On Bitstamp, there is a descending logarithmic line starting at the top of about 1150 with several touches at 659-582 and 454. This line was touched at 258 yesterday and there was a pull-down. Without a clearly breach of the 258 with high volume, IMO, one should forget about entering now.
But read, think for your self, and make your own decisions.
But read, think for your self, and make your own decisions.
I'm not convinced the normal technical analysis rules apply to Bitcoin. The market is so small and dominated by the big players that they can break every technical analysis rule in the book. If a whale wants to pump or dump he can do it regardless of the fact he might be breaking technical analysis rules that make his pump or dump apparently impossible.
totally agree - also any whale changes can be magnified by insider trading at these exchanges. I think ok coin is one of the bigger and the allegations against it by Changpeng Zhao were damning. They seem to have oddly even more credibility by okcoins recent rebuttal which is an incredible piece for a company with a good share of trading volume to issue (link below)
https://www.reddit.com/r/Bitcoin/comments/37u6ca/okcoins_response_to_czs_lies_and_desperate/
we have a few big players and really a very weird exchange market place so I have real doubts about the usefulness of any data being "normal" enough to make line drawings on especially if the aim is to predict the future bitcoin price
