Topic: Possible Resistance at $650 area (Read 3568 times)

The charts gives us some good reason to anticipate resistance at the $650 level.  http://www.signalstrengthfinance.com/bitcoin_charts_5_24_2014/

I've been expecting strong resistance in the 680-720 range for a couple days now. However, it can't seem to even hold 680. This leads me to believe that 720 might not be that strong of resistance and that the real resistance zone is 680-700. Therefore, I'm expecting a nice move if we can break the psychological 700 barrier.

I see firm resistance at the 667.42 area.

so did the 650 resistance got broken?

I do not see any real and strong resistance in this upward trend. All possible resistance Points in December 2013 or in 2013 are made by extraordinary circumstances and don`t represent "normal" market behavior.

The first resistance I see is 1000 $,a psychological barrier.

Next is ~ 1.290 $,the gold price /$ parity,also psychological.

But when the bull run goes wild,no barrier will be efficient.
Interesting times ahead!

some people don't like holding bags. they bought in thinking we'd go right up; instead we went down and scared the crap out of them. if we get near their buy-in price, and they fear that the down trending price movement will continue, then they bail. this is one reason why pivot points and moving averages are used to predict resistance.

Dont be so arrogant

With due respect, you are the one with the track record of attaching letters to everything you don't understand in those past few months....and being proven brutally wrong.

Here is the TA which I am operating from for the time being:

https://bitcointalksearch.org/topic/m.6990905

If I am wrong, then we must be in the midst of a Wave 3. Yet if $595 was the top of Wave 3, then that leaves Wave 1 both steeper and also longer than wave 3. Of course, Wave 3 may well not yet be completed. We could easily have just completed a minor Wave 1, of a Wave (3), and be in the midst of a minor Wave 2. Only time will tell if this turns out to be the case, etc etc.....

.....But for me, there seems to be a far more convincing case that we are in a corrective wave. The legs up have been incredibly sharp, followed by relatively long and sprawling down trends, and the up legs have more closely resembled Zig-Zags other than impulse moves. Don't say they haven't, cos they have! We also seem to be forming a leading diagonal formation as I demonstrate in my chart. If this progresses then you can write off a Primary Wave 1 or Wave 3 altogether. If the leading diagonal unfolds, we are either in a Wave 4, or a Primary Wave B scenario.

By the way, I have learned not to be baited by those who have differing opinions to mine, into becoming emotionally or even aggressively attached to my own viewpoint for the simple reason that such reactions are likely to serve as self-harming. I have a different viewpoint to yours and you seem to be responding to it like a granny with her knickers in a twist. Unless you have the market sway to ensure that your analysis becomes the reality (you don't), I suggest you give yourself a checkover.