PnF TA - page 74. | Bitcointalksearch.org

TPTB_need_war

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Quote from: Afrikoin on August 03, 2015, 02:56:24 PM

i've noticed that too. But it seems to change. At time both are correlated, at time, inversely correlated.

Quote from: av123 on August 03, 2015, 03:10:21 PM

He is saying that the two are now inversely correlated.

The chart showed they are highly correlated. It showed their prices always return to agreement. Short-term opposite moves are negated and they move back into sync in their mutual downtrend.

And gold is going to < $700 by end of Q1 2016.

One more trip for BTC up to $330 - $340ish, then down we go.

kLee apologies. My last post here for a while.

av123

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Quote from: Fakhoury on August 03, 2015, 02:57:18 PM

Quote from: brg444 on August 03, 2015, 02:49:07 PM

Quote from: Afrikoin on August 03, 2015, 02:43:13 PM

that long term bull trend line really added some colour. Might be the line to watch now.

TPTB so you see gold stay low tilll March next year?

I'm inlcined to see it your way. Can't see bitcoin go up massively if gold is going down.

Great discussion everyone!

this is a curious thing to say

Quote from: Luthier on July 29, 2015, 12:05:27 PM

2015 tells a different story. Orange line is XAUUSD

What you want to say brg ?

He is saying that the two are now inversely correlated.

Fakhoury

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Quote from: brg444 on August 03, 2015, 02:49:07 PM

Quote from: Afrikoin on August 03, 2015, 02:43:13 PM

that long term bull trend line really added some colour. Might be the line to watch now.

TPTB so you see gold stay low tilll March next year?

I'm inlcined to see it your way. Can't see bitcoin go up massively if gold is going down.

Great discussion everyone!

this is a curious thing to say

Quote from: Luthier on July 29, 2015, 12:05:27 PM

2015 tells a different story. Orange line is XAUUSD

What you want to say brg ?

Afrikoin

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Quote from: brg444 on August 03, 2015, 02:49:07 PM

Quote from: Afrikoin on August 03, 2015, 02:43:13 PM

that long term bull trend line really added some colour. Might be the line to watch now.

TPTB so you see gold stay low tilll March next year?

I'm inlcined to see it your way. Can't see bitcoin go up massively if gold is going down.

Great discussion everyone!

this is a curious thing to say

Quote from: Luthier on July 29, 2015, 12:05:27 PM

2015 tells a different story. Orange line is XAUUSD

i've noticed that too. But it seems to change. At time both are correlated, at time, inversely correlated.

brg444

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Quote from: Afrikoin on August 03, 2015, 02:43:13 PM

that long term bull trend line really added some colour. Might be the line to watch now.

TPTB so you see gold stay low tilll March next year?

I'm inlcined to see it your way. Can't see bitcoin go up massively if gold is going down.

Great discussion everyone!

this is a curious thing to say

Quote from: Luthier on July 29, 2015, 12:05:27 PM

2015 tells a different story. Orange line is XAUUSD

Afrikoin

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alan watts is all you need

that long term bull trend line really added some colour. Might be the line to watch now.

TPTB so you see gold stay low tilll March next year?

I'm inlcined to see it your way. Can't see bitcoin go up massively if gold is going down.

Great discussion everyone!

klee

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Quote from: TPTB_need_war on August 03, 2015, 10:01:08 AM

Quote from: klee on August 03, 2015, 09:55:20 AM

Still at 320$, it is remarkable how it bounced back in this resistance!

Eyeballing it, looks like $325 now. What will the line projection be in September?

320 but it could spike easily 5-10$ more. At August 31st is about 330$

TPTB_need_war

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Quote from: klee on August 03, 2015, 09:55:20 AM

Still at 320$, it is remarkable how it bounced back in this resistance!

Eyeballing it, looks like $325 now. What will the line projection be in September?

Notice also how briefly the price move above the line by roughly $20, so that could occur again.

I am sticking with this line as the most likely strong resistance until after gold has bottomed.

