Topic: Resistance approaching (Read 3006 times)
It's my real name
It's not a coincidence, really. Had Bitcoin been oversold when the Gox DDoS happened, it would have fallen way less. Conversely, when it breaks out above exponential, any minor issue becomes an excuse for a knife-down. If it weren't Gox it would've just been some other minor thing.
Basically riding high (on or above the channel) is cruising for a bruising, and riding low is coiling the spring to be set off by any old good-news excuse.
Basically riding high (on or above the channel) is cruising for a bruising, and riding low is coiling the spring to be set off by any old good-news excuse.
Think you're right a coiled or stretched spring is a good analogy, the pressure is there to move up or down, all thats needed is the spark to provoke it.
Love your username btw! hehe
It's not a coincidence, really. Had Bitcoin been oversold when the Gox DDoS happened, it would have fallen way less. Conversely, when it breaks out above exponential, any minor issue becomes an excuse for a knife-down. If it weren't Gox it would've just been some other minor thing.
Basically riding high (on or above the channel) is cruising for a bruising, and riding low is coiling the spring to be set off by any old good-news excuse.
Basically riding high (on or above the channel) is cruising for a bruising, and riding low is coiling the spring to be set off by any old good-news excuse.
Thanks for the nice call comments 
Nice call, but it looks like the event was caused by an attempted "attack" selloff combined with a DDoS of the exchanges -- they may have timed it well as we were nearing the top of the "channel"... but ultimately it was not something that was or could have been predicted by charts.
Perhaps but its amazing how often these events fit within the larger trends though.
Nice call, but it looks like the event was caused by an attempted "attack" selloff combined with a DDoS of the exchanges -- they may have timed it well as we were nearing the top of the "channel"... but ultimately it was not something that was or could have been predicted by charts.
nice call
Credit where credit is due, you got this one.
+respect
+respect
LOL.. bubble burst.
Credit where credit is due, you got this one.
+respect
+respect
You know what the beauty of this analysis is? Even though MtGox arguably precipitated this selloff, which was unpredictable, it really doesn't matter what triggered it. All that matters is once it broke out of the channel it was "cruisin' for a bruisin'" and any old thing would have soon smacked it back into line, but plenty of bulls stood ready to buy, and in greater and greater quantities as it fell into the heart of the channel again.
Now we're back to a plain old vanilla exponential meteoric rise. Oh drat, we may have to wait another two months to hit $200, and until July to hit $400. It's tough being a Bitcoin bull
Now we're back to a plain old vanilla exponential meteoric rise. Oh drat, we may have to wait another two months to hit $200, and until July to hit $400. It's tough being a Bitcoin bull
You called this pretty well from the start. Just one thing: why aren't you using a log chart? Oh nevermind, you are.
Bounce off the mid trendline. Which is one of the possibilities I described I might add.
It could touch down to 50, which is where the exponential support line is. Par for the course.
Actually, this.
Actually, this.
My best guess is that we'll slosh around near the top of the channel and perhaps break out, especially if there's good news. (However, if we do break out we may be in for a rapid reversion to inside the channel shortly after, barring a sustained stream of positive news.)
This is the rapid reversion to the channel I reckon. Kind of kicking myself I didn't sell a few when I saw the resistance approaching on my chart. Overbought at the top of the channel = good time to sell a few.
Lets see if it gets as low as $60 ..
My best guess is that we'll slosh around near the top of the channel and perhaps break out, especially if there's good news. (However, if we do break out we may be in for a rapid reversion to inside the channel shortly after, barring a sustained stream of positive news.)
I've heard rumour that the Laika bank failed to open due to 'technical difficulties'
hurr durr resistance approaching
oh wait
We'll see it at $100.
oh wait
We'll see it at $100.
You saw those lines on the chart. THE LINES!!!!!
hurr durr resistance approaching
oh wait
We'll see it at $100.
oh wait
We'll see it at $100.
my feeling is, that it breaks out a bit, and then it retraces a bit more than the breakout. then it'll get interesting.
Cyprus banks open in 1 hour
Getting money to the exchanges will take a while
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