Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32493. (Read 26471685 times)

I whole heartedly agree with that. People with money there now might be feeling the only way out is to buy and transfer coins out. If you don't need the money, you just keep it their in Fiat and hope Gox is legit.
But, as you said, the overall effect is that Gox is probably getting less new money (at least from people like me and you). Those huge huge buys up from $65 was new money imo and the large recent buys continue to be new money. Perhaps big money knows Gox is ok?...

ooooh, special indicators

My vague guess is something about an exchange. By the by, did you guys notice  that tradehill looks like it's going to make a comeback? https://tradehill.com/

My rationale was that yes, the bullish volume might be relatively increased as a result of that factor, but overall volume would still be suppressed because people do not want to put money into Gox, the former de-facto place to send your money if you wanted to purchase bitcoins. With the removal of their market role, I would guess overall volume decreased as people find they don't want to put their money into Gox anymore, and start looking for other places to find it.  Bitstamp's volume is steadily increasing I've noticed.

https://en.wikipedia.org/wiki/Elliott_wave_principle#Elliott_Wave_personality_and_characteristics


Basically, at least how i understand the principle, trends move in a 5-wave count fashion, due to fractalized psychologies. A five wave count can either end with a ABC corrective trend before continuing the trend the count was on, or, it can start a new 5 wave reversal count.

My hypothesis is that on the way down to 65, we had the end of a downwards 5 waves. Right now, we are facing the question whether or not we are finishing an ABC corrective trend, or beginning a new count of 5 waves up (of which we would be in wave 3, confirmed by passing 115). This to me looks like a head and shoulders pattern if it plays out, and a failure if we finish out an ABC pattern and continue heading back down.

The GOX thing, one can argue, is increasing buying pressure for those "trapped" there. I don't know, I feel like I'm walking on eggshells though and don't like it. Too much work in front of the computer.

I'm not familiar with EW, but I can comment if you give more info on it?

Though it is a long shot, perhaps the low volume is simply a result of the current exchange market conditions suppressing volume?

Just a hypothesis, although what would like a HnS pattern would fit with my current elliott wave count/guess (reversal of a down 5-wave count into a new up 5-wave count)


here's a little  rough sketch i did yesterday
https://www.tradingview.com/x/Gxn7wES1/

Not being Bullish or Bearish, just looking at the pattern and volume - The volume pattern is not following what is normally expected. We'll see:


http://www.chartpatterns.com/headandshoulders.htm

Very good spot! Strong resemblance

The head and shoulders pattern can sometimes be inverted.  The inverted head and shoulders is typically seen in downtrends.  (What's noteworthy about the inverted head and shoulders is the volume aspect.  The inverted left shoulder should be accompanied by an increase in volume.  The inverted head should be made on lighter volume. The rally from the head however, should show greater volume than the rally from the left shoulder. Ultimately, the inverted right shoulder should register the lightest volume of all.  When the market then rallies through the neckline, a big increase in volume should be seen.)

TL;DR: The main idea of this article is that Bitcoin will destroy the current financial and government system.

It is worth noting (even though I have been in and out of BTC lately):

At some point in the next year or a bit later, maybe even in a few months, you are going to see one of Spain, Portugal, Italy, etc. go under (Banking system or a large part there of).
When that happens (or as we approach it and it is obvious to some), you are going to see the BTC price explode. Absolutely explode. Your reaction will be like swimming in the ocean and
seeing a 21ft Great White Shark nearby, but just far enough away for you to maybe make it. It will shock you and you will remember it forever. It will be a bubble though and it will correct, unless we have a wider systematic collapse. But, it will not correct fully down as many of the 12 million or so coins out there will be in strong hands. It will probably be an extrapolation of what we have already seen.

So, we are all playing a game. Yeah, we don't want to get caught in BTC if it corrects again hard down. But we all know the times we are living in. If we were living in
times of solid banking and not as corrupt governments, BTC would depend solely on it's low transactions fees, perhaps the darknet, etc. But we are living in times where Central banks (ECB) take 47.5% of
your money in a bail-in and other countries are seeing that as a model.

Good luck to you all, but lets not simplify things. It can go any way at any time. Be careful and don't lose sight of that and don't lose sight of what BTC represents.

Enjoy the ride and don't forget that when the shit does hit the fan,
It's about sharing

The plot thickens...  

The plot thickens...