Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33685. (Read 26496956 times)

From the charts ...
Volume was really low and we had just reached the end of a triangle on the 15 min chart and peeked out the bottom

Sorry for digging up the old post - I just watched the movie and really enjoyed it.

I also found this website: http://www.identificationconsulting.com and guess what: "Bitcoin accepted"!
Just posting this here to underline how widely accepted Bitcoin already is.

What are you talking about? There is no "break downwards", and there will not be. We're just seeing normal fluctuations with fairly low volume -- and each trough is higher than the previous. There is no sign of a downward break.... but if we do break down, it won't be for a few days. Equal chance we break to the upside at the moment IMO.

How did you tell that or was it just lucky timing?

A bullish triangle, to the moon it is...

It's VERY likely that bitcoins will break $100 donward. Just check all the indicators. It will happen today, maybe tomorrow. I never sell BTC, even if we are going down (it hurts too much to lose them when you are mistaken), but I can guarantee you that I have a lot of bids from $96 all the way down to $32 (not that I hope that the lower ones will get filled, but a man can dream...)

It's a good point. If bitcoins were to break $100 downward I would probably sell everything. However at the same time, if bitcoins were to break $100 downward and I didn't catch it in time to sell everything, I would buying everything under $100. Hence I think we will hover around $100 for some time, any normal crash is driven by our greedy desire to outfox the the guy next to us and call the bottom. It's not really driven by any technical issues with bitcoin just as it rises back up one we get paranoid that the music has stopped and we won't get our coins back. Its like musical chairs, but with bitcoin. Every round you can either get more coins or lose coins.

Next break downwards imminent ... 

Your question is:what makes you think the downward trend is still in place?
The dip to 102 may be the closest it gets to 95 for a good while. It was not really that far away. The market might be remembering all the times traders were left waiting on the platform for the perfect entry point when the train was whistling away down the track...

In a very bigger picture.. it's triangle time soon.

Euphoria last grasp

That's fucking deep, man.

Also, I tend to agree. What many people seem to forget when they talk about "fundamentals" vs. "market craze" is that, in the real world, there are two possibly outcomes wrt. bitcoin usage (I'm simplifying, in reality there's a near-continuum of outcomes, but follow my line of thought for a second): 1) bitcoin succeeds. 2) bitcoin fails.

If 2), our investment is toast anyway. But if 1), well, then at some point even the most bearish market participants will agree that it's being adopted, and will start buying, thus drivin the price up.

Now, we have no influence on the question if it'll be scenario 1) or 2) (another simplification. the whole thing is a feedback loop, so our market actions do actually influence fundamentals/adoption). So the only question to answer for us is how is the market sentiment now, and in the near future?. And I think you described it accurately: it's not so much that most people think "Damn, we're going down", or even "I hope we're not going down any further", but rather "Even if we go down, my long term conviction is we're going up, so I'm going to load up on coins at the lowest possible price.", or at most something like "I hope we're not going down *too* much, or recovery will take too long."

Let's say that's an accurate description of the market sentiment.  Then the price won't really have a chance to slide down in a slow trajectory like it did in 2011. Hit bottom a few more times? Maybe. Test 50 again? Sure, could happen. But any correction still necessary won't take place at such an indifferent speed like back then.

So we are on the way to the "real bottom" now?

Solex you are Bull? If you could buy $90 BTC right now by playing into an established downward trend would you?
(Hint: your answer is also the Market's answer)

it depends what time frame you use. Now look at the 6m charts.

The trouble with charts like that is that they're fractal patterns, which as you say look similar at any level of zoom, much like a coastline does.  It's easy to see patterns that aren't really there, or to dismiss ones which are.

Oh hush your mouth - that's half the posts on this forum you are depreciating 

insider info: through only taking a piece of a chart and zooming in and out you can make any chart look like any other...

So final capitulation is already behind us? That's great news!