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Topic: Mother of all Cups? (Read 2196 times)

legendary
Activity: 1168
Merit: 1000
October 25, 2013, 10:23:04 AM
#23
The mother...



Of all of the cups...

And every handle that ever lived...


legendary
Activity: 1036
Merit: 1000
October 25, 2013, 10:22:32 AM
#22
I also think the correction/pause will last a week or so. Given a whole week and given how fast we moved up without ever testing support, a dip down to $140 might even happen, as part of price discovery. If we'd built more of a base at $150 that wouldn't be necessary, but it will of course freak people out, no matter how many volatility warnings they hear in advance. EDIT: I just checked again and we did test support at 150, so I'm revising this to say it's unlikely to correct that far. $160 seems more likely, then probably quickly back up.

Rapid price rises always entail big volatility. It's just the nature of the beast. To think that we'll just go up to $100,000 in a series of smooth rallies and plateaus with never more than tiny corrections is pretty funny, but judging from many of the comments here it's the typical way people actually imagine a bull market, if unwittingly.
legendary
Activity: 1036
Merit: 1000
October 25, 2013, 10:12:46 AM
#21
Since going up within the next few days would still feel bubbly, I hope it either camps out around $200 or has a little mini-crash to shake out a few weaklings. I guess a crash would be slightly preferable? Either way, it's soon to go much higher.

Hm, this talk sounds familiar.

Oh yeah, it sounds like the first week of April.

And it sounds stangely familiar to the talk on April 10... something about shaking out the weak hands.

How did that work out again...?

It sounds like what people familiar with the Bitcoin market say during every correction, and yes, it's working out quite well for those who aren't so scared of their own shadow that they jump off whenever the price moves down. Markets. Don't. Move. In. Straight. Lines. The people who realize this will continue taking the money of the people who don't.
legendary
Activity: 1246
Merit: 1000
October 25, 2013, 10:06:29 AM
#20
Since going up within the next few days would still feel bubbly, I hope it either camps out around $200 or has a little mini-crash to shake out a few weaklings. I guess a crash would be slightly preferable? Either way, it's soon to go much higher.

Hm, this talk sounds familiar.

Oh yeah, it sounds like the first week of April.

And it sounds stangely familiar to the talk on April 10... something about shaking out the weak hands.

How did that work out again...?

Actually that worked out great, just not in the timescale many people were expecting. The months after the crash from April 10th are starting to look more and more like one big bear trap or shakedown, and the forming of this 'cup&handle' is a TA representation of that. We'll have to look at this picture again in a few months from now, but so far the 2011 scenario believers are looking to be on the wrong side of the bet. I'm expecting the current handle forming caused by profit takers to last a couple more days, maybe a week with a possible bottom at $165-170 on Gox. And then we might see a very strong breakout towards ATH and higher. Let's wait and see. Smiley
legendary
Activity: 896
Merit: 1000
October 25, 2013, 12:04:13 AM
#19
Since going up within the next few days would still feel bubbly, I hope it either camps out around $200 or has a little mini-crash to shake out a few weaklings. I guess a crash would be slightly preferable? Either way, it's soon to go much higher.

Hm, this talk sounds familiar.

Oh yeah, it sounds like the first week of April.

And it sounds stangely familiar to the talk on April 10... something about shaking out the weak hands.

How did that work out again...?
legendary
Activity: 1036
Merit: 1000
October 25, 2013, 12:01:59 AM
#18
Since going up within the next few days would still feel bubbly, I hope it either camps out around $200 or has a little mini-crash to shake out a few weaklings. I guess a crash would be slightly preferable? Either way, it's soon to go much higher.
legendary
Activity: 1168
Merit: 1000
October 24, 2013, 11:36:30 PM
#17
hero member
Activity: 728
Merit: 500
October 24, 2013, 11:20:53 PM
#16
I see perhaps a small capitulation  eventually connecting with the original july trendline and reversing around $160. On the other hand, bid depth on bit stamp and BT China are at record highs. So I don't know.
legendary
Activity: 2097
Merit: 1070
October 24, 2013, 10:33:00 PM
#15
Not enough money on the exchanges for a rocket to new highs. Down down down we go.

+1 It's coming - bids are low.
legendary
Activity: 1022
Merit: 1000
October 24, 2013, 10:22:16 PM
#14
Handles usually retract 50% (to 150$) or even 61.8% (130$) of the cup height. The lower it goes the more bearish is the prognosis. A bearish factor in our case is that the last uptick couldnt reach up all the way to the 266$ level which marks the other side of the "cup". This is TA fundamentals that are usually applied to normal market conditions though. This cup is the product of two bubbles, so it is quite a unique  case. I couldent really tell what the outcome of this could be with any certainty.
sr. member
Activity: 448
Merit: 250
October 24, 2013, 07:14:14 PM
#13

I'm no expert, but doesn't this look like a giant cup&handle to you? The handle seems to be forming right now, so what do you think is next? Cool

So in your opinion we're going to go even lower to form the outer rim of the "cup", before shooting up again?
hero member
Activity: 487
Merit: 500
Are You Shpongled?
October 24, 2013, 06:26:39 PM
#12
More candles are needed. That is a pretty small handle when the cup is months in the making.
sr. member
Activity: 476
Merit: 250
October 24, 2013, 03:38:30 PM
#11
handle goes down much further than that!
legendary
Activity: 2100
Merit: 1000
October 24, 2013, 03:09:21 PM
#10
Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)

That could either be really fun, or really scary...

thanks for highlighting the typo:
Tub
Tube..

anyway champagne can be in both...

but I agree that this breakout may take some time before it can happen...
legendary
Activity: 1064
Merit: 1001
October 24, 2013, 02:21:10 PM
#9
Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)

That could either be really fun, or really scary...

$1,000,000,000,000 per coin??
hero member
Activity: 686
Merit: 500
Ultranode
October 24, 2013, 02:21:00 PM
#8
Not enough money on the exchanges for a rocket to new highs. Down down down we go.
full member
Activity: 159
Merit: 100
October 24, 2013, 02:20:53 PM
#7
I think he's referring to the cup and handle pattern, mentioned first in this thread https://bitcointalk.org/index.php?topic=274613.200
legendary
Activity: 1260
Merit: 1000
Drunk Posts
October 24, 2013, 02:17:12 PM
#6
Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)

That could either be really fun, or really scary...
legendary
Activity: 2100
Merit: 1000
October 24, 2013, 01:59:52 PM
#5
Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)
sr. member
Activity: 252
Merit: 250
October 24, 2013, 01:59:27 PM
#4
With Bitcoin, who the fuck knows..

^ This.
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