Bitcoin Forum

Seems to be a slow, steady climb (in BTC terms, not what most "stocks" do...).

Some people never learn.
We're at the second bounce of the falling trend of the Elliott Wave, right after the head-and-shoulders.

Some people never learn. In $60 we are in full bull mode.

Yes, seems so now.

Obviously before next sell offs come :)

Who's margaret?

it'll just take 1 big sale to get everyone running again though

Some people never learn.
Bitcoin doesn't care about charts ,ta, waves and stuff.

Say that to the clown prophet who predicted the current rally and the one before with TA  ::)

How many people were wrong about the bitcoin future price and how many times right?
Just in one thread I could easily find 500 wrong assumptions based on charts.

http://en.wikipedia.org/wiki/Paul_the_Octopus
There aren't many possibilities, if enough people try, there will be a lot that "predict" it right many times in a row
The successful ones can also influence others to sell when they say it goes down and such making the prediction selffullfilling (it's not clever to follow that though, because the only one to make certain money of that are the ones that do the prediction, because they will be the first to buy/sell)

Guy 1: The price tomorrow will be <400$ because look at the chart!!
Guy 2: The price tomorrow will be between 400 because look at the chart!!
Guy 3: The price tomorrow will be between 401 because look at the chart!!
...
Guy 400:The price tomorrow will be between 800 because look at the chart!!
Guy 401:The price tomorrow will be >800 because look at the chart!!


So one thing will be true for 100%: One guy will be right and he will claim to be a prophet! ::)

Where is the left shoulder on your Elliott Wave?

Guy 404: Price not found

I was wondering the same thing.

I'm still not sold on this being a crash and not a serious bear trap.

The next day or two will tell.

I hope it's a big bull trap  ;D

BTCChina is leading the way. And it looks like a bull trap. Started @ 4200 CNY , probably going till 5500 CNY

Thank you!

This latest run-up in the last 2 days has been on relatively low volume. That means the price is more easily manipulated.

We will rise slowly to $700-$750, level off and then move horizontally for a week.
Then we will continue upwards, slowly at first but soon again we will find ourselves going up with never-before seen velocity.

I hope you all took the opportunity to buy, because it will be a long time before we see $500 again.

True for USD bit CNY has been pretty solid volume.Almost everything between 1k and 3k

First rule of Bitcoin: The more more often people say it won't happen, it happens.

So do, but only so I can buy back in at lower values, which will still be much higher than what I sold at.

I have been bullish on Bitcoin since Sept 2013 when I bought some for speculative purposes for first time (b4 then, hundreds of the things were going through my account and onto Silk Road....makes me sick looking at the transaction history in my wallet)

Anyway, I was bullish, but cashed out when I had trebled my money, but immediately regretted doing so and had wired a much larger sum of money to Bitstamp back when Bitcoin was still around $400, intending to buy in and cash back out at around $600. Thus, I remained bullish on Bitcoin right up until the eve of the crash, where the parabolic chart behaviour turned me bearish. After getting the usual ridicule and 'face palms' from the usual retards, Bitcoin did indeed crash....

...But.....

Can I honestly say that this feels like a dead cat bounce?

No, I can't.

Perhaps because so many people, like myself, believe that these spikes and flash crashes are going to keep on occurring in Bitcoin, so many people believe that there is huge upside still to be made in Bitcoin and therefore the speculative capital is preventing the usual post bubble scenario from setting in. I am also a firm believer that Bitcoin is a highly manipulated market and that there are people with the buying/selling power to drive this market around like a bitch.

For this reason, I at this point in time, am like a animal frozen in headlights. Bitcoin could hit further astronomical heights very soon, or it could take another flash crash short of the previous highs, which surely would result in a near term bear scenario where prices would have to stabilise before green shoots could come again.

The Silver price history chart provides a great example of a burgeoning asset that takes a whack down, yet seems like it is heading straight back up, only to take another whack down...wash rinse repeat:

http://silverprice.org/charts/history/silver_10_year_o_usd.png

I dunno, silver chart looks like a run up and multi year correction to me on that scale.

I think BTC has several to 20 years of run up to come before the final big multi year correction, after which it will find its value and subsequently trade very much like a metal (i.e. subject to the whim of the market, and the pressure of devaluation of fiat through inflation)

Thats the 20-30 year outlook though!

lol, one of the only true predictions/assumptions on this thread.

Bitcoin will keep going up as long as these massive fiat injections keep coming into the exchanges. The whales will wait until it stops to dump so they can take maximum profits.

Makes sense to me

I hope it doesn`t rise or otherwise that means coinbase will cancel my order from a couple days ago.  >:(

What is your point with the wash rinse repeat? That we should buy silver?  :P

Actually, silver is in such doledrums with miners no longer able to operate at a proft, that the price of silver must surely be over depressed, i.e. an excellent long term buying opportunity.

My point was that just cos a market makes a quick recovery, and it seems that the crash was infact just a correction, doesn't necessarily make it so, as the silver chart shows, albeit over a longer (read: normal) time scale.

http://farm4.static.flickr.com/3291/2541290823_0614d1d73c.jpg?v=0
Its going up :)