Topic: Nights Watch by Afrikoin - page 187. (Read 303310 times)
“In five short years Bitcoin has issued 12 million units valued at $6 billion,” stated Mr Matonis. “No other virtual currency has ever done that in the history of modern economics. That demonstrates that we don’t need governments to provide our currency. We don’t need kings to coin our money. The myth of legal tender has been shattered. With apologies to the Chancellor, the emperor has no clothes.”
Does this look familiar?
a- b- c
a- b- c
Only valid if it is an expanding diagonal, as 4 overlaps with 1
Same with David's chart above, post #225
However, in other charts (I think by Ryan on Masterluc's thread) it has been suggested that in the case of BTC, what is labelled as 2 is actually a truncated 5th of the previous C. In which case, drop from 300-200 is wave 1, and this is an a-b-c wave 2 retracement. Which would put as at a .75 retracement - perfectly reasonable for a wave 2 and could even go higher (invalidation at 300)
Does seem a little out of proprtion time-wise though (EDIT: maybe not). Interested to hear any pro EWers chime in on this.
Great thread by the way Afrikoin
EDIT: This count (truncated 5th where David has labelled 2) has almost been invalidated on the chinese exchanges, where we have a close to 100% retracement already (invalidation at 1845 CNY on OKC, 1850 on Huobi), but there may be an alt count there.
Does this look familiar?
a- b- c
a- b- c
I'm signing up for this thread, if you don't mind.
Karibu!
I'm signing up for this thread, if you don't mind.
I really love following this particular currency, as it offers a challenge like no other asset. However, the more I study and analyze it, the more it seems to fall in the category of institutionally-controlled asset. I say only because all other retail-level timeframes are not able to provide any reliable or consistent result relative to the analysis, as it proves me wrong every step of the way within the M5, M15 and H1 timeframes - Yet, these are retail-level frames, where the Predictive/Forecasting Model can usually decipher between the two
However, once it stops showing this ability to decipher between the retail and the institutional plays, this only means one thing: The price moves at the scale of institutional players, and there is nothing that the retail-side can do to influence this asset. Again, I can only say this because there is a level that the Predictive/Forecasting Model defines for itself as a "Watch Line", or defined as "WL" in all of the analyses I do. And once this line is broken, it demands that the analysis be pushed and stayed at the next level up times 4.
However, once it stops showing this ability to decipher between the retail and the institutional plays, this only means one thing: The price moves at the scale of institutional players, and there is nothing that the retail-side can do to influence this asset. Again, I can only say this because there is a level that the Predictive/Forecasting Model defines for itself as a "Watch Line", or defined as "WL" in all of the analyses I do. And once this line is broken, it demands that the analysis be pushed and stayed at the next level up times 4.
Whats with the inconsistency in volumes? move up looks fishy
bitfinex lost alot of its former customers... for volume look at the other exchanges (even if faked) instead.
Thanks for pointing that out. Slipped my mind. Bitfinex losing traders to other exchanges after last big incidence - flash crash, trading engine etc
" however if a few hundred million Chinese decide that the time has come to use bitcoin as the capital controls bypassing currency of choice, and decide to invest even a tiny fraction of the $22 trillion in Chinese deposits...
... in bitcoin (whose total market cap at last check was just over $3 billion), sit back and watch as we witness the second coming of the bitcoin bubble, one which could make the previous all time highs in the digital currency, seems like a low print."
http://www.zerohedge.com/news/2015-10-16/capital-controls-blowback-bitcoin-surges-back-pre-china-currency-wars-levels
... in bitcoin (whose total market cap at last check was just over $3 billion), sit back and watch as we witness the second coming of the bitcoin bubble, one which could make the previous all time highs in the digital currency, seems like a low print."
http://www.zerohedge.com/news/2015-10-16/capital-controls-blowback-bitcoin-surges-back-pre-china-currency-wars-levels
Whats with the inconsistency in volumes? move up looks fishy
bitfinex lost alot of its former customers... for volume look at the other exchanges (even if faked) instead.
Whats with the inconsistency in volumes? move up looks fishy
Updated chart from before with the latest price movements. You can also find it in the comments of the article I posted yesterday, BTCUSD Short Term Corrective Rally.
Quote
Update on the recent jump to $267 which is following the count in the OP as a Wave 3 of C, hitting the 3.618 extension of Wave 1. We should expect a short but sharp retrace before the last move up to ~$274 as the top of the entire corrective move. Stay tuned for more.
Very smart read
The Implications of Bitcoin: Money Without Government
http://www.financialsense.com/contributors/jon-matonis/implications-bitcoin-money
The Implications of Bitcoin: Money Without Government
http://www.financialsense.com/contributors/jon-matonis/implications-bitcoin-money
My take on the current price movement. The first fib levels represent the extension of Wave (A) to estimate levels for Wave (C). The second scale represents the extension of Wave 1 of C to estimate the levels for Wave 5 of C. It's possible that Wave (C) will be topping near the $273 mark as the 1.618 extension of Wave (A), assuming my count is valid.
If you're reading this and can help, please do. . .
Can anyone get me a fused chart - bitcoin and gold prices in one chart, side by side. Daily as far back as possible.
Please post it here.
Clean chart.
Trying to figure out correlation
Can anyone get me a fused chart - bitcoin and gold prices in one chart, side by side. Daily as far back as possible.
Please post it here.
Clean chart.
Trying to figure out correlation
Updated: #Gold having a nice week. Up & over the 200-day EMA today. Watch 115 (up). 110 (dn). $GLD
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