Bitcoin Forum

Looks like a triangle/wedge thing with the price the past week, right?

Doesn't that mean the price is supposed to start soaring up soon?

I'm not going to waste my time editing a chart with MS Paint lines drawn over it. It's obvious to see.

So you are wasting our time instead?

The triangle/wedge isn't consolidating upward though (which would indicate a breakout upwards).  It is consolidating to the middle, which means it could break out either direction.

However, with the Gyft + Humble Bundle news, I think it'll break out upward.  Just a general optimistic feeling about BTC today.

No, I don't need a picture, if others do they can post one.

I just want to know if it is going up or not.

It isn't a wedge, it's a triangle, and based on the shape of it I think the market is going to go down to ~100, however there is a small chance of high upside to ~125.. basing these numbers on market depth as well... so placing orders on both ends would be the smart thing to do, however you should not be basing your conclusions on a single indicator either.

No.

No.

No.

No.













no

http://i1166.photobucket.com/albums/q605/dandirk/BTC/Capture_zps34d0f26b.jpg



At least in the last 12 hours or so, looks to be resistance in the 113 area, with a moving support trending up...  This is very short term and I haven't supported this data with anything else...  Same thing happened 12 hours before that with a short 3 hour rise which then corrected lower again.

Will this happen again.. anyone's guess....

If you look at the big picture, there is a large wedge/triangle.
Someone else posted this the other day:
http://s22.postimg.org/5m1e9odox/TA_analysis_13_05_07.png

Taking financial advice from strangers on the internet is a sure way to go broke; do your own analysis and dont expect others to do the work for you.  If you must know other peoples opinions, read one or all of the many analysis threads on this subforum.

today is quite "interesting" by TA:

• yes, triangle is almost closed
• EMA 10 and EMA 20 are nearly coincide
• Today's price is almost the same as the SMA 200 (hourly)

But can begin rise but also fall ...

Funny, there is no shortage of people here willing to give advice.

I'm not buying or selling any bitcoins at all this week. I'm a buy and hold investor.

I think TA is BS actually, I just was asking to see what people would say. The market has been pretty boring this week.

ok, if you buy and hold investor, you certainly know, that will buy BTC less than $ 110 and will sell for more than $ 112. And because a lot of investors they know, this is so boring this week;)

TA isn't good alone, you need to pay attention to fundamentals, which for BTC is the news as there are no other fundamentals to go by.

Market should have declined between the 6th and 7th, however an influx of good news kept the price stable with speculators rushing in i.e. China news, Coinbase funding, Bill Gate's endorsement.... However news is news, and the fact that news this good cannot cause the price to breakout is a bad sign.

It's extremely hard to call where the market will go, short term charts/trends say up, indicators long term charts point down , but whichever direction it goes, it will swing hard... I'm leveraged 33 coins/33 fiat at hand/33 fiat held up in limits so I can better adjust... It's because it's so close to the crash that it's hard to really determine where the market will fly, but my gut still says DOWN.

Smartest thing said here all week.

The price movement totally disregarded the news for a month. Just saying...

There are other fundamentals to go by.

Infrastructure (exchanges fundamentally) is still über week for prime time

Buying bitcoins for the first time is difficult and slow

Real economy is still a peanut. Most of it, is ASIC companies taking orders for mining hardware.

But still it's improving, and real work seems to be put in Bitcoin, besides speculation

You can't say that without knowing what would have happened without the news. Maybe the good news prevented a crash or further deflation of the bubble? Maybe we would have been at $70-80 or lower now without all the news.

You can't disprove a non existent relation.

IE, you could prove there's a link between the news and the price, but I can't prove there's no relation.

I think it's common sense to assume there is a relation between news and price, but since we're in post-bubble territory now the relation between news and price becomes confounded. Anyway you stated that there was no relation, and that statement can't be proven and thus can not be considered to be true.

Ok, let me try again:

There's no evidence that the news influenced the price in the last month. At all.

I think most of the answers in this thread missed the point.

YES OP IT'S GOING UP. Now go read a book or something so you don't have to look at the boring market seeing as you bought and are holding... I'll take the time and effort to post you a picture with lines on it next time ok?

PS - It might also go down...

I know, I just gave you some. Feel free to ignore it though, I'm sure everyone around here has your best interests in mind.  

evolve I love you <3  :D

lol

Bad sign? I'd say it's a good sign. It was all good news but it wasn't REALLY GOOD news, and there was plenty of bad news (lawsuit, exchanges continuing to suck, etc) to go along with it.
The problem is, people who became involved a few months ago are used to HUGE SPIKES on every bit of good news. So when you see good news and no huge spike, it looks bad, right? But it could also mean the market is maturing and we are collectively hesitant to panic-buy on good news just because. Also, media saturation, desensitization, etc. Good news is old news.

This guy's picture is doofy but he makes an astute observation:

Bitcoin users wising up due to media saturation and decreased appetite for HUGE spikes and crashes? Or bearish indicator? I say the former. People aren't pouring money in every time there is a Forbes/WSJ article or some rich guy talks about bitcoin for 30 seconds.

Say what?  >:(

The claim that news does not affect bitcoin price is a total nonsense.

Chart the price corresponding to news events over the past 3 months and you'll find a clear correlation, this goes with any commodity... Jeez