Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32625. (Read 26470473 times)

I do not want to predict accurately whether 80 or 70 and at what time  

But some indicators suggest that the market is overbought after the rapid boom from 69 to 94 (a peak 104).



I assume that the 104 was the top of this wave will soon see low. (it may not be in 48 hours )

Abandon - What your chart needs is more lines, I mean Cowbells...



But seriously, looks like it is rolling over. I remember that at $130. 

Yes, it is called an engulfing Vagina. Be very very careful going long guys...

It might be beneficial to look at the chart the other way around:

I think we might see $70 within 48 hours.

Looking bleak for the moment.

Hold me to this but first I must come clean (as all of us should).

I am in fiat, so my bias is bear (short to mid term bear). Long term is Über Bullish.

Trying to be as neutral as possible, what I see happening is a few HUGE players driving the price up and waiting for bids to fill so they can profit and let the correction continue.
I don't think we can argue the huge players involved. Remove them and we are not where we are. Is that wrong to say? They are a part of the market in a sense, no? Perhaps I am wrong.

psychologically - Same old, the bears see bearish charts, they search for them and find them. The bulls do likewise. (I see both, though the short/mid term still seems bearish, chart wise). I am really trying to be neutral but that is almost a mutually exclusive thing in general, especially when you believe in BTC as I do. Caught between a rock and a hard place. I understand to a point the dire situation of the global monetary situation. But I also know the miracle of a temporary bridge they have been able to sustain and it is more than I imagined. "Just print more".  For example, do you know the Federal Reserve loaned the EU 2.3 + trillion last year? Hardly anyone knows that and fewer know that is illegal, but they did it via overnight swaps. Avoiding laws, much like their gold "leasing" did. So, I am trying to increase my BTC position, all the while knowing the global financial situation is like a rope bridge across a burning valley and the fire is starting to touch... ouch. I think that is fairly accurate. And some of the players benefit from the bridge burning, go figure.

Hope that wasn't too long. But we (globally) are in a mess that most have no clue about. And here we are in BTC trying to save the few pennies the "elite" have allowed us to have. Dire, no. Freedom is coming, but the in between is going to be interesting. Long story short, I'm not sure it matters, but it certainly is a nice distraction. 

IAS

My guess: we will break the downward channel, but we won't go much higher.

I didn't claim that this channel is sustainable broken nor draw any conclusions, just wanted to point out, that Bitstamp already went through for a shorter time.

The broader picture looks like a falling wedge for me (connect 79, 65) and we didn't break out yet.

What do the charts tell you and what does a general assessment of the market psychology tell you IAS?

A valid point. But what about:
the downtrend line not being violated.
the back to back candle reversal patterns?

I'm not saying I know, but it certainly is interesting...

I call it "phase of consolidation after +55 % change of value"..

It's called false breakout. It seems the bears got what the bulls where so desperately hoping for 2 weeks ago.

Nah, I wouldn't call that breaking it. I'm looking for where it closes and I think that is pretty accepted. Even then, I'd look for 3 days of that unless it is taking off.

Bitstamp at least broke it, though not sustainable till now.

A link to where? The Redditor pelle (http://www.reddit.com/user/pelle) seems to be the guy who runs Kipochi. You can check out the comments on Kipochi launches first Bitcoin wallet in Africa with M-Pesa integration and look for posts from pelle.