It's called a correction (waveaddict's bitcoin charting subscription thread) - page 17.

Hunterbunter

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Quote from: waveaddict on March 19, 2012, 07:30:34 PM

Quote from: Hunterbunter on March 19, 2012, 07:24:15 PM

What are the chances of it finishing the age old correction @ 4ish?

I heard it can do it this side of the channel...which would be some sort of official reversal marker or something.

your thinking is correct however we need to go a tad lower than 4

hmm...that means it will take a few weeks for this to play out...bleh more waiting around!

Unless...you can break the channel a little and it still count as a rebound..? oo or it could do it twice!

waveaddict

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Quote from: M4v3R on March 19, 2012, 07:08:10 PM

MACD crossed, also, daily 10-21 EMAs are about to get crossed. I guess we could see more downside soon.

most of the time, a short term bottom occurs as a major bearish cross happens. However, that bottom is just that...short term. Remember, indicators are always lagging by nature.

waveaddict

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Quote from: Hunterbunter on March 19, 2012, 07:24:15 PM

What are the chances of it finishing the age old correction @ 4ish?

I heard it can do it this side of the channel...which would be some sort of official reversal marker or something.

your thinking is correct however we need to go a tad lower than 4

waveaddict

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Quote from: pent on March 19, 2012, 06:55:34 PM

Quote from: waveaddict on March 19, 2012, 06:48:47 PM

you are forgetting about the many waves off the 5.45 top

Not a competitor to you ))

just watching a game, having a bud

wassup

Btw, daily MACD is about to intersect downside.

I'm keeping an eye on it. Enjoy those beers for me

Hunterbunter

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What are the chances of it finishing the age old correction @ 4ish?

I heard it can do it this side of the channel...which would be some sort of official reversal marker or something.

M4v3R

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MACD crossed, also, daily 10-21 EMAs are about to get crossed. I guess we could see more downside soon.

pent

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Quote from: waveaddict on March 19, 2012, 06:48:47 PM

you are forgetting about the many waves off the 5.45 top

Not a competitor to you ))

just watching a game, having a bud

wassup

Btw, daily MACD is about to intersect downside.

waveaddict

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Quote from: pent on March 19, 2012, 06:45:42 PM

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Sorry guys, drunked a bit, could make mistakes :::beer:::

you are forgetting about the many waves off the 5.45 top

pent

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This is my drunked prediction! :::beer:::

pent

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According to simple 1-2-3-4-5 wave I expect the bottom of current short-term anti-rally at ~4.4 (4.4 is a massive support)

WWLS?

pirateat40

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"Yes I am a pirate, 200 years too late."

Quote from: waveaddict on March 19, 2012, 06:28:48 PM

let's just say that going vertical in one direction is not going to be sustainable for very long.

Oh yea...

Hunterbunter

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Quote from: waveaddict on March 19, 2012, 06:28:48 PM

Quote from: pirateat40 on March 19, 2012, 06:00:16 PM

Quote from: waveaddict on March 19, 2012, 05:50:54 PM

The 38.2% Fibonacci retracement off this sharp move from $5.26 to the first bottom of $4.84 was around $5. So the likely retrace to 5 after 4.84 was probably a wave 4 meaning that we are currently in a terminal 5 which will likely bottom us out in the 4.6 - 4.75 range before we head up in a meaningful correction.

Where do you see the price in 1 hour?

let's just say that going vertical in one direction is not going to be sustainable for very long.

That's true...it's pretty rare to see drops/rises greater than 50c all within an hour.

waveaddict

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Quote from: pirateat40 on March 19, 2012, 06:00:16 PM

Quote from: waveaddict on March 19, 2012, 05:50:54 PM

The 38.2% Fibonacci retracement off this sharp move from $5.26 to the first bottom of $4.84 was around $5. So the likely retrace to 5 after 4.84 was probably a wave 4 meaning that we are currently in a terminal 5 which will likely bottom us out in the 4.6 - 4.75 range before we head up in a meaningful correction.

Where do you see the price in 1 hour?

let's just say that going vertical in one direction is not going to be sustainable for very long.

Flappy

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