Drawing lines on a chart - Bitcoin
Update post! Almost exactly a month has passed since we visited the infamous Wall Street Cheat Sheet here in this post. Bitcoin was at 6747 back then and today, at the time of writing this post - does not show a really different number - 6716 (now dropped to 6600).
I asked the question back then, where could we be on the cheat sheet, in what phase and came to a conclusion that we are somewhere in the final stages.
Here's today's chart:
wallstcheatsheet.com via medium.com
Bitcoin is overlaid on the original bubble pop chart - ss you can see, it's not an exact science - the peaks, spikes and bottoms can be counted and matched but they will never line up 100% perfectly.
But there is one thing that we can take home from this chart - the long stagnant and sideways period is specific to bottoms and finding it's bottom. If the worlds don't burn and cryptos will continue to exist, I think it's fair to say, we only need more wide adoption, more use cases, less FUD and the cryptocurrencies will soon start building their bottoms for take-off.
Looking at the current BTC chart a bit more closely, we might be creating a fake breakdown pattern. Fake breakdowns, as I've repetead multiple times, often lead to breakouts (lessons i've learned the hard way). The lower line can be drawn in multiple ways, straight, tilted, name it, it can be drawn that way. But this area seems to be the short-term decision zone and we have entered the wedge. A clear "re-test and bounce" here or "fail and breakdown" would be very telling.
And if you look at the Bitcoin log chart, we're not doing too bad, eh?
Either way, two thousand points up or down won't change the long-term charts too much. Build your portfolios of valuable coins now, and enjoy later. Grind it out.
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I've had long discussions since March or April with my business partner, BTC will hold around $6500 or simply too much value is falling out the crypto market which would mean everyone pulled out, and all would be in deep trouble. Can't really happen, based on current economics and market cap of all crypto alone - we're at a statistically and probability calculated bottom now - probably we'll see prices start to reverse in the coming weeks .... although I'm sorry, do not mistake this for investment advice - nothing is for certain. I stand to be proven wrong.
@furious-one hehehe.. right now it's too difficult to draw a line over any BITCOIN Chart.. Market is too much volatile
Kind of triangle on the all-time chart, but it doesn't have any significance at all in my opinion.
Good luck :)