The only reason why the big boys dont day trade is because they move the market (not profitable). small day traders can take advantage of that because they can get in/out without moving the market.

BUT how do big players get into big positions? not with one fat market order that is for sure. they have to accumulate over days, careful not to move the spread. This is day trading. with day trading, the big players save money, while the small players can make money. subtle difference.

the Hodl position is my favorite. easy and relatively certain. although managing a small position of your Hodl on day trading is not only potentially profitable, but just good risk management. it really compounds fast when you get good at it.

yeah....Ive always treated the minor bottoms in this area with much caution from a bearish point of view, since it is historically reversal territory. This is probably the first one to blow a bunch of bears out of the water, which makes it exciting. It only takes an announcement from PBOC to make new lows, so yeah maybe it needs time before we can call it a bottom on a larger scale.

What excites me most, is that the level to break the monthly wedge is only 510 now. 'only', as in only $60 away, but the resistance of the wedge could be potentially be a lot. the test may come soon - 15th (!)

I like that chart. very balanced ^^

the last piece of ammo is Huobi shutting down. but I think the statement from the PBOC is a taste of what is to come.

It has similar proportions to the silk road dip, and it would only be fitting that an uptrend starts on a down spike.

This also has a fundamental drive to it - 'bitcoin declared not banned'

but unfortunately, we have seen a lot of dips. One for each exchange closed, and I wouldn't bet that this is a bottom until Huobi has either shut down, or the fifteenth passes and Huobi is still running.

.... having said that.... long from 355

full disclosure: this is not a prediction! this is just an observation. I doubt you are putting your money on what I say fonzie, but there are people on this forum who would eat me alive if they heard you quote that!


good luck I hope you win!

watching this carefully. would be very telling if we had a spike up or down right now. This trend line was strong just 2 days ago.



whereas bitstamp has coiled and broken through a larger channel. looking for follow through.

hmmm.... Fonzie is back LOL   

see how far it goes first. depending on how far it goes, it may not be just a pump. the daily candles are threatening critical levels. 

love it. a 'troll' turned bull with precision and accuracy. we have all misjudged you fonzie. 

we have a buyer at 415 it seems. 4 times has it bounced from that buy wall. interesting to see if it breaks new highs before breaking that wall.

yah, will be telling on the 15th. but I wonder how much FUD this statement removes from the chinese market. Chinese can feel comfortable about holding bitcoins now ("like stamps"), although it was fact that bitcoin wasn't outright "banned" before. I think this tells us that the worst that can happen from here is that Huobi is affected as the other exchanges, and that would be pretty bad too. But there is also potential for the 15th to be positive. The chinese officials love to screw with the market it seems, and it may be that they bought a pile yesterday. If they are officially not going to ban bitcoin, then I think the announcement on the 15th (if any) might be positive beyond expectations.

Im pretty happy with a $100 rally tbh. +1 about the weekend dip, but there is nothing (yet) to drive it to lows or even close. maybe $30-40. I wouldn't be surprised if we rally some more either. the china unban 'news' hits the spot. it's the first scrap of pro bitcoin we have heard from PBOC. should calm some nerves.

I think that what is important is that we were offered a terminating five wave at lows subject to rapid reversal, and a clear mind to take the opportunity.

Funny how the reversal is attributed to news, when it was common knowledge that china never wanted to 'ban' bitcoin. It is just that news moves the market only when speculators are vulnerable (shorts/longs to squeeze). Until that point of panic, speculators had been moaning about how the good news never moves the market, but the bad news always crashes the market..... well that's because speculators were by majority long, and more importantly, subject to panic.

I like your chart. I dont think you need to be critical of the forecast, because I don't think that is what EW really does. we are just looking for junctures.

but I wonder if the rumours today are a sample of the 15th..... it's all a bit fishy. what could happen next? Huobi closes. but what else? running out of ammo those chinese.....

Hmm every level up is good... but Huobi has already broken 2700 (briefly) the real resistance is at 3000. the number, and the price history.

Today, I wanna see december 20th happen all over again. could happen..... the cattle prod is hot.

so this is where long term holders come to watch the ticker?

Or people like you and nanobrain come to say, 'oh gosh, the price moved!'?

this is a speculation thread.....

There's no wonder why people here lose money....

nothing was obvious, and nothing was strong, and I never said it was. a 'classic' bottom was the context of that bottom, which it was. the sentiment and news that surrounded it. if you didnt notice, we spent weeks in consolidation after that bottom. when/if I call the bottom, note how I will call it the Bottom. but for crying out loud, you are reading a day traders thread!

summary: you can do whatever you want.... my posts are not misleading, you are simply mislead.

First do me a favour and ignore me, then Ill take it down.

In fact, we could both take down the whole freaking argument and do this thread a favour.