Bitcoin Forum

https://i.imgur.com/OPRtN6f.png

The main reason why I am not sure it is a double top is because there have three months between each top.

My personal belief is that we are experiencing a double top which will start a bull bear trap followed by either a pump (pessimistic) or a bull market (optimistic) in September (Martin Armstrong predicted a financial crisis worse than 2008 and starting in Q4 2015).

This article (http://www.coindesk.com/has-the-greek-crisis-increased-bitcoin-awareness/) goes to the same direction of a bull trap: that the recent events are misleading:

Thoughts?

Edit: typo (bull trap changed to bear trap)

This chart makes it look closer to a triple top. However, it also shows something that looks like a cup and handle forming. The triple top says we go down, but the cup and handle says we go up. The charts seem to be giving conflicting signals, and some of the TA guys don't seem too sure either. I don't think anyone knows which way it will go until we get a big move.

http://s15.postimg.org/tfctl27sr/triple_top.jpg

Also looks like Adam and Eve.

Most indicators (misleading?) show, that we are right before a rise up to new highs at least for 2015.

I only see doubt from EW guys. + a possible double/triple top.

Else:

Capitulation (V=Adam) check
Cup and Handle (U=Eve) check
Doubble/Triple Bottom (W) check
Golden Cross check
PSAR up check
Volume up check
Lin/Log Downtrend broken check
Pre-rise (long lasting) stability phase check
Many traders still bearish check

As long as we stay above $230 this is a bullmarket, still to be recognized (after 6 month going!)

There still seem "HOPES" for Bitcoin to go ahead and break some more lines ahead above.
As it is all about speculation, "HOPES" always make you feel that you are safe, but they won't make you win always.

Yeah well best case scenario that its just a small bear trap resulted from profit taking from 300$+, but a very good chance that it was just a train being totally shut down, and the reality will just settle in once again @230$ or so.

At least there is finally some kind of movement happening, the whole year so far being as boring as it could've been.

not sure i would wait a bit more, it could be a SHS in disguise, the first ramp up of the head can coincide with the last top some times

if we can secure 300-350 in a short and resoanable amount of time then i would not call is a double top

How come your chart doesn't show us breaking $300? Was I dreaming last week when that happened? I say no it's not a double top since we broke the previous top by over $10. Things just need to retrace a little and settle down, it's healthier growth that way anyways. See y'all at $1200 ;)

people say they like stability in the price, but when it happens to be somewhat "stable" people get bored and want to get the volatility back.

It looks like a double top, until it doesn't. It may go down, then you'll wait.. and say oh, this now looks like a triple top.. and so on, until one of those tops doesn't go down, and you miss the next pump and stay out forever as a new ceiling is established. Moral of the story: never sell.

I dont get it? What you are trying to say?!

Until now it is no double top, since the price did not fall below the low between both tops, what indeed whould result in a confirmed double top with a price target below 100. So at most you are speculating for a double top or, what is more probable (when reading your further argumentation about bear/bull traps), you dont know what you are talking about...

It looks and is a cup and handle

I agree  8)

It can only be interpreted as a specific pattern, after the pattern is completed. I think looking at volume is more informative. Current volume looks like that there are slightly more buyers than sellers.

Most likely we will see a slow rise (through multiple jumps and crashes) to the $300-400 range and stay there for several months imho. I don't expect the next serious run up before next year.

ya.ya.yo!

This is a euro chart.

We really need this after almost 2 years. Time to send the bears to their caves!

Double top matters in progressive uptrend.


"With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Top Reversal, a significant uptrend of several months should be in place."

Can't agree more. After 1 and a half year of bear market, everyone hopes for trend reversal but at the same time has pretty low expectations after the false rally in the summer of 2014 and the crushing free fall in the beginning of this year.

In my honest opinion, this might be the perfect brewing for a new storm. A lot of bulls will sell at what they think is the top, just to buy in lower, but the market will leave them behind. I expect the unexpected.

.. I have a feeling sub $200 or over $400 soon.. hum.. but it's just a feeling.

Or we just stay where we are and after a certain amount of stabilization we move to a stable range at 320.

in other word we are repeating what happened with 220-250 range but this time with another range, this is a scenario that is more likely than a simple furious pump or dump under 200

hironically , it seems that people cannot accept a steady growth even though, they think it is the best thing that can happen to bitcoin

I agree.  This steady no volume period seems like what happened in the 220s. 

this.

the price can't touch more top in the next futrue. also $300 in the end of year

You can't say there is a "trend" just by connecting 2 points

agree 100%

Also agreed. A double top of such magnitude would only take on importance if there was an equally large uptrend behind it. The pattern (along with head & shoulders tops, triple tops, etc) implies distribution where quality of share ownership becomes poor when strong hands sell their shares to starry-eyed buyers (future weak hands) near the market top. This transfer causes the bear market.

One only sees this type of distribution after a long bull market. After a long bear market, the strong hands are busy collecting to distribute again at higher prices. It's much more likely that's what's happening here--accumulation and not distribution.