Bitcoin Forum

https://i.imgur.com/ALEN0.png

http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=60&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=MACD&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

We will be moving out of this perpetual $6.25-7.22 range soon enough.  MACD is crossing down and there's an obvious head & shoulders pattern.  The long-term support is getting close to the $7-7.2 resistance, and bearish signals are starting to show up, so it looks like it's more likely for the long-term support to break.

My opinion is that the TV show won't do too much, and if it causes new money to come in at all, it won't come instantly.  Look out for a reasonably large correction before the rally continues.

Well you've called it a few times, but I think your wrong about this one.

Next move is UP, correction is over.

I think if you short right now, put a stop at 7.2 and go long at 7.3, you can't possibly lose.  :)

We just failed to hit new lows in this wave so the crash is cancelled. Continue on with the current price range.

This is similar behavior we had around 4 on our way up to 7. There is always the possibility we are about to launch to $11.

I think this analysis is flawed. The crash stopped at $6.2 and now the bulls have reinforced their positions to the point where the asks look puny in comparison. We will at least test higher levels before another drop is a possibility. Currently the buyers are simply waiting for the sign, when it comes we will test at least $7.2.

Nail head, meet hammer...

Exactly

+1

The trend line is NOT broken, you drawing lines that support your theory.

Look at the month, and take the bottoms, and connect the dots, the price will soon bounce off the trend line upwards..

but in my eyes we wont truly hit the trend line for roughly a week if we continue going sideways..

If it goes down in the short term(20-50 cents), it will touch trend line and start our little rally upwards..

reading OP again, maybe I misunderstood.. :P  but my point remains..

I agree with the OP

Bitcoin trades like a penny stock, moving with speculative fever in the broader market.

If stocks crash, I would expect Bitcoin to fall as well, at least temporarily.

That said, I'm bullish long term so I would see any move down as a great buying opportunity.

I have a buy order for 9BTC at 6.27 if we head that low but it is looking less and less likely. I am sure I am like many other people who sold some coins in that I plan to buy more if they go down. This adds support and the longer we stay above $6 the firmer the support will become. I would welcome a temporary drop just for buying just like so many here.

We didn't have similar behavior at $4.  The technicals weren't as weak back then as now, and the bullish wedge was much more visible.  
$7.2->$9 is entirely possible, but right now I'm slightly bearish.  Both bears and bulls are waiting for confirmation at this point.


I agree that we could easily go either way... it only takes one more spike to invalidate my hypothesis.  It also takes one profit taker to confirm my hypothesis.

Right now, I'll stay cautiously bearish until further confirmation.  I am taking no position on Bitcoinica and I do not recommend shorting with leverage.

edit: Just noticed another head and shoulders... except bullish.  Current situation is damn confusing.

Shit, shit! Bidwalls going up!

Yeee haaaaa!

I don't see it.  There are a lot of bids, to be sure ($1.24 million worth right now), but I don't see any giant bid walls going up.

I see 15k BTC of new bids in the mid $6 range.

Oh, yep.  $1.26 million in bids now.

Ever watch actual mud/land slides video?

Its like a slow moving one watching mtgox live..

The bid/ground is being saturated with rain, and about to let loose on the bottom.. :)

You have been posting similar opinions all the way down since August to November, you started to be a bit more cautious just when it was about to bounce back from the bottom at 2.

Only 22k bearish BTC left below $7.20...

Edit 20k

Is this the real life or is this just fantasy?

i think their is way more then 20K asks at 7.20, we dont seem them because they dont want to be seen

a sneak attack! :P

The only way there are hidden asks is if they are on Bitcoinica. I see 5K right around there and that seems pretty strong to me. a 20k buy would smash through 7.20 though and we would be off to new highs.

Have you retracted your original hypothesis in this thread yet?

Remember that many people hesitate to place an order before market reaches certain contitions, for the sole purpose of not telling to the world what their intentions are.

6 to it, 14 through it. 33 to infinity and beyond.

How can anyone possibly say this looks bearish?
https://i.imgur.com/9QDVD.png

It's because you are looking at the wrong chart. Try turning on log:

http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=60&i=Daily&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=1&p=0&
Perfect bounce.

I see triangles... and they be ascendin'!

Yes it is, i initially thought of a correction to 5.5 before resuming the uptrend, the up volume is now good again , good chance to break 7.2 IMO

Lol!

Nice! Down to 12k now...

I speculate that irregular sells are creating resistance, and is coming from bitcoin-based businesses that are selling their bitcoins to fund their businesses, and from miners and speculators actually spending their coins, which are then being redeemed on the exchanges.  The latter is supported by the transaction history (http://www.blockchain.info/charts/n-transactions), showing that actual bitcoin usage (not just speculation) is picking up.

I was bearish until the big buys yesterday to $6.90, which turned me bullish again, but I think the rise will be slower than past rallies.

It is in the short-term interest of every bitcoin speculator to trigger a huge bubble. Everyone knows that everyone thinks this so it is tempered, they are just waiting for someone with a lot of capital to make clear a promise to back it. Most people will chose this path even if they realize this person gets to short on them later because they think they can time it.

I'm about to liquidate  :o

hi Sheldon  :D

Only 13k below $7.20

New high for the day $7.08

Looks like someone tried unsuccessfully to end the rally with a 650BTC dump. Either that or they clicked the wrong button cuz its hard to tell visually if you are buying or selling on the new mtgox layout. Would be an expensive mistake.

Use classic.mtgox.com, it's so much clearer.  The new GUI is full of fail.

Yeah i prefer the old one. Side by side is much harder to screw up. Still could have been someones mistake.

That all you got bears?

agree

You guys are asking for trouble.

My coins aren't on the orderbook my friend and I doubt the big guys are either.

10k

edit: 20k hehe

I don't know - I made good money on this rally - but it's getting hot now.  Once started the deleveraging can be fast.

me too

oh you  ::)

i was born as Russian bear