Is Bitcoin in trouble, potentially on the brink of collapsing to unexpected new lows? That’s the question on all crypto inventor’s minds, as the leading cryptocurrency by market cap tends to lead the bullish charge. However, a somewhat forgotten style of technical analysis could provide the most cut and dry look at the current support levels – “important” support levels that are fully in tact despite the bloodbath to start December. Let’s Get Technical: The Origins Of Point & Figure Charting Before there was TradingView and other computer software-based charting tools, technical analysis was entirely drawn by hand. Traders would wait for the bell to ring on the day before adding the daily close to their charts. More than a hundred years before Bitcoin was created, an anonymous writer by the name of “Hoyle” first wrote about a different type of hand-drawn chart in 1898, called the Point & Figure chart. His writings were featured in the book The Game in Wall Street and How to Successfully Play It. Related Reading | Finding Fibonacci: Is Bitcoin Beginning A “Golden” Recovery? Point & Figure charts are a series of columns of Xs and Os. Unlike the the book’s title and the comparison to Tic-Tac-Toe, this type of chart is no “game.” It is designed to filter out time and noise from price charts, and make levels of support and resistance significan...
