It's nice that sometimes technical analysis works
I wrote an update, click the image to read it.
http://chartly.com/wp-content/uploads/2013/12/btcusd-dbltop-success.png
Topic: Bitcoin ready for a correction - page 2. (Read 4317 times)
So, I waited enough...
It's nice that sometimes technical analysis works
I wrote an update, click the image to read it.
http://chartly.com/wp-content/uploads/2013/12/btcusd-dbltop-success.png
It's nice that sometimes technical analysis works
I wrote an update, click the image to read it.
http://chartly.com/wp-content/uploads/2013/12/btcusd-dbltop-success.png
CoinCidental: I know there is a lot of buying pressure. I only wanted to post this at a public place because I've seen this pattern in many different tradable instruments, from S&P futures on 1 minute candlesticks to Single stocks on weekly candlesticks!
adamstgBit: It might not behave "right" as it is in an early growth phase, I agree with you. But technical analysis can work in this situation too. We'll see how this evolves pretty soon.
If the $1200 level is broken at a heavy volume, consider this analysis as failed. I only used a small part of my holdings for this.
adamstgBit: It might not behave "right" as it is in an early growth phase, I agree with you. But technical analysis can work in this situation too. We'll see how this evolves pretty soon.
If the $1200 level is broken at a heavy volume, consider this analysis as failed. I only used a small part of my holdings for this.
I have noticed strange happenings WRT bitcoin and volume. In particular, bitcoin has high volume corrections and then low volume returns, even in a bull market. I've seen this pattern so many times that I think that volume based analysis derived from stocks may be faulty. This is often followed by oscillations (a triangle for you TA people) and then upwards breakout.
One explanation may be that on every down tick some coins go into long-term wallets. This creates a lower supply at these previous price points. Without that supply the return must necessarily be low volume.
Distribution of coins to new holders. The nature of an exponentially growing marketplace of users is that there are always exponentially more new users, and new users tend to just accumulate for a while.
Just went down to $900, will any more weak hands shake out their bitcoin even further down to $800?
who the hell are you mr trollface? Go spam on btc-e faggot
You just want to buy lower. Kinda sad.
You just want to buy lower. Kinda sad.
u mad bro?
http://www.youtube.com/watch?v=A2HdJ0c4hP4
So, another day passed, it came close to $1242 which is the all time high from 7 days ago.
Today it was at $1240.
Down or up?
Volume is very low, this could mean that it will go up soon. very soon.
The original thesis here is that it will go down to maybe $800 for a short time at a high volume before going further up, much further up.
Today it was at $1240.
Down or up?
Volume is very low, this could mean that it will go up soon. very soon.
The original thesis here is that it will go down to maybe $800 for a short time at a high volume before going further up, much further up.
My gut & charts tell me it will go UP...
So, another day passed, it came close to $1242 which is the all time high from 7 days ago.
Today it was at $1240.
Down or up?
Volume is very low, this could mean that it will go up soon. very soon.
The original thesis here is that it will go down to maybe $800 for a short time at a high volume before going further up, much further up.
Today it was at $1240.
Down or up?
Volume is very low, this could mean that it will go up soon. very soon.
The original thesis here is that it will go down to maybe $800 for a short time at a high volume before going further up, much further up.
who the hell are you mr trollface? Go spam on btc-e faggot
You just want to buy lower. Kinda sad.
You just want to buy lower. Kinda sad.
You're the only trollface I see here. And welcome to the troll hole.
*plonk*.
CoinCidental: I know there is a lot of buying pressure. I only wanted to post this at a public place because I've seen this pattern in many different tradable instruments, from S&P futures on 1 minute candlesticks to Single stocks on weekly candlesticks!
adamstgBit: It might not behave "right" as it is in an early growth phase, I agree with you. But technical analysis can work in this situation too. We'll see how this evolves pretty soon.
If the $1200 level is broken at a heavy volume, consider this analysis as failed. I only used a small part of my holdings for this.
adamstgBit: It might not behave "right" as it is in an early growth phase, I agree with you. But technical analysis can work in this situation too. We'll see how this evolves pretty soon.
If the $1200 level is broken at a heavy volume, consider this analysis as failed. I only used a small part of my holdings for this.
I have noticed strange happenings WRT bitcoin and volume. In particular, bitcoin has high volume corrections and then low volume returns, even in a bull market. I've seen this pattern so many times that I think that volume based analysis derived from stocks may be faulty. This is often followed by oscillations (a triangle for you TA people) and then upwards breakout.
One explanation may be that on every down tick some coins go into long-term wallets. This creates a lower supply at these previous price points. Without that supply the return must necessarily be low volume.
makes sense, i agree.
Charts look the way op described but some pr buzz from example can push the price over 2000$ and then the real bottom will be much higher than it looks right now. Actually i think this is what 's happening over and over.
if there were more reliable /trustable exchanges a lot more people would sink money into BTC
in larger amounts
nobody wants to send shitloads of money to eastern europe or russia and take the risk of them
running with coins and claiming a hack or just disappearing altogether
ideally ,every country shud have an exchange so nobody sud have to transact interantionally but
we are just not there yet ....hopefully soon though
I guess that's where etf's like second market and the winklevii one step in. They can cover that untill regulation gets cleared up.
