Topic: Who else is panic buying? - page 2. (Read 3003 times)

Don't buy in now. Wait and see what way the market wants to go.

This is an old chart but not much has changed except we are a few days further along:



Right now, if Bitcoin were to break up above $465, then that would be a signal to suggest that a bit of upside is ahead. If it breaks down below around $430, then that would be a signal that more downside is coming. Of course, when Bitcoin breaks one of these trendlines, you will be looking for an intense push of volume much much larger than what we have seen recently, as your signal to take any given market action. You will also want to look at what other indicators are doing. Also it would be typical for Bitcoin to actually take a 'unconvincing' little dip down below a support trendline before shooting up if that is what it were to do, and also vice versa. If Bitcoin is to retest the $340 lows, then it would be totally typical for Bitcoin to creep up above resistance trendline before taking the plunge. Seen it so many times.

If Bitcoin just trends right through these trendlines, which it might, then I wouldn't see any reason to buy Bitcoin (unless the buyer had an actual use for it) until more promising indicators fall into place. Two easy indicators to look at would be MACD and RSI. On both the 4Hr and 1 day MACD, the momentum indicators are lining up to crossover to the downside, although have spend time in 'positive' territory in a very flat state.

1 Day RSI is showing signs of reversal but definitely looks like it is about to test a low before it makes another high.

My personal opinion is that Bitcoin is more likely to break down and test the recent low before it can start to rise up again, but if it does break up in the coming days I shall jump along for the ride but will be keeping a close eye on any signs of a false break out. Like I say, The Bitcoin market very often attempts to trick over eager bulls/bears into jumping into a position when they really shouldn't.

LoL    didn't mean it in quite that way

Blasphemy. TA has strongly indicated that the price could go up! ...or down! ...or not change much. Pretty sure TA is spot on.

EW dont work ... the b wave is good for a support indicator but you will go hungry trying to use them as primary TA

Stay a bear that you are as It will make this run all the sweeter

Where are your sub 300 prices

What distinguished you from the "panic buyer"?

I had that move yesterday, i woke up with a nice sun-shine and bought BTC, it's a good time to load more.

*brings in coffee, lemonade and iced sweet tea for the porch party*


SO is anybody not necessarily panic buying, but just going hey, why not...and buying?

same here. i only pause sometimes when we rally, panic buying below 600 this time.

LOL

   Me too brother, still got buy order in @ $360  - it's been almost 2 weeks waiting now.

To be very honest, I am considering buying-in near Spot $440 

How about you mate? Adjusting accordingly or shall we both wait it out together?

We're well beyond the panic-zone, but we might be heading that way.

Freeze! Don't move! And hold it that way!

lol...
QUICK! DON'T DO ANYTHING!

If............. If............... IF!

I am totally new to EW analysis. But have been following the excellent DanV.  

Last night I tried to make a bullish EW chart which would have $340 low as the culmination of a Dec 2013 - April 2014 Wave 4. I couldn't do it. Any way that I reshuffled the wave counts in a way that conforms to EW guidelines resulted in the conclusion that there must be a lower low, or a retest of the $340 low at the very least....

I also couldn't get the short term bullish/long term bearish alternative to work either, whereby $340 represents the whole of Wave A, which would mean that we are now in the midst of Wave B, and could expect another leg up from here as soon as price breaks. If this were to be the case, then we could perhaps expect a run up to the $700 range before Wave B topped out and from there, it would be a long way down to considerably lower lows than $340 for the final Wave C of the Primary Wave 4.


No.

Bored and waiting.

Maybe we should distinguish panic buying and "panic buying". Buying at points breaking through major resistances is in the latter category. But perhaps the distinction is potato potahtoe

I prefer to panic hodl.

panic buying since 2011

Real panic buying will start at $465 and again at $480.   At $520, the professional investors and traders will panic buy with big money.