Since Bitcoin fell back to the single digets after first climbing to $30, it has continued to rise on ascending trendlines. The most recent trendline we've supported on started at the low of around $1.8k, we touched it at around $3k. On some exchanges, the low of $5.8k recently touched it, on others, it didn't. So on some exchanges, this recent low this week of $6.6k touched the line, on some exchanges, it violated it, but closed above. The next supporting trendline below that starts at $880, touches the $1.8k low, and we would meet with it somewhere above $4k, lower than $5k, depending on how long it takes to head there.
In my opinion, nothing about the fundamental underlying value of Bitcoin has changed, or weakened, in the slightest. If anything, it is stronger than ever. I feel if we do break this trend support line, support somewhere below this level becomes increasingly more likely the lower we go.
I thought this tweet today was amazing,
https://twitter.com/giacomozucco/status/980186934969585665?s=19
- giacomozucco
Bitcoin isn't valuable because it's a new payment method. Bitcoin is valuable because it replaces centralized banking.
