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.
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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