Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17874. (Read 26610707 times)

Hey it seems it not happend so fast but it seems to be happening now sllllloooowwwwwwwww

Hey, I've just noticed a pattern that this crash fits into, but it's only visible at very long range. (You need a big screen preferably to see this - pull the browser page out wide if you can to grow the image to full size. Sorry I couldn't get the pattern very visible at small scale).

This correction may not be as bearish as we think and seems to fall into a "family" of profit taking moves associated with the rise that started back around July 2015.

It appears that every 7-8 months (every 4-5 months earlier in the rise) there's a big profit take like this which always happens at the top of a spike when the market gets ahead of itself. (I call them "propellor corrections" because they look like an aircraft propellor from side on since the price corrects to about the same distance below the trend line as the 'overheat' got above it). All the same there's a longer, underlying trend where the upwards revaluation grows steadily steeper, even despite these crashes along the way.

When the pressure-relief gasket blows on these bubbles it always corrects to just below the top of the previous propellor pattern. Same every time but increasing in size. Then there's a period of consolidation, followed by a slow rise, then steep rise and another gasket-blow.

Each time the correction gets bigger, but it still seems to stick to the rule of dropping to just below the last spike so that the growth trend isn't broken. I now think I'm not the only one to have noticed this and that big players are actively trading this pattern, watching for the overheat-spike and knowing exactly when to profit take, driving that bubble into full temporary reverse with shorts for maximum profit. But they also must know how far to take it because the last spike gives the reference level.

This one was perfectly timed - 7 months exactly.

Judging by its size and perfectly placed timing, we could be in for a very big rise over the next 8 months if the long term trend continues because the vertical distance between each "overheat" phase increases each time by about 60% to 70%.

Just sayin. Context is everything

This China 'clamp down' is this cycle's equivalent of the Silk Road bust.

At the time many thought it was another death (coz illegalz is all wot its good for), but in fact it cleared the decks for new money: people that had been aware but reluctant to get in because of the perceived criminal monoculture. PBOC now doing similar by actually doing their job (not everything is anti-Bitcoin conspiracy) and being seen to protect the next wave of new money that's hovering around, tempted to invest, in Middle Earth.

Applying retail standards to the markets is necessary for the next wave. The unregulated cowboy traders have had their fun, but Granny Shopkeeper would be mad to trust them with her savings. PBOC cleaning out the stables. so we can gallop to a new dawn. Forward comrades!

Looks like your wedge vs my 5200 support line.

I hope your wrong cos I need to pay a few bills and am holding Clambering back up the castle wall - I just hope nobody's waiting with a big bucket of boiling hot tar above.

(P.S. What's the breakout level according to your analysis ?)

I hope your wrong cos I need to pay a few bills and am holding Clambering back up the castle wall - I just hope nobody's waiting with a big bucket of boiling hot tar above.

Oh shit, after reading this and realizing the possible implications, I will have to be extra careful after opening a long...

Nearing the top of the descending wedge.
I'm expecting more down. If wrong, I'd expect a breakout of the trendline to be both violent and large.

Difficult to know how long they can keep dumping coins... and maybe get others to follow... ?

To be honest... there is no cataclysmic event happening soon. And from what it looks, the market is being duped.. So... they can't keep this up for much longer. But I guess the exchanges took enough profits from the stupid leverage gamblers.

But eh.. what do I know? .. I'm a simple man, doing plain right simple trades, that takes small percentages of profits.  

Half my standby fiat just went back in at 798.5 - if I could have got into Stamp earlier, I might have nicked it lower.

I hope you're right, Sir - next resistance is probably 5000 CNY level - below that...? Jeez!