but we have broke it what should give us a confirm that the history of price rallys stop repeating here. The growing timeframe we're in a downtrend mode even give us a next indices. It was from 67 , to 86 to 130d.
Some other points why we can't repeat it in a endless loop.
-the mining reward won't halfed this year. - ca. 3600 coins were mined every day -bitcoin is a really interesting project. and it's already all over the media. Which means ppl who are interested in buying bitoins are mostly already in. To get the "rest" in it would need something like massadoptoin -bitcoin as a currency lost these days lots of trust while ghash.io get 51% (also this was all over the media)
Update: After some of you see this line I draw a critical I decide to draw a second chart showing even the same but from a different view. Here it is: tradingview.com/v/1K6fGyRt/
it seems like bitcoin is either undervaluated or the dotted line is not correctly charted
MoonTrader
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You're using the wrong trendline. I know people don't like to use the trendline that lines up with the Silk Road news, but this trendline also lines up with several other points on the graph, and the prices just bounced off of it. If the trendline is broken, then why do prices continue to follow that trendline?
altcoin_invest
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Hey, thanks for you comment. And yes I heard this already from some ppl that I use the wrong trendline. But I don't think so. I guess my view is just a early sign that we are en route to pass also the trendline most of you have drawn, which is based on the "silkroad bars."
Why?
The "badnews bars" are still in effect concerning the trend. But why should this be more in effect then a trendline more based on the price average. In connection with the growing timeframe of our downtrend should also give us a sign.
Why does the price still not broke when it hit's my trendline?
As you see, the price crashed after crossing my trendline to ca. 350$.
Why not crashing more?
There will be many points to say. But one of them is, that also the trendline you talk about is in effect. But while finish our wave we could cross it.
Yes, the price went to $340 after it crossed your trendline, but not right away. If you look at it without bias, there was no major crash as a result of crossing your trendline. It just acted like it wasn't there until a couple weeks later.
Muwa
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That trendline is still valid if you are using far end wicks of the Silk Road crash rather than the main body.
altcoin_invest
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Thanks for your comment. And you're right there are still trendlines which are still in effect.
Because your comment is relative silmliar to one I have already answered, I would find it great if you could check my comment above. It's my reply to the comment of @levi.grandt. Would be glad to discuss with you about.
altcoin_invest
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....yes I wrote MERIDIAN! ^^, and it wasn't a fat finger misstake...^^
isma.topius
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- mining reward wasn't halfed in 2013, still we got 2 ATH's.
- why would you say people who are interested are already in? In the group of people I know, people are just getting in.
- this 51% isn't that big of a deal, it solves itself. Also ghash has no interest in double spending
Of course history can't repeat forever, but there is still lots of adoption on it's way. More and more businesses are accepting bitcoin, more and more people use it for normal transactions.
In my opinion we're still in the same large uptrend