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Title: Lots of noise on the charts lately Post by: smoothie on July 23, 2012, 04:20:22 AM I've noticed a lot of noise in the chart in the past week or so. Spikes up and spike down. My visual is those spikes up moreso are as bit-pay said "someone hoping to lead us off a cliff yet is the only one ending up jumping off of it".
Long term the price is bullish. I wouldn't be surprised to see a correction from here through time given we have rallied about 50% since two months ago. What matters is where the price closes (on the longer term candle stick time frames) and not where the price touched for a second or two. This is just my take. Title: Re: Lots of noise on the charts lately Post by: cloon on July 23, 2012, 01:01:07 PM IMO it looks like an ordinary triangle were building out, so there could be a few up and downs inside triagle until we break out
it's a sort of a correction formation what means market is bullish and if we break upwards we might test 10$ i dindn't really count the failing of Mtgox cause of it's tiny influence but it could have built a resistant line... EDIT: sry i had a lack in data: here's the right one: http://image-upload.de/image/oRd2b5/8f2145b738.jpg Title: Re: Lots of noise on the charts lately Post by: DeathAndTaxes on July 23, 2012, 01:07:30 PM I like seeing the higher lows. The selloffs are so artificial; nobody with that amount of coins cashes them in, in such a stupid manner ("hey let me sell 40K BTC at market, yeah that sounds like a good idea"). The intent was to drive the price lower yet on each of the three plunges it was less effective. The drops are both smaller on a % basis and the bottoms are higher on a nominal basis.
Roughly: $7.40 -> $7.70 -> $8.00 20% -> 15% -> 10% If the manipulator(s) can't push it below $8.00 on their next failed panic sell then they are done. Someone burnt a lot of coins trying to keep the price down and it has been futile. Title: Re: Lots of noise on the charts lately Post by: smoothie on July 23, 2012, 06:19:35 PM I still think there is a good chance we won't head to $10 yet and come back towards $7. But then again that's just my take. I'm only saying in the short term it may happen.
Title: Re: Lots of noise on the charts lately Post by: ArticMine on July 23, 2012, 06:26:28 PM This is really starting to look as a large player in a short squeeze, and that is bullish.
Title: Re: Lots of noise on the charts lately Post by: smoothie on July 23, 2012, 06:33:25 PM Well looking at the long term price movements if we were going to break out to $10 we would have already. I wouldn't be surprised to see the price slowly go down over time and have it move sidways until a month or two.
Remember the price stability of bitcoin is what makes bitcoin healthy. Having it jump $10 or $20 too fast will ultimately just create another "bubble". |
