I've tweaked the chart a bit from the very first one I made a month ago. Still the same outcome, this just shows the resistance and support lines a line better. Red line is Metcalfe's Law for Bitcoin and where it's user value truly is, anything above it is pure speculation.
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Here's a quick video I made showing how to use the Bar Pattern tool to make the overlay: https://www.youtube.com/watch?v=b1aIQyGjigA
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didn't catch that I had drawn one of the lines a little incorrectly until earlier today. Upper target reached and shorts have the power now.
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https://memegenerator.net/img/instances/60495990/i-dont-always-yell-timber-but-when-i-do-its-cause-shits-about-to-go-down.jpg
If BTC does not drop to 7500 closing daily then this overlay is invalid. Too many dips overlaid on small pumps.
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Well, that crash in 2014 was caused by MtGox hack so I don't see any reason for massive crash now. However, whales can do that but that's most unlikely atm. Anyways, thanks for sharing your thoughts!
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Wow this is one of the worst comparisons I have ever seen. You do not do TA without taking into account the sentiment. What's the current sentiment?
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