If I may, I would like to add some of my own analysis.
Many "bears" here believe the support line will break under the resistance line, pointing to the 2011
bubble and the long and excruciating crash that followed. (Both lines should collide in the next 2 days, at around $115.)
They might be right. Both charts kinda look similar.
Let's look again:
Here we see the peak, with the inevitable collapse, the rebound, the second crash... and so on.
I think we all know this chart by heart now.
Oh wait...
Wrong chart.
This is our chart:
What the hell did I just show then?
The gold "bubble" chart.
Here is how it deflated:
Now,
obviously the timescales are different. But take a closer look.
Observe how the "popping" is similar. And by similar I mean frikking identical.
Everything is in log scale, so what we see really are relative changes.
Contrary to gold however, our support is ascending.
Notice how both support points occurred at almost the same places.
The full gold chart:
Disclaimer: contrary to 2011, I'm ready to drop a good chunk of my coins at a moment's notice.
I will not simply hold all of them and miss a golden opportunity like the one that arose when BTC reached $4.
