Topic: Possible Resistance at $650 area - page 2. (Read 3568 times)

Yes we did it actually 
Lo hicimos
BR

I think it's been $585 during this entire last rally. We never were able to consistently stay above it...

was 595, then 590, then 585.....i see where this is going

IMO, around $585 is the mark to beat. We have broken through several times lately but have not been ablr to stabilize at $585 or anywhere above.

lol there might be some truth to this, but I swear there are so many graphs of bitcoin prices with seemingly random lines drawn on them all "indicating" different trends. If you draw the right lines you can make it look like anything is going to happen. Definitely possible that we'll see resistance around there though, but like a lot of people said, we haven't even gotten to $600 yet.

We've already been at ~$575 for a few days. Resistance seems to still be going strong.

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.

We'd have to get there first, we haven't even passed $600 yet and seem stuck around $570 for a couple of days.

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.

Can someone explain in rational terms why there'd be any resistance to the price going up? I'd think if anyone invested in bitcoin they'd want the price going up...so why resist? Are people just being dicks? Or are they really stupid?

What am I missing?

This wave B? you say it like you know it. C wave terminated, sorry. you cant just put a WXY on everything you dont understand like DanV.

$650 is 38% retracement from the $1160-$340 correction.

There will no doubt be strong resistance in this area, But I suspect that this Wave B will retrace 50% ($750), before the market is sent back into reverse.

I disagree. I think if we can pop over $600, conquering that $590 resistance, we'll shoot straight up to $640 or so, maybe spike higher even before correcting to > $600 level. I don't see much between $590 and $640 as far as resistance. But this sub $600 level seems very difficult to pass.

I think we need to bounce between $600 and $620 for a week or two before we can start challenging the $650 level. There is current no catalyst to start a run 

Possible resistance at $575 area

I agree, if we can break the 590 resistance, the next area I am looking at is the 640-650 area. The 200 day simple moving average is sitting right around 640 on Bitstamp -- might give it a kiss and then correct back down.

I think we will reach 650$ the next week, if we can break through that wall, the uptrend will be confirmed.
After that I'll hodl and let the 2014 bubble begin.

$650... we haven't even push past $600!

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