You might wanna ask yourself how long it takes to call Bitcoin at certain price stable.
I dont see Bitcoin going under 1000 USD. Its just too much time over 1000.
I think we are safe saying that 1000 is the new bottom
I dont see Bitcoin going under 1000 USD. Its just too much time over 1000.
I think we are safe saying that 1000 is the new bottom
CoinCidental: I know there is a lot of buying pressure. I only wanted to post this at a public place because I've seen this pattern in many different tradable instruments, from S&P futures on 1 minute candlesticks to Single stocks on weekly candlesticks!
adamstgBit: It might not behave "right" as it is in an early growth phase, I agree with you. But technical analysis can work in this situation too. We'll see how this evolves pretty soon.
If the $1200 level is broken at a heavy volume, consider this analysis as failed. I only used a small part of my holdings for this.
adamstgBit: It might not behave "right" as it is in an early growth phase, I agree with you. But technical analysis can work in this situation too. We'll see how this evolves pretty soon.
If the $1200 level is broken at a heavy volume, consider this analysis as failed. I only used a small part of my holdings for this.
I have noticed strange happenings WRT bitcoin and volume. In particular, bitcoin has high volume corrections and then low volume returns, even in a bull market. I've seen this pattern so many times that I think that volume based analysis derived from stocks may be faulty. This is often followed by oscillations (a triangle for you TA people) and then upwards breakout.
One explanation may be that on every down tick some coins go into long-term wallets. This creates a lower supply at these previous price points. Without that supply the return must necessarily be low volume.
kraken, localbitcoins, both are fine.
Vendors on LocalBitcoin are currently around or even lower than Bitstamp rates.
This is rare. Normally ~ 6% premium over Bitstamp to be paid there and I have seen as high as +30% being a 'competitive' rate on LocalBitcoins.
This tells me that the vendors believe an imminent drop in price is likely, otherwise why sell on Localbitcoins with all its attendant risks and potential headaches for the same rate as they can get on Bitstamp?
kraken, localbitcoins, both are fine.
Charts look the way op described but some pr buzz from example can push the price over 2000$ and then the real bottom will be much higher than it looks right now. Actually i think this is what 's happening over and over.
if there were more reliable /trustable exchanges a lot more people would sink money into BTC
in larger amounts
nobody wants to send shitloads of money to eastern europe or russia and take the risk of them
running with coins and claiming a hack or just disappearing altogether
ideally ,every country shud have an exchange so nobody sud have to transact interantionally but
we are just not there yet ....hopefully soon though
who the hell are you mr trollface? Go spam on btc-e faggot
You just want to buy lower. Kinda sad.
You just want to buy lower. Kinda sad.
u mad bro?
Charts look the way op described but some pr buzz from example can push the price over 2000$ and then the real bottom will be much higher than it looks right now. Actually i think this is what 's happening over and over.
Your post does not exactly shout confidence in current price level
Indeed!
Such a reaction (aggressive denial) in the face of a reasonable bit of speculative analysis suggesting the price may go down almost had me reaching for the SELL SELL SELL FKN SELL button.
Instead, I have just put the little tosser on ignore, have taken Amhii's comments on board, but am sticking with my gut instinct which is telling me at the moment to be patient. (I loaded up just recently at just a bit short of these high price levels).
oda.krell: Nice observation!
I did had that prediction and it failed.
Lucky for me, I didn't sell at all at the time. I only delayed my next buy.
There is a pretty large gap between these technical predictions of a down movement possibility and the actual account movement.
My main lookout is bullish and I will be very happy if the price goes up to $2000 and only then does the correction dance.
I guess we'll see one way or the other in a few days.
I did had that prediction and it failed.
Lucky for me, I didn't sell at all at the time. I only delayed my next buy.
There is a pretty large gap between these technical predictions of a down movement possibility and the actual account movement.
My main lookout is bullish and I will be very happy if the price goes up to $2000 and only then does the correction dance.
I guess we'll see one way or the other in a few days.
who the hell are you mr trollface? Go spam on btc-e faggot
You just want to buy lower. Kinda sad.
You just want to buy lower. Kinda sad.
Your post does not exactly shout confidence in current price level
The problem with your analysis is not that it's invalid per se, but that you're kind of sloppy in executing it. Even a cursory glance at your own chart will show you that a very similar pattern actually appeared on November 10 and 19th: volume (and momentum) declined as we recovered from the hit (and approached the respective ATHs). And seeing where we stand now, I wouldn't put too much weight on that signal.
In my opinion before a real correction happens (one that we don't recover from within a few days) buying pressure needs to lessen substantially. There's a very mild decline of it on btcny perhaps, but I don't see it as substantial enough to end the rally quite yet.
In my opinion before a real correction happens (one that we don't recover from within a few days) buying pressure needs to lessen substantially. There's a very mild decline of it on btcny perhaps, but I don't see it as substantial enough to end the rally quite yet.
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