This is bad, we are touching the Long term trend line at Stamp at 572 and nobody is buying wtf???
Of course nobody is buying. There is a huuuge major event coming up that controls the whole market and could put us down by a massive amount.
I know about the silk road auction and I know that until the 27th we won't see huge spikes, I'm just saying that nobody seems to be defending the
VERY important long term trend line. A Big dump could take us way below that trend line, which would be TERRIBLE for BTC.
I like lines!
which line were you referring to exactly?
Yes that one pretty much
If you draw the trend line with the two points at red arrows you would have predicted
1: the $340 crash bottom
2: confirmation of the trend reversal with the huge pump "out of nowhere"
3: bounce from the last 680-540 crash
that trend line
What, you thought this trend line could go on forever?
Haha. Why, exactly? Because Bitcoin said so?
More interesting question is where a new support line would form (assuming trend is broken). "The bubble baseline" - somewhere between $100 and $200 seems way too pessimistic, imho.
Well if we, for a moment, throw arbitrary log lines out the window and just focus on common sense, we will note that the gutting of MtGox and the major desimation of the China Bitcoin markets brought us down to 360ish and then resolved into the low 400's where we literally ran out of sellers.
So, if we assume nothing worse than those two huge negative events occurs in the near future, we are not going to go below the 420s, because people will refuse to sell.
The 78% retracement is around $530ish. That's probably as low as we go. Maybe 500 on a really bad sell off.
The other option is we go UP! However, that doesn't mean we go follow this arbitrary trend line everyone is crapping the bed about.
