Bubble graph bitcoin

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It only looks low in the chart because of the remarkably high reading. The ROC has now set up a negative divergence with the price, because the November high surpassed that established earlier in the year. Note also that both series are below their respective MAs. More important is the fact that the ROC has recently dropped below its up trendline, thereby confirming that, as far as momentum is concerned, a reversal has taken place.

Chart 1 A loss of upside momentum can also be seen from Chart 2, where it is evident that the price is once again struggling in its battle to remain above its secular up trendline, as well as its and week MAs. The two dashed arrows indicate that was not the case in November , when the price touched an unconfirmed new high, but the RS line made a lower one. It is now resting precariously on its support trendline.

The declining KST for relative action suggests that support will soon give way. Chart 3 Bitcoin has also lost its mojo against commodity prices, in the form of the CRB Composite, as seen in Chart 4. In this instance, the RS line has not only diverged negatively, but has violated its dashed up trendline and week EMA.

Most serious of all is the completion of a double top formation. Chart 4 Price Action Looks Toppy A basic true and tested tool in the technical arsenal is provided by peak-and-trough analysis. In that respect, Chart 5 flags the major rallies and reactions since Throughout the whole period, the series of rising peaks and troughs has been intact. That said, the most recent advance has so far failed to take out the previous peak set last November.

It may well do so. That's enough to qualify the January low and March highs as legitimate benchmarks for peak-trough analysis. Chart 5 Drilling down on the rally, we see a lot to be concerned about in Chart 6. One of the characteristics of a bear market advance is a false breakout from a price pattern. That's exactly what happened in late March. False breakouts are typically followed by above-average moves in the opposite direction to the breakout as traders scramble to get back on the right side of the trend, which is what appears to have been happening in the last couple of weeks.

Failure of the price to clear its day MA is another sign of the bear. If that is taken out, the upward peak trough progression will be reversed, which, in all likelihood, will indicate that the November was a bubble-bursting event. Naturally, these sorts of monstrous returns in such a short period of time spark heated debate.

In fact, many financial pundits and crypto advocates have scrambled to argue whether Bitcoin is a bubble or not. While the sentiment and underlying forces of both bubbles may be similar, their performance is a different story. Now, crypto advocates argue that Bitcoin has tranformative fundamentals so the returns are justified.

But the mainstream adoption of the Internet in the s was a paradigm shift, too. The widespread adoption of any tranformative technology has ups and downs and takes way more time than people think. For example, one of the hallmarks of the dot-com bubble was Pets. Amazon fulfills that very same need to millions of people today. But it took more than a decade for Amazon to grow and scale the business into the viable service it is today.

But until Bitcoin matures, its price appreciation is only speculation. However, it does not—as of yet. There were just over 11 million Bitcoin transactions in the second quarter of That may not be an all-encompassing figure due to the decentralized nature of Bitcoin, but it provides some important perspective. There is also the matter of energy consumption.