Double Top Trend Reversal - page 2. | Bitcointalksearch.org

uki

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Quote from: Enjorlas on January 13, 2016, 04:36:05 PM

In my amateur opinion, I do believe we are having a trend reversal over the next few months based on the double top I presented and the google trends chart:

https://www.google.com/trends/explore#q=bitcoin

But in the months leading up to the halving, we are definitely in for a new all time high bubble.

I also don't agree that we will see the next ath just due to the halving. Halving alone would be not enough to get us to $1k, let alone Willy's finest mark. We would need something extra that will bring again a positive light to Bitcoin in the mainstream media. Something that influences adoption and deployment. I don't see it for now, thus my scepticism whether we at all get beyond $600. At the same I don't think there is a lot of room below our current levels. Support zone between $350 and $400 looks pretty solid and therefore I would expect more sideways trend towards the halving.

Enjorlas

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Quote from: uki on January 13, 2016, 04:23:38 PM

Quote from: Enjorlas on January 13, 2016, 02:59:26 PM

The double top is a frequent price formation at the end of a bull market. It appears as two consecutive peaks of approximately the same price on a price-versus-time chart of a market. The two peaks are separated by a minimum in price, a valley. The price level of this minimum is called the neck line of the formation.

This is what we have right now.

http://www.xe.com/currencycharts/?from=XBT&to=USD&view=1Y

I would be very careful with such an early call. For now what we clearly see on the picture you attached (and even better if you zoom out to 3 year perspective) is that we just reversed the 18-month long bear trend. From more or less summer 2015 we started to recover from that bear, but that doesn't mean that we will be growing infinitely long. There will be corrections on the way - that is something normal, yet it won't mean immediately another trend reversal. Unless we speak about extremely short time perspective, the trend is up for now. Double top formation you mention may start a correction, but the depth of this correction will show where we are.

In my amateur opinion, I do believe we are having a trend reversal over the next few months based on the double top I presented and the google trends chart:

https://www.google.com/trends/explore#q=bitcoin

But in the months leading up to the halving, we are definitely in for a new all time high bubble.

uki

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Activity: 1358

Merit: 1000

cryptojunk bag holder

Quote from: Enjorlas on January 13, 2016, 02:59:26 PM

The double top is a frequent price formation at the end of a bull market. It appears as two consecutive peaks of approximately the same price on a price-versus-time chart of a market. The two peaks are separated by a minimum in price, a valley. The price level of this minimum is called the neck line of the formation.

This is what we have right now.

http://www.xe.com/currencycharts/?from=XBT&to=USD&view=1Y

I would be very careful with such an early call. For now what we clearly see on the picture you attached (and even better if you zoom out to 3 year perspective) is that we just reversed the 18-month long bear trend. From more or less summer 2015 we started to recover from that bear, but that doesn't mean that we will be growing infinitely long. There will be corrections on the way - that is something normal, yet it won't mean immediately another trend reversal. Unless we speak about extremely short time perspective, the trend is up for now. Double top formation you mention may start a correction, but the depth of this correction will show where we are.

MF Doom

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btc doesnt seem to have any sort of price trend, it goes up when china does something like devalue their currency, or when the greek debt crisis was ongoing. any double top could be reversed if some more economic uncertainty news starts being put out there.

r0ach

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This isn't biotech stocks. Bitcoin is a safe haven for capital when legacy financial systems implode, and the halving occurs in 186 days as well. When big financial firms are on mainstream news saying the stock market is about to crash by 75%, would you rather have your money sitting in a bank instead of bitcoin when it happens? I suppose you could stay in cash and buy stocks on the dip, unless the crash is big enough for them to Gox your money. On the other hand, Bitcoin will be going up on the stock crash, so you don't even have to bother buying the dip. Shorting stocks with QEs dropped from the sky at random is also ridiculous unless you're an insider.

Unless you're some crazy gambler that wants to attempt to predict the oil bottom and go margin long, Bitcoin isn't that bad of an alternative. 21,000,000 ounces of gold were mined by gold miners last year. That's 21 billion dollars in gold inflation, three times Bitcoin's market cap of gold inflation in one year.

Enjorlas

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The double top is a frequent price formation at the end of a bull market. It appears as two consecutive peaks of approximately the same price on a price-versus-time chart of a market. The two peaks are separated by a minimum in price, a valley. The price level of this minimum is called the neck line of the formation.

This is what we have right now.

http://www.xe.com/currencycharts/?from=XBT&to=USD&view=1Y

Topic: Double Top Trend Reversal - page 2. (Read 1604 times)