Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18191.

toknormal

legendary

Activity: 3066

Merit: 1188

Quote from: Scofield on November 01, 2016, 04:10:52 AM

There seems to be another cup and handle forming though, on the 1W chart. Starting in June, till about now

Could be - i.e. you're saying that every handle is also a potential "cup" a la fractal formation ?

I just think traders are sick of selling now and realise the writing's on the wall for the bear market. Bitcoin is doing everything gold's supposed to be doing. The world is a very big place. Bitcoin is a very small market. People are going to start noticing it "didn't die".

JayJuanGee

legendary

Activity: 3948

Merit: 11416

Self-Custody is a right. Say no to"Non-custodial"

Quote from: toknormal on November 01, 2016, 04:03:53 AM

Quote from: Scofield on November 01, 2016, 03:52:41 AM

I hope youre right. So you think we'll break 5180 soon?

Well look at it this way:

1. The great 2-year cup and handle formation is complete.

2. You are supposed to need a big volume ramp-up to break out of the cup segment of the formation - what do we have here ?...

3. You need some fundamentals justification to support the technicals: = Yen devaluations, Bitcoin didn't collapse due to limited blocksize, scaling technologies imminent and continued adoption growth (Basically it has got through the next "rights of passage" phase)

4. Other stuff

It seems pretty unreliable to rely upon trade volume involving Chinese exchanges.

Scofield

full member

Activity: 168

Merit: 100

All valid points toknormal, I agree the future looks bright. Wink

There seems to be another cup and handle forming though, on the 1W chart. Starting in June, till about now. If this pattern forms, we'll need a handle (correction) before really breaking out, right?

JayJuanGee

legendary

Activity: 3948

Merit: 11416

Self-Custody is a right. Say no to"Non-custodial"

Quote from: toknormal on November 01, 2016, 03:54:34 AM

What about this ? Isn't this a retracement ?

You could be correct toknormal about no retracement, but it gets very tempting for meaningful corrections to take place (surely a correction is not absolutely needed), but bitcoin is more mature than it had been in the past (late 2013 and before that), which seems to make it more likely that we would experience some kind of meaningful retracement, especially before surpassing mid-$800s.

The fact of the matter (and the current situation) is that we have not experienced any kind of meaningful retracement since $610-ish (which is nearly a 20% price appreciation with no correction). This most recent retracement of about 5% does not seem to be sufficiently significant or enough in order to provide sufficient fuel in order to keep going up - especially if we were to go up another 15% from here into the lower $800s price territory d ... so I am not convinced that we are going to be realistically able to shoot beyond mid$800s without some kind of meaningful - even if short term correction, even though it is possible (but seemingly less likely) that such a non-retracement scenario could play out.

toknormal

legendary

Activity: 3066

Merit: 1188

Quote from: Scofield on November 01, 2016, 03:52:41 AM

I hope youre right. So you think we'll break 5180 soon?

Well look at it this way:

1. The great 2-year cup and handle formation is complete.

2. You are supposed to need a big volume ramp-up to break out of the cup segment of the formation - what do we have here ?...

3. You need some fundamentals justification to support the technicals: = Yen devaluations, Bitcoin didn't collapse due to limited blocksize, scaling technologies imminent and continued adoption growth (Basically it has got through the next "rights of passage" phase)

4. Other stuff

Scofield

full member

Activity: 168

Merit: 100

Yes, but that was months ago. I'm talking about a more short-term correction. But pretty much like the one you mention, except I don't think it will be that harsh. To many green candles in a row tend to scare me. Cheesy

toknormal

legendary

Activity: 3066

Merit: 1188

What about this ? Isn't this a retracement ?

Scofield

full member

Activity: 168

Merit: 100

I hope youre right. So you think we'll break 5180 soon?

toknormal

legendary

Activity: 3066

Merit: 1188

Quote from: Scofield on November 01, 2016, 03:45:15 AM

I'm far from sure, but we seem to be moving up quite fast now without actual retracements.

There've been plenty of retracements.

Scofield

full member

Activity: 168

Merit: 100

I'm far from sure, but we seem to be moving up quite fast now without actual retracements. A big correction could become reality.

toknormal

legendary

Activity: 3066

Merit: 1188

Quote from: Scofield on November 01, 2016, 03:41:32 AM

Hear alot of people about a retrace to ~4500 CNY after hitting 5150 CNY.
I think that might be true.

Why ?

Scofield

full member

Activity: 168

Merit: 100

Quote from: toknormal on November 01, 2016, 03:30:08 AM

We seem to be heading for the great 5180 - out of the handle at speed and volume.

What do you think will happen? Will we be able to break the resistance? Hear alot of people about a retrace to ~4500 CNY after hitting 5150 CNY.
I think that might be true.

toknormal

legendary

Activity: 3066

Merit: 1188

We seem to be heading for the great 5180 - out of the handle at speed and volume.

JayJuanGee

legendary

Activity: 3948

Merit: 11416

Self-Custody is a right. Say no to"Non-custodial"

Quote from: Ted E. Bare on November 01, 2016, 02:31:58 AM

Hodllll

Yep... this is certainly some decent price action going on. I should be sleeping, but it is difficult to sleep during, times of exciteeeeeeee!!!!!

I mean in fact, when we are touching the $720s and beyond, we are pretty much at a 5 month high and maybe even a you could say a 33 month high (except for about two weeks in June 2016 in which prices were higher), and there were only less than 11 weeks in late 2013 and early 2014 in which BTC prices were higher than these $720s price points -

I think those are decent feelings to get these in the range of $720 price pressures and seemingly pushing into the $720s and above.

It is starting to seem possible that we are soon going to have a test of the resistance in the upper $700s, maybe? Maybe this week? or otherwise such a test could be coming relatively soon?

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: spooderman on October 31, 2016, 10:52:38 PM

Quote from: marcus_of_augustus on October 31, 2016, 10:29:45 PM

200,000 BTC less mined since halving ... supply starting to tighten considerably now, 2 more months and the halving will be getting close to "priced in" Grin

buuut... do we have stats on how many miners sell their coins?

If it is X% of miners selling their coins. That number is still cut in half. X% of miners selling half the previous amount of coins.

Ted E. Bare

hero member

Activity: 658

Merit: 503

Bear with me

Hodllll

luckygenough56

legendary

Activity: 1526

Merit: 1012

ImI

legendary

Activity: 1946

Merit: 1019

Quote from: spooderman on October 31, 2016, 10:52:38 PM

Quote from: marcus_of_augustus on October 31, 2016, 10:29:45 PM

200,000 BTC less mined since halving ... supply starting to tighten considerably now, 2 more months and the halving will be getting close to "priced in" Grin

buuut... do we have stats on how many miners sell their coins?

no, but self-mined coins are no different than bought ones. so if miners get now less BTCs than 6 months ago they have to buy additional BTC to get the same result.

or in other words if BTCs are entering the market through miners makes no difference as there is no difference between bought and self-mined coins.

spooderman

legendary

Activity: 1680

Merit: 1045

Quote from: marcus_of_augustus on October 31, 2016, 10:29:45 PM

200,000 BTC less mined since halving ... supply starting to tighten considerably now, 2 more months and the halving will be getting close to "priced in" Grin

buuut... do we have stats on how many miners sell their coins?

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

200,000 BTC less mined since halving ... supply starting to tighten considerably now, 2 more months and the halving will be getting close to "priced in" Grin

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18191. (Read 26644497 times)