I believe overall (notwithstanding a rise back up to this trend line again before the next down wave Sept or Oct) we are still in a bearish mode due to the external contagion forces. When gold bottoms in spring, then those forces will be alleviated.

Edit: it is also amazing that Bitcoin broke out of its down trend channel from $1100 peak when the price crossed this long-term bullish line.

I am now expecting the double top I referred to upthread. I think we will come back up to test this line one more time.

klee

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Still at 320$, it is remarkable how it bounced back in this resistance!

klee

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Quote from: TPTB_need_war on August 03, 2015, 09:36:39 AM

Quote from: klee on August 03, 2015, 09:02:23 AM

and IF we stay in the same column moving upwards (probably not gonna happen) 465$ (probably lower as we move to the right):

May I suggest we also redraw that long-term trend line from the inception of Bitcoin which was at $320, but will be at > $350 by September. Perhaps we will come back up to test that as resistance again? Could you draw it more accurately as you did last time? I don't have the necessary tools to draw it at my disposal.

Unlike gold, Bitcoin already broke out its down channel from the $1100 high. Thus perhaps it is only the bullish long-term trend line that serves as resistance.

I will try yes.

One good way of seeing resistances is 1d zoomed out as much as possible (depending on your screen width, in order to see as much chart as possible) and watch where the previous CLOSE tops are (green peaks but not the spikes). There you have resistance.

EDIT: So with this in mind, good resistances are 433, 654, 685, 918, 983, 1138.5

TPTB_need_war

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Quote from: klee on August 03, 2015, 09:02:23 AM

and IF we stay in the same column moving upwards (probably not gonna happen) 465$ (probably lower as we move to the right):

May I suggest we also redraw that long-term trend line from the inception of Bitcoin which was at $320 in early July, but will be at > $350 by September. Perhaps we will come back up to test that as resistance again? Could you draw it more accurately as you did last time? I don't have the necessary tools to draw it at my disposal.

Unlike gold (see my chart in my prior post), Bitcoin already broke out its down channel from the $1100 high. Thus perhaps it is only the bullish long-term trend line that serves as resistance.

klee

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Keep in mind everyone that CLOSE chart is still bearish...

klee

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High/Low is 680-685$

CLOSE is 320-325:

and IF we stay in the same column moving upwards (probably not gonna happen) 465$ (probably lower as we move to the right):

klee

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Quote from: TPTB_need_war on August 03, 2015, 08:45:20 AM

What is the next major resistance line above $320?

Wait..

TPTB_need_war

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klee

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Quote from: slap on August 03, 2015, 06:22:33 AM

After the C&H, looks like there's a forming of a pennant, some more days to complete the triangle.
What is needed for the kickstart you think?

Serious buy volume from a whale in order to break 320 for good and/or some bullish news.

From a P&F PoV we just need to hit 300-304. Even if we fall back to 288-292 I expect a catapult to form which will be extremely bullish.

slap

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After the C&H, looks like there's a forming of a pennant, some more days to complete the triangle.
What is needed for the kickstart you think?

klee

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http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:pnf_charts:pnf_catapults

klee

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IF we bounce on the bullish support it is usually a big move - like a tennis ball hiting a wall. So the triple top breakout is almost guaranteed providing extra fuel to the rocket.

What can be more bullish?

This:

klee

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Quote from: ask on August 02, 2015, 01:56:20 AM

Quote from: klee on August 02, 2015, 01:52:48 AM

Quote from: ask on August 02, 2015, 01:50:21 AM

Quote from: klee on August 02, 2015, 01:47:27 AM

One of the few indicators that work properly with P&F @TV is PSAR.
It is switching at about 239$:

As I said in my OP. Concave 1W PSAR is definitive sign of new bull trend:

https://bitcointalksearch.org/topic/m.11914312

Yeah PSAR is great for big moves!

I am not interested in peanuts, therefore I use only PSAR

You could use in combination a 1d CLOSE P&F chart, ideally log scale (not available at TV unfortunately). 2% box size.

It is a setup ideal for long term investors.

Topic: PnF TA - page 74. (Read 190664 times)