Looks like we're above the trend. Although maybe it is steeper now because of mining reward halfing?
Maybe you can answer a simple question, what are you trending? I mean, what is BTC? Currency, Commodity, Stock, disruptive technology, protocol, etc.
TA is great, we all use it, but to overly depend on it with something that we can't easily define, is cheapening what it is that is BTC. What if some really big news comes out? e.g., Pay Pal becomes funding mechanism for BTC. What do you think will happen to the "price" of BTC?
TA has been said to basically describe human behavior (e.g. support lines). Now, since there are so many variables with BTC (see that short list above), again, it is dangerous to try to pigeon hole what BTC is.
Be very very careful over emphasizing TA and yet know when to use it.
From the perspective of the chart it is quite simple, the trend is the price of a bitcoin in US dollars as traded on MT Gox exchange. Bitcoin is not currency or commodity, it is money, like gold and silver. Unlike currencies it will also function as a store of value.
I'm not going to defend TA yet again, if you don't like it, then perhaps you shouldn't bother with the speculation forum.
I said "TA is great, we all use it, ..." so I'm not smacking it down and I USE IT. I think my point was clear. We don't know what BTC is, not even the government will define it for us. But you know. Maybe you should not be so touchy about a question, not even a criticism... I was just bringing up the Black Swan nature of BTC and not asking you to defend TA, just merely open up a bit regarding the possibilities.
