Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17886. (Read 26619966 times)

Pump failed... Hmm, will this lead to another leg down? Or at least test support?

OKCoin is the most bullish on this pump, so I'll watch them.

With the new law in it, it seems that a complete decline has begun to emerge, and this decline will not be a rise anymore. Now we have to wait for a time like June or July. Then the bitcoin can rise up again. Now it's just time to get some more bitcoins.

Can't be sure. But even if this was the bottom, for about a week we could go sideways, building a triangle that would break, probably up, so no need to rush buying.

The first time we broke 1000$, in 2013, we were under 600 a few days later, yet you couldn't imagine us going down to 750 now?

This thread is very instructional, on how NOT to trade. You are all emotionally invested in Bitcoins, like I was then.

It's only a trade, folks. If your happiness depends on the next leveraged long being profitable, you will not reach old age.

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

The correction started earlier than I expected, because of bad news from China, but so far was only 21% to 24%, instead of my expected 30%.
However this looks bottomish, so this may have been all. BTW, you posted that you went leveraged long a lot higher than the current bottom, how did that go?

Nonsense. In the big picture, the people of the world need a form of money untainted by grubby partial reserve central banking whimsy. Right now, there is nothing known that can take that mantle from Bitcoin. This is a minor temporary setback.

No sense panicking - that is what loses fortunes. In this moment, I am serene. I shall hodl.

This pump and dump is an exact pattern from the last two years, every six months like clockwork bitcoin spikes and then tanks. Forget the Gox-inflated, fake bubble. Bitcoin is probably the most remarkably consistent and predictable investment you can make.

Price will find a floor, price will be volatile, then go sideways, then spike. You have a window of opportunity now to prepare for the next run. If you got burned this time, take a deep breath and realize that your mistake was that you forgot you were going to just buy and HODL to take your profits

Tzupy was right. I couldn't imagine this low. So bottom reached or more down?