Is it a double top? | Bitcointalksearch.org

John999

newbie

Activity: 2

Merit: 1018

Quote from: jl2012 on July 23, 2015, 03:36:11 AM

Quote from: ?? on ??

Quote from: lebing on July 22, 2015, 11:04:46 AM

Quote from: masterluc on July 22, 2015, 03:54:32 AM

Double top matters in progressive uptrend.

"With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Top Reversal, a significant uptrend of several months should be in place."

this.

Well there was an uptrend from $150 on January 14th to almost $300 on March 12th.

You can't say there is a "trend" just by connecting 2 points

So how do you call a period where the price doubles in the matter of 2 months?

bassclef

hero member

Activity: 924

Merit: 1000

Quote from: lebing on July 22, 2015, 11:04:46 AM

Quote from: masterluc on July 22, 2015, 03:54:32 AM

Double top matters in progressive uptrend.

"With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Top Reversal, a significant uptrend of several months should be in place."

this.

Also agreed. A double top of such magnitude would only take on importance if there was an equally large uptrend behind it. The pattern (along with head & shoulders tops, triple tops, etc) implies distribution where quality of share ownership becomes poor when strong hands sell their shares to starry-eyed buyers (future weak hands) near the market top. This transfer causes the bear market.

One only sees this type of distribution after a long bull market. After a long bear market, the strong hands are busy collecting to distribute again at higher prices. It's much more likely that's what's happening here--accumulation and not distribution.

Natalia_AnatolioPAMM

full member

Activity: 280

Merit: 100

Quote from: titulng on July 23, 2015, 03:20:12 AM

the price can't touch more top in the next futrue. also $300 in the end of year

agree 100%

jl2012

legendary

Activity: 1792

Merit: 1121

Quote from: ?? on ??

Quote from: lebing on July 22, 2015, 11:04:46 AM

Quote from: masterluc on July 22, 2015, 03:54:32 AM

Double top matters in progressive uptrend.

"With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Top Reversal, a significant uptrend of several months should be in place."

this.

Well there was an uptrend from $150 on January 14th to almost $300 on March 12th.

You can't say there is a "trend" just by connecting 2 points

titulng

sr. member

Activity: 484

Merit: 250

HubrisOne

the price can't touch more top in the next futrue. also $300 in the end of year

lebing

legendary

Activity: 1288

Merit: 1000

Enabling the maximal migration

Quote from: masterluc on July 22, 2015, 03:54:32 AM

Double top matters in progressive uptrend.

"With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Top Reversal, a significant uptrend of several months should be in place."

this.

Alley

legendary

Activity: 910

Merit: 1000

I agree. This steady no volume period seems like what happened in the 220s.

Amph

legendary

Activity: 3248

Merit: 1072

Quote from: NorrisK on July 22, 2015, 08:23:20 AM

Quote from: spazzdla on July 22, 2015, 08:13:18 AM

.. I have a feeling sub $200 or over $400 soon.. hum.. but it's just a feeling.

Or we just stay where we are and after a certain amount of stabilization we move to a stable range at 320.

in other word we are repeating what happened with 220-250 range but this time with another range, this is a scenario that is more likely than a simple furious pump or dump under 200

hironically , it seems that people cannot accept a steady growth even though, they think it is the best thing that can happen to bitcoin

NorrisK

legendary

Activity: 1946

Merit: 1007

Quote from: spazzdla on July 22, 2015, 08:13:18 AM

.. I have a feeling sub $200 or over $400 soon.. hum.. but it's just a feeling.

Or we just stay where we are and after a certain amount of stabilization we move to a stable range at 320.

spazzdla

legendary

Activity: 1722

Merit: 1000

.. I have a feeling sub $200 or over $400 soon.. hum.. but it's just a feeling.

Wexlike

legendary

Activity: 1474

Merit: 1087

Quote from: darkangel11 on July 20, 2015, 07:18:09 PM

Quote from: afbitcoins on July 20, 2015, 06:10:22 PM

Quote from: hodlmybtc on July 20, 2015, 04:43:19 PM

It looks and is a cup and handle

I agree

We really need this after almost 2 years. Time to send the bears to their caves!

Can't agree more. After 1 and a half year of bear market, everyone hopes for trend reversal but at the same time has pretty low expectations after the false rally in the summer of 2014 and the crushing free fall in the beginning of this year.

In my honest opinion, this might be the perfect brewing for a new storm. A lot of bulls will sell at what they think is the top, just to buy in lower, but the market will leave them behind. I expect the unexpected.

masterluc

legendary

Activity: 938

Merit: 1013

Double top matters in progressive uptrend.

"With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Top Reversal, a significant uptrend of several months should be in place."

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: afbitcoins on July 20, 2015, 06:10:22 PM

Quote from: hodlmybtc on July 20, 2015, 04:43:19 PM

It looks and is a cup and handle

I agree

We really need this after almost 2 years. Time to send the bears to their caves!

ejinte

hero member

Activity: 644

Merit: 500

Quote from: coinableS on July 19, 2015, 10:52:29 AM

How come your chart doesn't show us breaking $300? Was I dreaming last week when that happened? I say no it's not a double top since we broke the previous top by over $10. Things just need to retrace a little and settle down, it's healthier growth that way anyways. See y'all at $1200 Wink

This is a euro chart.

yayayo

legendary

Activity: 1806

Merit: 1024

Quote from: hodlmybtc on July 20, 2015, 04:43:19 PM

It looks and is a cup and handle

It can only be interpreted as a specific pattern, after the pattern is completed. I think looking at volume is more informative. Current volume looks like that there are slightly more buyers than sellers.

Most likely we will see a slow rise (through multiple jumps and crashes) to the $300-400 range and stay there for several months imho. I don't expect the next serious run up before next year.

ya.ya.yo!

afbitcoins

legendary

Activity: 2101

Merit: 1061

Quote from: hodlmybtc on July 20, 2015, 04:43:19 PM

It looks and is a cup and handle

I agree

hodlmybtc

hero member

Activity: 700

Merit: 500

It looks and is a cup and handle

Dump3er

hero member

Activity: 1526

Merit: 597

I dont get it? What you are trying to say?!

Until now it is no double top, since the price did not fall below the low between both tops, what indeed whould result in a confirmed double top with a price target below 100. So at most you are speculating for a double top or, what is more probable (when reading your further argumentation about bear/bull traps), you dont know what you are talking about...

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

It looks like a double top, until it doesn't. It may go down, then you'll wait.. and say oh, this now looks like a triple top.. and so on, until one of those tops doesn't go down, and you miss the next pump and stay out forever as a new ceiling is established. Moral of the story: never sell.

randy8777

legendary

Activity: 896

Merit: 1000

Quote from: magicmexican on July 19, 2015, 10:18:22 AM

Yeah well best case scenario that its just a small bear trap resulted from profit taking from 300$+, but a very good chance that it was just a train being totally shut down, and the reality will just settle in once again @230$ or so.

At least there is finally some kind of movement happening, the whole year so far being as boring as it could've been.

people say they like stability in the price, but when it happens to be somewhat "stable" people get bored and want to get the volatility back.

coinableS

legendary

Activity: 1442

Merit: 1188

Quote from: David Latapie on July 19, 2015, 05:20:57 AM

The main reason why I am not sure it is a double top is because there have three months between each top.

My personal belief is that we are experiencing a double top which will start a ~~bull~~ bear trap followed by either a pump (pessimistic) or a bull market (optimistic) in September (Martin Armstrong predicted a financial crisis worse than 2008 and starting in Q4 2015).

This article goes to the same direction of a bull trap: that the recent events are misleading:

Quote

While it seems awareness of bitcoin has increased in [Greece], Liapi isn't convinced this is behind the recent increase in the price of bitcoin.

Thoughts?

Edit: typo (bull trap changed to bear trap)

How come your chart doesn't show us breaking $300? Was I dreaming last week when that happened? I say no it's not a double top since we broke the previous top by over $10. Things just need to retrace a little and settle down, it's healthier growth that way anyways. See y'all at $1200 Wink

Amph

legendary

Activity: 3248

Merit: 1072

not sure i would wait a bit more, it could be a SHS in disguise, the first ramp up of the head can coincide with the last top some times

if we can secure 300-350 in a short and resoanable amount of time then i would not call is a double top

magicmexican

hero member

Activity: 812

Merit: 1000

Yeah well best case scenario that its just a small bear trap resulted from profit taking from 300$+, but a very good chance that it was just a train being totally shut down, and the reality will just settle in once again @230$ or so.

At least there is finally some kind of movement happening, the whole year so far being as boring as it could've been.

Stedsm

legendary

Activity: 3052

Merit: 1273

There still seem "HOPES" for Bitcoin to go ahead and break some more lines ahead above.
As it is all about speculation, "HOPES" always make you feel that you are safe, but they won't make you win always.

8up

hero member

Activity: 618

Merit: 500

Quote from: ronald98 on July 19, 2015, 05:39:55 AM

This chart makes it look closer to a triple top. However, it also shows something that looks like a cup and handle forming. The triple top says we go down, but the cup and handle says we go up. The charts seem to be giving conflicting signals, and some of the TA guys don't seem too sure either. I don't think anyone knows which way it will go until we get a big move.

Also looks like Adam and Eve.

Most indicators (misleading?) show, that we are right before a rise up to new highs at least for 2015.

I only see doubt from EW guys. + a possible double/triple top.

Else:

Capitulation (V=Adam) check
Cup and Handle (U=Eve) check
Doubble/Triple Bottom (W) check
Golden Cross check
PSAR up check
Volume up check
Lin/Log Downtrend broken check
Pre-rise (long lasting) stability phase check
Many traders still bearish check

As long as we stay above $230 this is a bullmarket, still to be recognized (after 6 month going!)

ronald98

sr. member

Activity: 314

Merit: 250

This chart makes it look closer to a triple top. However, it also shows something that looks like a cup and handle forming. The triple top says we go down, but the cup and handle says we go up. The charts seem to be giving conflicting signals, and some of the TA guys don't seem too sure either. I don't think anyone knows which way it will go until we get a big move.

David Latapie

hero member

Activity: 658

Merit: 503

Monero Core Team

The main reason why I am not sure it is a double top is because there have three months between each top.

My personal belief is that we are experiencing a double top which will start a ~~bull~~ bear trap followed by either a pump (pessimistic) or a bull market (optimistic) in September (Martin Armstrong predicted a financial crisis worse than 2008 and starting in Q4 2015).

This article goes to the same direction of a bull trap: that the recent events are misleading:

Quote

While it seems awareness of bitcoin has increased in [Greece], Liapi isn't convinced this is behind the recent increase in the price of bitcoin.

Thoughts?

Edit: typo (bull trap changed to bear trap)

Topic: Is it a double top? (Read 2438 times)