Bitcoin Forum

Alright Folks. Bulls. Bears. Spectators.

Here's what our current chart looks like. We have triple bottom support at roughly $365. We also have the upper line of the rising wedge at roughly the same spot. I'm not highly confident it's going to hold because China is not cooperating tonight, but if it does we will see the green scenario likely play out.

If 365 does not hold we will likely see 340s quickly. That's where the rising wedge bottom channel will hopefully come into play if you are a bull. This scenario is represented by the blue line. If we get into the channel and continue upwards that would be a nice sustainable way to continue upwards. Personally, I think this is best way for us to rise and sustain this rally.

And finally, for you bears out there...if we fall below the rising wedge then we go to 300 and re-evaluate from there.  


http://s11.postimg.org/r349tdrxf/11_5_15_fall.png (http://postimage.org/)
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For the moment, I'd say the charts are screaming red if there's no strong reaction from the Chinese. 365$ broken.

Pure panic on Huobi right now. Bids are just disappearing.

Chinese speculators understand that bitcoin is a casino.  Some get lucky, others get burnt.  Such is life.  Those that get burnt won't be back until the hurt wears off.  It's like a compulsive gambler after a big loss.  

$504 to $279 on bitfinex, and back to $362 within 24 hours.  Place your bets, ladies and gentlemen.

Red. The next 48 hours are absolutely critical.

BTC has temporarily hit the madhouse. I wouldn't want to predict any direction or movement. It could be back to 240 tomorrow, hovering around 400 or zero. Lord knows how anyone's managed to trade the last few days.

I think the only thing that needs to happen is for it to stop selling off. If that can happen for a few days then people will chill out. That's not my prediction...just what I would like to see.

Probability for each count:

04.1 %  - GREEN
21.7 %  - BLUE
31.0 %  - alternative count
43.2 %  - RED

Your numbers don't match the poll at all...

Where are they coming from?

Those numbers were made up by a prophet in my pottery class.

Well don't post meaningless shit like that. K thanks

I voted green because it's the least bearish option

but in fact i think green is still too bearish.

Blue looks about right. We went up way too fast and this is now something we have to feel for a bit.

As long as you didn´t buy in during the vertical phase, you should still be quite comfortable with your holdings. Atleast I am, still in the green for any coins I bought last month.

According to my calculations for 2.5 leveraged (default at bitfinex) positions bought between 400 and 500 the margin call price is 280-350. So if it falls below 350 we can see some of these.

https://upload.wikimedia.org/wikipedia/commons/3/3b/Paris_Tuileries_Garden_Facepalm_statue.jpg

we're still way undervalued

I would go insane trying to track and trade a 2h chart.

The 1 week chart is where it's at...

It went down to $353 on Bitstamp about 14 hours ago. Doesn't dipping below the Fibonacci squiggly line at roughly $365 mean we are headed down to the next Fibonacci squiggly line lower down? I'm awful at trading and barely know what a Fibonacci squiggly line is, but surely dipping below it means something.

I voted blue, i expect recovering the 400 $ levels to grow bitcoin price slowly than previus week. But not in the next hour, could take some days to pass the 400$.

This will most likely go the red way.

If there is a breakdown below a level of support(365 in this case), but then the price quickly rises back up and continues higher it's generally called a bear trap.

It means that bears saw a breakdown and shorted, but then they immediately got hurt by the price flying back up. They were tricked into thinking there would be materially more downside.

Could you give us some more detail as to why you feel that way? I understand we are all guessing here, but it's better to have at least some reason to believe in a particular direction.

Or you can just hope and wish your way there....

Chart update.

We have held roughly 371-393 for over 24 hours now and also posted a nice little 1D green candle. These developments should help give bullish investors confidence to buy around these levels. After all, their chances of getting burned are much lower than a couple days ago according to the charts. We have not seen sharp upward movement develop yet, but we have stopped going down which is positive.

I've updated the chart to show what I view as the two most likely scenarios over the next few days. IMO $400 is a level that if breached should scare the hell out of bears.


http://s16.postimg.org/816t7qpet/11_7_15_trend.png (http://postimage.org/)
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Spoken like a pro ;)

I don't think that we will go sideways for so many days.

Expecting a move up on Sunday candle 400+ and maybe already blaze it action in the evening.  

There won't be enough coins for institutional investors,  etfs and people switching from gold to btc.
People are just scared to buy in after this rise,  but if we don't go down we will continue with the rally,  sideways not an option imo.

Red is a likely scenario. I truly think if the bears get the price to 360 and lower we go back to 250 or lower.

Agreed. We're going up or down soon. And it's looking more and more likely that up is on the horizon. Should have a final blow out wave to 6-700 then the real mini-bubble pop which could take us back down to 350-500 levels for a couple months.

I agree with you. I didn't put much thought into the dates at the bottom just wanted to show my ideas for a general trend.

At this very moment with China at about 2588, it appears that a break above 2600 is imminent which could cause a nice ramp over the next few hours.

I would be happy either way, red or green. I have some coins that i am looking to re-buy and also batches that i would sell if it goes over, so either way works for me.
Talking about the most probable, i would say >400 within 48 hours, and stabilization just under 500. But i aint that good at speculations, so use your own judgement when trading.

New chart. Huobi version...

Anyone's guess where we go from here. It seems like we are just going to have to sit and wait for 2700+ or sub 2300.

I'm going to close the voting now and I will put up another poll at a later date with a new chart.

http://s18.postimg.org/e1luoafg9/11_8_15_Huobi_Wedge.png (http://postimage.org/)
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