This type of action usually means that a drop is coming but it will only be a temporary drop into a bull pennant consolidation before the next breakout. This type of action is not worth trading in a bull market espectially if your coins are in cold storage. Now if every MACD on every timeframe goes back down at that point THEN you may wish to consider selling.

It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.

I don't believe in the credibility and accuracy of individual self proclaimed professional psychics to actually harness psychic abilities and be powerful enough to make accurate predictions. I for one have been practicing psionics for 15 years and my abilities are still shit, so it is hard for me to trust anyone else. I also don't believe that the future is neccessarily set in stone. In addition, I believe that psychics could have their energies and predictions interfered with by other forces and other psychics. For example, if there are bulls who want to accumulate as many bitcoins as possible and they are also powerful psions, they could be engaging in psychic combat with the mainstream psychics by projecting out bad energies and visions of crashes.

tl;dr I stick to my guns and use technical analysis for my trading.

I don't think so. I would be interested in building technology that enhances psychic abilities. For example Cerebro in Xmen.

I believe in 3 possibilities:
1. We have reversed out of the bear market and are on course for long recovery back up as we consolidate around each previous resistance level until eventually we break $850 which leads into the next ATH. This process spans 2 months at the very least. Probably 3 or 4.

2. We have reversed out of the bear market but are not on course for ATH any time soon. This is a "recovery bull run" or a mini-bubble which doesn't set ATH. It will peak out somewhere within the existing trading range somewhere between 700 and 900, and then flash  crash down to 500 or so. After the flashcrash there will be a brand new '6 month cycle' of a mild bear market and then a ramp up into a rally that finally breaks ATH.

3. This is not a real rally at all - it is a bull trap. It is a B wave of an ABC corrective sequence in an elliot wave. After B wave terminates, there will be a brand new downtrend formed which will last another few months just like the last downtrend. C wave will terminate somewhere between 265 and 400 with a massive volume signaling the end of the real final capitulation.

I think a break of $850 would be significant but we probably won't get there any time soon.

ugh I hate Facebook. They'll probably end up banning it until the app developer modifies it so that they can place ads all over it and take a cut out of the payments.

Usually there is a few months of whale trading investing in the inevitable rally and creating a gradual uptrend, until confidence from the average Joe finally returns and there is a massive leap in userbase after a critical level is passed (such as $1000). Then the rally accelerates into double-exponential.

I educated some friends/family on bitcoin and kept them on call for a breakout. They were originally very interested and bullish about the fundamentals and were going to buy at $800 but I advised against it and to wait for the bull market to start. So I kept them in the loop all the way through the gox crash and through the (second) china crash. They were still interested most of the time. However, as we got to April/May, they started losing interest. I advised multiple times to buy at $450 but now things were looking too grim, "it is volatile - we thought it would be less volatile", "this thing is all over the map", "its been going down too long", "i dont feel the same way about bitcoin anymore", etc.  I alerted them again as the breakout at $460 occured and as it was passing $490 but they completely lost interest by that point.  I guess they will probably buy now at this point at $625. It is ridiculous the mentality of the average person to buy high and sell low.

Yes based on the latest intraday trading patterns we can deduce that mass adoption has suddenly occured. It wasn't mass-adopted the other week before the downtrend broke but now it is. The mass-adoption occured overnight.

The rally is due to the downtrend line breaking at $460. As a result of this, all types of traders and investors are all going long at the same time.  In one mass synchronization, every short must cover, everyone who sold to rebuy later must rebuy, and every investor who was waiting for an uptrend to start will buy. This all creates a massive power. It has nothing to do with news events so stop pretending like it does and detailing all the latest hot news like bitcoin is some kind of stock

If you think the discussion is stupid then just say the [discussion] is stupid. Don't start talking about the [op] and asking questions about and making assumptions about the op. The op is completely irrelevant and doing this is childish.

By not serious I mean I don't seriously believe that the moon has anything to do with the price. However, it was a valid pattern that I observed and I did want to know what type of opinions other people had on the pattern. Maybe we could get some type of entertaining or interesting discussion going.  But instead it shifts to the completely irrelevant focus of [TERA]. It's because [TERA something], what is [TERA's position]? bla bla bla TERA bla bla bla

It's not a serious thread. But it was successful at once again eliciting responses from all of the same trolls who turn every discussion I make about [something] into a discussion about [me].

This makes no sense and adds no value to the context of my discussion.

Dont get emotional over hot newses. Bitcoin fundamentals are always improving and adoption is always growing at an exponential rate ever since it was incepted. Yet it always follows the same trend of taking roughly the same period to recover as it spent declining. I don't know what makes you think that this particular set of news is special and going to change the trend so abnormally that $1000 would be reached within weeks. That is impossible. If $1000 is reached, expect to see it in 2 months at the very least.

I think you're neglecting the recovery/ramp-up phase which historically has been symmetrical to the decline most of the time.

^ This chart looks asymmetrical to me. I think the longer crash should warrant a longer recovery.

I was thinking of using the blockchain as a persistent storage and messaging medium for some decentralized web applications I was thinking of developing. Nothing is stopping us from just abusing the blockchain for own needs that have nothing to do with bitcoin by taking advantage of the message field while sending coins back and forth between our own 2 wallets.

I did various buybacks while trading in the 300s and 400s. Most of my coins are bought back at 460 but before that there was 420, and then there were these: