Topic: Is the price slowly climbing? - page 8. (Read 23247 times)
I'm amazed how many babysteps the price makes. Are we going to $4?
notice the long term MACD on a rising trendline with a recent crossover UP. this is strengthening.
No, the price is not slowly climbing.
At this point, the only remaining question is how the end game plays out.
As I've been saying for a while, if you're not out, get out. Especially get any cash and Bitcoins out of the "exchanges" if you're not trading them in the next 24 hours.
+1 for the price part
-1 for the get out cash part. I don't think Mtgox will runaway with our money. Bitcoins can be stored in one's wallet and move them when needed. But cash takes a 2 days at least.
No, the price is not slowly climbing.
At this point, the only remaining question is how the end game plays out.
As I've been saying for a while, if you're not out, get out. Especially get any cash and Bitcoins out of the "exchanges" if you're not trading them in the next 24 hours.
I guess someone has finally decided to apply a volatility tax in the form of distributed bids on all movement. The downside I think is that if things move big, they might really start to move because of all of the built up pressure.
today it's been a bit quiet
Today I saw one of the quietest, flattest periods I've ever seen - Check out the almost straight line at 2.74 level.
Don't fall for it.
It's the continuation of the pump & dump pattern, if you buy now you would get lucky to even cover the exchange fees on low volume. But if you're unlucky you end up holding the bag.
I'm not about to fall for anything, but I don't really know what you're talking about. We've had very high volume and volatility lately, today it's been a bit quiet but having a slow climb during a quiet day is a good sign.It's the continuation of the pump & dump pattern, if you buy now you would get lucky to even cover the exchange fees on low volume. But if you're unlucky you end up holding the bag.
I'm not advocating an all-in move at this time nor am I advocating buying and holding but I feel there is a possibility for a rally right now, what people choose to do about it is their concern.
Any type of all-in at this stage is very risky but I do think a partial buy is not a bad move right now.
Don't fall for it.
It's the continuation of the pump & dump pattern, if you buy now you would get lucky to even cover the exchange fees on low volume. But if you're unlucky you end up holding the bag.
It's the continuation of the pump & dump pattern, if you buy now you would get lucky to even cover the exchange fees on low volume. But if you're unlucky you end up holding the bag.
Noticing that we are in the process of a slow climb again. The support at $2.x has been surprisingly strong. This will raise the general confidence people have in Bitcoin.
The 2.04 low hasn't held for long enough yet, not even close, but at least it's looking better. If $3 breaks in the near future, I think there is a high probability that we'll see a rally that'll extend to $4.x at least.
The 2.04 low hasn't held for long enough yet, not even close, but at least it's looking better. If $3 breaks in the near future, I think there is a high probability that we'll see a rally that'll extend to $4.x at least.
I think the longer it takes to get to $4, the less likely it will get there at all before crashing.
I think it's going to hang around $3 for a week or two, then go up to $4 briefly in November, then gradually crash really really low like slightly below $1.
ah! thats a good one.
$0.75 would paint the streets a brighter shade of blood than I could stomach. BitcoinBull, as I said earlier, bitcoin will be "deflowered by a chainsaw" if 5/c turns into an negative impulse (five waves "d" and "e"). Wave II (June-Dec) just looks picture perfect to me. What else would confirm a reversal?
a) the only absolute rule for the corrective wave II is that it "can never extend beyond the starting point of wave one" (which was $0.00-$0.10).
b) "prices usually do not retrace more than 61.8% of the wave one gains" - fat finger measurement places the 62% retracement of wave one ($0.10-$30) at about $0.75-$1.00.
Considering this is a log chart, $0 is infinitely down. I've thrown both of the above rules out with respect to Waves I,II, relying solely on rule (c) and my fat fingers. I've applied rules on a,b,c, but I don't trust bitcoin nor my fat fingers on tiny 1-5 scales. Here's to palm reading! b) "prices usually do not retrace more than 61.8% of the wave one gains" - fat finger measurement places the 62% retracement of wave one ($0.10-$30) at about $0.75-$1.00.
My Elliott waves were poorly received in the TA thread, but to me, we're clearly in the middle of the final c wave since June and I expect a massive year long rally (III) before the end of the year. In shorter terms, I expect we'll climb a bit and finally crash to the base ($1's) in a month's time. Since I updated this chart last week, bitcoin continues to follow this textbook pattern. We're now in the 4th wave before the 5th and final plunge.
ah! thats a good one.its a great one. Some additional comments:
a) the only absolute rule for the corrective wave II is that it "can never extend beyond the starting point of wave one" (which was $0.00-$0.10).
b) "prices usually do not retrace more than 61.8% of the wave one gains" - fat finger measurement places the 62% retracement of wave one ($0.10-$30) at about $0.75-$1.00.
c) "Wave C is typically at least as large as wave A and often extends to 1.618 times wave A or beyond." - fat finger places 1.6 times wave A (from $30 to $6), starting from B ($12) to down around $0.75.
Drawing trendlines, and placing particular importance that the bottom of the long-term channel holds (it broke at $3.30) was "technical analysis". Now by focusing on EWT, we're just practicing straight numerology (mixed with a little mass psychology)
Related: Elliott Wave Educational Video Series
@netrin: but what if we were at C-5-II?
Today? Then my interpretation of the chart would be very wrong and I won't recommend listening to me further. If someone just counts "how often was he right"
It's also dangerous to listen to the conclusions of others without understanding from what data and methods he derived those conclusions. For example, on the three day chart, I had been watching an inverted parabola (a nice gentle peaks) and am tempted to call $3 the local top (I don't believe it is, but why not?). I drew up my chart last week before we hit $2, so to assume the chart definitively predicts a high is foolish. The nice thing about Elliott Waves is that every serious trader knows about them and at least partially basis their decisions on them. That by definition distorts the wave.
Did you just call me a non-serious trader? Oh well.
I deliberately ignore chartist theories whenever I have a long-term goal in mind or another model to work on (read: on all my speculations so far). Chartist theories are an endless loop by definition, since if they were true, every trader should assume the other traders to act based on the theory, which means they will act the same way as he. This leads to the time-scale of all changes converging to the thinking/reaction time. Time "collapses", the market would reach the final state any analysis predicts immediately. This is a nonsensical outcome I haven't seen in real life.
That's the theoretical indicator that something is wrong with them. There is another, an explanation why people would still cling to it.
Chartism can make predictions that are true more than 50% of the time, without giving a positive expectation value on speculations. Enough people think in binary decisions ("will it go up or down") instead of using the correct statistical method: µ = sum over probability times earnings balance of each scenario.
If someone just counts "how often was he right", I can summarize the last half year of Bitcoin as an almost perfect "analyst" by saying "just follow the monthly trend". It was wrong only once, around the 32-peak. I doubt it is a useful method though.
Looks like the market gives second chances. Someone dump 20,000 coins and get some good money.
@netrin: but what if we were at C-5-II?
@netrin: but what if we were at C-5-II?
@netrin: are we going to point 4 now?
My eyeballs say yes, if $3 wasn't already '4'. The previous corrections, August and September, were week long rallies, so there may be more chu-chu in this weekend train.
I expect '5' will be when even I am no longer optimistic, when you've withdrawn from markets into the banks, realized that bitcoin was a ponzi scheme after all, and the Speculation subforum is a depressed ghost town. That you're even considering this Elliott nonsense with a hopeful eye tells me we've still got more pain to come, before a weak pathetic bloodied crawl up III(i). I don't think the market fears another drop to '5', it's looking forward to it.
Thought so. $2 seemed still way too low. Next month will be lower than $2 I suspect.
I don't know what it will rally to now.
I don't know what it will rally to now.
@netrin: are we going to point 4 now?
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