Topic: Bitcoin ready for a correction - page 3. (Read 4317 times)

I agree. Wait and see.

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.

$1200 again now on gox

i think there are plenty of sharks in the water at the moment so if bitcoin prices were to tumble from a large dump etc
they would all be snapped up ASAP and start to rise again to  $1000+

bitcoin has  gotten so much publicity lately people are  having difficulty getting money in exchanges to buy any

well, anything is possible. It seems to have pretty strong support above 700 at this point. People have been saying it's a bubble now since 1000 (since 800 really). Time will tell. I thought I bought into a bubble at 320.

oh come on he has a reasonably good analysts.


I disagree, bitcoin is moving up FAST for a good reason. technical indicators won't make much sense until the market can price in the growth, this could take years, as the growth is ongoing, and shows no sign of stopping.

I think there will be a final leg up to about 2000 and then some real crash/correction. Given of course that 1200 is broken in the next 48 hours, which I think it will be.

Didn't we just have a correction? In my opinion we are seeing the same pattern we saw after the last correction when price dropped from 900 to 453 on MtGox. Price is recovering fast, then we see a consolidation on low volume just below ATH and then a significant breakout happens on higher volume. Maybe this time it's different, but that's what they always say don't they?

Yeah man. He is just speculating. We all like guessing what the price will be, even though no of us knows. 

Damn dude.  Why so hostile?

who the hell are you mr trollface? Go spam on btc-e faggot
You just want to buy lower. Kinda sad.

Bitcoin has gone up fast in November 2013 and now in early December it might give you an opportunity to buy at lower prices again.

The daily candlestick chart of bitcoin vs. the USD on Mt.Gox looked very familiar to me and convinced me to sell some bitcoins, if and when the value drops a bit, I will buy back more bitcoins.

http://chartly.com/wp-content/uploads/2013/12/Screenshot-from-2013-12-04-155041.png

The high of $1242 from 6 days ago is tested again today. If you look at the MACD-Histogram, you will see that it is not matching the pattern of the price movement, it is steadily declining.
Don’t take me wrong, I sold only a small part of my bitcoin holdings as an amusement ride. Most of my position is a long bitcoin one.This is a classical divergence and could be a sign that the bitcoin price is about to drop sharply to $800 or maybe even lower, this is the level of the lowest price 4 days ago.

I will be amused if the drop in price will trigger a media frenzy where they will call it an unstable asset, not suitable as a currency and too risky to use in any way. This may actually help the down movement I anticipate here.
rough a rapid up trend similar to November 2013 to the next level.Later on, the media will neglect bitcoin and it will stabilize around a new level, at the neighborhood of $1000 for a year or less, then it will go through a more quiet phase.

What do you think will happen to the price in the coming days and weeks?

http://chartly.com/bitcoin-ready-for-a-correction/