Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28709. (Read 26708214 times)

Anyone still holding please drop your drawers and bend over.

What I'm saying is that these bitcoinwisdom line drawing attempts aren't trustworthy speculations. It wouldn't be worth of mentioning when the majority of the forum wouldn't consider them as trustworthy. When MtGox crashed, then the majority thought that we are back on an uptrend just because couple of reputable baffoons drawed couple of lines, that "proved" this. If the market were smarter, then everyone would earn more money. This unstable market that is lead by chaotic desperation and illusions, isn't very attractive any more, and I really want it to be attractive! So smarten up ffs and stop drawing lines and start concentrating at the general nature of the market.

Yes, we used to have at least 10-15% rebounces instantly after huge dumps during the 800$ stability and the shifts between 690 and 550 in Februar.
I miss it cause it was easy to trade   . Maybe í´m just impatient.

Edit: 800BTC buy wall is gone.

Edit2 : Maybe we have to go 100-200$ lower to get a nice bounce.

You are referring to the 4k dump on Stamp?

The chart I posted consisted of 2 (or maybe 2.5) descending triangles. The question exactly how "arbitrary" they are is valid in principle, but if you look at it you will note the lines aren't drawn completely out of the blue: the major descending line has 6, maybe 7 points of contact with daily price candles, to a pretty remarkable degree of accuracy. You can certainly question the validity and staying power of that downtrend (since the December ATH), but trading on it sure turned out to be profitable in the past weeks. At some point that trendline *will* be broken, I'm sure, but so far it hasn't happened (with any kind of volume as well).

The lower lines that form the smaller  triangle run through the pretty well established support at ~520, slightly ascending perhaps. I said "2.5 triangles" because to me it looks like there are 2 levels of support running close to each other, but they aren't much apart, so many in this forum put the two lines together as one lower trendline. The trend lines of the smaller triangle are about to touch, and we either have to go up or down (breaking out towards the upside, or the downside), that's the trivially true part.

Now, today, we broke through the 520 support trend line (that marked the smaller triangle), although we're currently resting above it, which is not a bad sign. My chart was intended to raise the question: will we "break" the smaller triangle to the downside (i.e. go below 520, then 500), or rather: did we just break out to the downside, and will we perhaps, in the following weeks look for resistance/support in the larger triangle (that lasts into May 2014).

Here's the chart again:

Definitely, I have difficulties understanding how much weight to give to various lines; however, this is the speculation thread.   Therefore, it is much more valuable to see various contributions and speculations that are based on some concepts.. rather than some rant that denigrates other contributions for NO apparent reason... except maybe Zapffe, you feel good to be able to denigrate others on some quasi-anonymous forum?  that shows more about your lack of character, rather than showing that line drawing is meaningless (which I believe was the other point you were attempting to make... .. )

BFX getting ready to pump

Lol.  The fact you chose 50% as your number there is kinda funny when you think about it.  Any other number is way better.

When Mark and his shiny blue ball left the game, that was the moment when Bitcoin unlearnt how to bounce appropriate.
 

I got in at 200, sold at around 1030, bought couple of times since, once with zero outcome and other time a 6% profit from a strong pump. So, stop trying to justify yourself by trying to fantasize about me. Trading is not about drawing lines but about knowing the nature of the entire market, it's product or service and it's development. You can only use previous trends if the environment is the same as it was during that previous trend. If you think that BTC is the same as it was during the days of "internet play money that can be used to buy drugs", then you are an absolute fool, who can't even understand things that should be considered as common sense
But keep going, keep drawing your little lines at bitcoinwisdom and fantasize that this makes you a knowledgeable trader. It's funny how the line drawers are wrong more then right, but they are constantly speaking like they are earning profit. The mystery or life... Reminds me of the movie "Freddy got fingered" where Tom Green started to show random graphs and presented himself as an stockbroker.

If this is already poasted [or perhaps it's your wallet!],
please disregard:

http://www.electronicproducts.com/Computer_Peripherals/Systems/MtGox_discovers_200_000_bitcoins_valued_at_116m_in_forgotten_wallet.aspx

Yeah... I suppose that it depends upon who you trust... I certainly am of the sentiment that we could hit $495, maybe 50% chance... but it is very likely that I am NOT selling any BTC until we are over $700... he he he he ...

Hm I don't know. On stamp 5000 coins to 500$. Wasn't that the same yesterday?

From 266 to 1.2K, I'd give them $500 credit, max.

PBOC has taken all those back, and more.

Yeah... that was quite the bet... and certainly, I was pretty confident that we were NOT going to see sub $530 - especially once the price began moving towards $600... with no apparent return in sight...

I certainly would NOT claim to understand your chart, either.... or any of the charts that are frequently depicted in this thread b/c I remain unclear about frequently why a chart would start at some seemingly random place in the middle....   

Sometimes, however, there is some explanation about the chart that makes sense b/c it is merely describing past recent performance... and of course, I am NOT doubting that there can be some valid contributions of the chart to provide some perspective in that regard - even though it may NOT spell certainty about what's coming next and approximately when it will be coming....

That's why I sucked it up and bought a little at $517....... for sure I am buying again below $500, unless some actual and real news affects my decision...

But add some dinosaurs or other animals, and it's totally legit. Or showing a double bottom cup and handle with a pennant breakout works, too.  Graphs with these scribbles have been shown to be 100% accurate 110% of the time at showing future price (+/- $1000).  If you can work in a CCMF to the moon into your analysis accuracy improves 120% of the time.

All we need is some bajillions invested, probably coming from MTGOX rebuys, mixed in with Wall Street hedge funds looking to diversify into more risky investments.

Jup, suspected that much. And because you don't draw those silly little charts you're posting one bitter comment after another, because you either missed the train, or jumped off too early, or whatever pathetic trading decisions you made in the past, while I can afford to look at the price in a more, hm, relaxed way. But good luck with your approach, whatever it is.

New rumours of Chinese BTC bans.