Bitcoin: The problem with longterm trendlines
So, there are many charts to be seen at the moment on tradingview, showing this latest longterm trendline, and how BTC will certainly bounce off it, giving us a low of around 4500.
However, if we look at BTC historical data, we can see, that bitcoin already had 2 trendlines of this type, which both were broken.
The first one starting in 2010 until 2011, the second on was a 2 year trendline from 2012 to 2014.
I think the same will happen again. People just give too much credit to these longterm lines, and I think the longterm bitcoin growth is not a line in the log chart, but a square root function, meaning
that the steepness of the longterm lines will get lower and lower.
A more accurate indicator for finding the low is imho the weekly MA200 line, painted in solid red. This line will offer extremely solid support, just like it did in 2014-2015.
BTC will probably rest there for a while in 2019, before it comes back with brutal strength for the next epic bullmarket.
However, if we look at BTC historical data, we can see, that bitcoin already had 2 trendlines of this type, which both were broken.
The first one starting in 2010 until 2011, the second on was a 2 year trendline from 2012 to 2014.
I think the same will happen again. People just give too much credit to these longterm lines, and I think the longterm bitcoin growth is not a line in the log chart, but a square root function, meaning
that the steepness of the longterm lines will get lower and lower.
A more accurate indicator for finding the low is imho the weekly MA200 line, painted in solid red. This line will offer extremely solid support, just like it did in 2014-2015.
BTC will probably rest there for a while in 2019, before it comes back with brutal strength for the next epic bullmarket.
Comment:
Ok, tradingview is super slow today and I uploaded the chart twice by mischance, sorry.