Topic: Yet another analyst :) - page 74. (Read 269580 times)

Thanks mate.

I'm not a religious fanatic when it comes to TA. It does tend to work best during extreme moves (for me, at least). Herd psychology hasn't changed much over the centuries. I find it interesting that people dismiss charts/TA yet choose to believe in phantoms and unicorns. Anyone with even a hint of a financial background can immediately discount the possibility of a unicorn (e.g., very large mover, institution, etc) distorting the price in such a way.

I think this is awesome advice, not only regarding trading.

Here is what he said:

All right, so according to him, EW actually accounted for information in 2000 all the way back in 1929, great.

That's the problem I have with some technical analysts/abusers, when your prediction doesn't work you extend the time frame to ridiculous length to make it look like it works, not too much different from many "gonna be soon" "no target but it will collapse" analysts on this subforum.

His assumptions (and Lucif's, etc.) are as valid, if not more valid, than many of the other views on this forum. This is one of the best threads in Speculation, IMO. I don't use EW religiously, but it proves very interesting during aberrant moves. And many extremely successful traders (especially those who catch market tops/bottoms) swear by it.

We all know there are compelling arguments for bitcoin's further success and equally compelling arguments for a market top, especially with a last leg. I'm bullish bitcoin and alt-coins, but realize that odds do not favor this parabolic rise for bitcoin. Big news could move us up much higher, of course....but it will take bigger news than we've had in the past (e.g., Western Union integrates Bitcoin). Media, hoarding, and lack of liquidity have played much larger roles in this parabolic move than any change in fundamentals.

Stability, even if it means a downward move is ultimately better for the long-term survival of bitcoin. And I see room for alt-coins. I accept valid assumptions supporting bitcoins rise or fall. What I do not accept are the seemingly popular views held on this forum that phantom millionaires and mythical hedge funds will drive this up to $1000.

I'm just not sure what to make of this last leg.....

tl;dr "altcoin" balhblahblah "rising in popularity"=read elsewhere

understatement of the week.

Not going to take the time to refute what BA says, but its a load of shit and has been explained ad nauseum elsewhere.

You could actually make sense of it?  Sometimes the people in this thread make way too many assumptions.

I agree with all of this....

Proly true... but I'm thinking this is big wave 5 off the $0 low, and bitcoin is set to decline deeply for a long, long time. At least most analysts I've shown ths charts to think this looks like "an ending move", and it matches up with the S&P which finished potentially the most major top in all of history. The first bitcoin bubble was wave 3 a la 1929, and now we're nearing the big top a la 2000. Waves 1 and 2 were likely the moves up to 6 cents from 0 and then a correction back to 1 cent. Usually bubbles don't happen in first waves, only 3 and especially 5. Nobody notices 1st waves...

But I still have to give the probability in favor of your count i.e, it being a big 3 by what is visible on a chart, i'm just saying a big 5 is probably a valid potential alternative.

I think the sudden realization that bitcoin cannot scale and that altcoins will be risng in popularity will make people realize just how much they overexposed themselves to a single blockchain. Don't get me wrong I love bitcoin but the hype != reality here, it's cannot be the world currency anytime soon if it can barely handle the traffic from satoshidice

More idiots trying to outdo bitcoin? I don't think so. But stay on the topic, there is a reason why they are known as "emerging markets".

I dont think its about development in this case, its about developing a competitor to the USD/EUR (ie joining forces to call the shots on a macroecon level).

Hmmm, why did they huddle together with nations like China to form the BRICS? There ain't one developed nation in this whole group besides South Africa, which unfortunately has a life expectancy of less then 50 years.

lol did you just call Russia a second (third?) world country?

what is this?

Speculation sure, but that's not what I meant. There are many places in the world where completely legal things are not allowed to be done(or just reserved for a bunch of privileged people).

I only say that all this legal scene will burn in some future. Not too distant. Probably on top of wave 5 off $0 Low (we are currently at wave 3)

Am... Speculation?

There are other completely legal things which will require bitcoins. You are Russian, I don't think I need to tell you in plain words. Bu first world people probably can't get it.

Literally silkroad! You are absolutely right! Bitcoin has no future in legal world! Coz there nobody need such volatile currency or asset.

Only drugs, whores, gambling, weapons and other stuff which have  no other choice except bitcoin.