Bitcoin has now shown about eight weeks of consecutive buying, leading into new all-time highs (ATHs) for the past three weeks. Trying to stay objective with mild to extreme euphoria in times like this can be difficult. As someone who was a new trader during the 2013 bubble, the chart is beginning to look very similar.
Market capitalization and trading volume both on exchanges and over-the-counter markets have hit ATHs as well.
Despite being in price discovery mode, there is an established, longstanding trend we can compare the current price against, as well as the entire left side of the chart. Past results don’t always predict the future, but they can influence it.
There are a few questions we can investigate:
Is the price near an interim top?
Is the price nearing parabolic conditions?
Will the price continue on the previous trend at the same rate?
Looking at the monthly Bitstamp chart, there have not been too many candles of this proportion. This would suggest we are nearing bubble-like conditions.
Price has also
Read more ... source: Bitcoin Magazine
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