Hi everyone, I know this is not the proffesional technical analysis. But it is not the only indication we should take in to account.
I have made a small chart comparing Bitcoin price and interest to number of serches in google. The result is rather confusing. But if you take different approach, it is very informative. In my opinion if interest is strong the price is strong as bitcoin is the money of internet. Interest is stil high at the moment, that strongly indicates that the price may rise.
Lets have a look at the chart.
The time span is 90 days.
-May 13th: interest is rising slowly, so is the price. Corelation between two is very strong.
-May 25th: there is a slight dip in the interestat some point, but the price is raising steadily. Then it skyrockets, it is probably related to a number of articles and news which were issued at that time. I reckon many people were preparing for the investment and decided to take action. Then sudden dip. Many took an action to take a profit.
-June 6th, up to around june 10th. Interest may have dropped. But those who were already in to it, decided to restock when price dropped signifficantly.
-July 5th Interest is bouncing back, price stays roughly same. We may see significant rise soon...
I hope you find my posting interesting.