nice chart - I tend to agree, although surprising that the wave iv and V are taking such a long time to unfold. Bearish moves still have zero conviction and I have doubts that any dump could push through 470-480 floors. Inverse head and shoulders is comforting - the right hand shoulder is the weakest price action for ages. a light breeze could push it to 540.  |
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Come on, Chessnut, make a REAL case for us. You have been chattering on cheerleading the market with bullish expectations. But posting these same charts over and over again and saying things like we will go up because triangles normally continue direction is ridiculously weak TA. Make a real case for us. Tell us where the money came from to take us up. Tell us where that money is now. Tell us why we can capitulate on historically low volume. Tell us why this is really different than March. Make a real case. Answer all our bearish doubts with some real substance. We wanna believe that we can go into another bull market. Tell us why we really really should believe this without posting that one chart over and over. Give us some real meat, Chessnut!
Usually, I had been seeing Chestnut lose his cool b/c guys were pounding on him and beating him up, and in this instance, it seems that Chestnut is coming out ahead... GO Chestnut!!! I am a fan of the underdog. hehehe  well I thought that was pretty inflammatory what he said up there. 'cheerleading' 'REAL case'. Ofcoarse I have fundamental reasons, I have given them, but windjc forgets those. I hope he was just joking, but it's not funny. |
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We have a new 3-day low. That's not so bullish. Unfortunate.
Im not sure what you mean by that, yesterday we visited 486 on stamp, not seen that again. BTC china is in a contracting range/wedge. The bullrun is losing momentum but the bias is not bearish. You answered yourself with your last sentence. If we can make a new 3-day low once, we can make it again pretty easily. The next major line of support is at 472.50. If we breach that we're in bear territory, with the next major supports at 454, 400, and 355.50. If we bounce off 472.50 and break above 515, that would be a pretty good bull sign. Between 472.50 and 515 is no-man's land. We float with no conviction in either direction. we have met the conditions of a wedge. low volume, contracting volatility, contracting range. something has to happen soon, most likely it will be in the same direction as where it came from. as long as the bulls remain as weak as they are now, and have been for the last days, I will assume it's going up.  edit - ask walls gone. |
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so many people watching bitcoin like hawks. this is not going to pass ATHs without causing an ugly mess to the upside. a sequence of 5 is too much for speculators to ignore.
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We have a new 3-day low. That's not so bullish. Unfortunate.
Im not sure what you mean by that, yesterday we visited 486 on stamp, not seen that again. BTC china is in a contracting range/wedge. The bullrun is losing momentum but the bias is not bearish. |
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Are we headed for a retest of 472.50? Is a second rejection of that price level what we're waiting for? Do we need a double inverted head and shoulders at this level?
wall is gone on bitfinex..... surprise surprise... |
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Are we headed for a retest of 472.50? Is a second rejection of that price level what we're waiting for? Do we need a double inverted head and shoulders at this level?
presuure is so weak, this cant go too far today. if this is the best that 600BTC sell walls across exchanges can do to the market, that is quite bullish. even if they were dumped, they would be gobbled up within $10 price range. |
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This is a GREAT sentiment/contrarian indicator! |
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You might be right, but boy are you setting yourself up for some humble pie if you're not.  hey I never said it's gonna go up. Im sure you can see what position I am holding though when I draw an illustration like that, I'm showing what I am either expecting, or hoping to see as a confirmation. if something happens that is expected to happen, that is the first edge of a day trader.  here, I can see the bear side too  just too lazy to draw it in first time. of coarse, wedges should break out in the direction of the trend. so I am bullish. |
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bears are dead. nice try, not! nice day trading set up. better watch out for green candles, they come fast and tall in this market. |
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I feel like this market is being kept up by hoarding, not by buying. Its almost as if the resistance is coming from an unwillingness to sell more than anything.
Is this not an ultimate sign of a bottom? Price holding even if no fiat is coming? Bitcoin's price kept at $500 by the current adoption of 1 million people? No speculative premium? You have to take into account the new BTCs which are being created everyday. A good chunk of the mined ones are sold. not helping your argument when the price is going up.... It is? well Im just looking with my humble eyes, but if you want confirmation, look at the 3d macd. lotsa people think thats looking good right now. You spoke in present tense. I don't see the price going up presently. which scale? 1m, 5m, 15m, 1h? 1d? it went up a bit just there! .... the relevant low to the uptrend I am referring to is 339, and the high is 547. the price is right now 500 on Huobi. and it's not exactly going down. the bears are very weak below 3100, each really is rejected at a higher level. |
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I feel like this market is being kept up by hoarding, not by buying. Its almost as if the resistance is coming from an unwillingness to sell more than anything.
Is this not an ultimate sign of a bottom? Price holding even if no fiat is coming? Bitcoin's price kept at $500 by the current adoption of 1 million people? No speculative premium? You have to take into account the new BTCs which are being created everyday. A good chunk of the mined ones are sold. not helping your argument when the price is going up.... It is? well Im just looking with my humble eyes, but if you want confirmation, look at the 3d macd. lotsa people think thats looking good right now. |
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I feel like this market is being kept up by hoarding, not by buying. Its almost as if the resistance is coming from an unwillingness to sell more than anything.
Is this not an ultimate sign of a bottom? Price holding even if no fiat is coming? Bitcoin's price kept at $500 by the current adoption of 1 million people? No speculative premium? You have to take into account the new BTCs which are being created everyday. A good chunk of the mined ones are sold. not helping your argument when the price is going up.... |
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I think bitcoin is safe. the largest holder has proven to behave very responsibly with his stash, and so have many others. The incentive he has written into the protocol works outside of the protocol as well. nobody wants to fuck it up now.
..... as for the coins not hoarded...... who cares.
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cheers Lucano  my favorite analyst. |
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ugh these bear jokers fizzle up so quick at the 3100 floor. wedge in place, no market drive, trend probably to resume (up) when chinese go to sleep and bitcoin is still not banned   |
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You're confused. I was simply comparing the 3 Day MACD going bullish to you going bearish.
you implied that the market was going to flip, and the market is going up. Im not going to turn bearish until 470 is broken, and even then, I am only looking to buy low. |
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Right now you are like the 3 day MACD but in reverse. You are slowly getting ready to flip.
who me? hey I just read the charts. Ill flip when the market flips. Like I said. You are about to flip. FUD. Ill keep this in my collection of forum facts for later give me a reason. What? I'm not making this up. I'm getting it from your posts. You said today in another thread that if this doesn't take of as Wave 5 it would be a C and that would mean lower. You also admit a bearish fundamental sentiment. I can go on. But I am not sure why you are trying to keep up appearances. I think this is at least as likely to go down than up from here. no no, you said the market is about to flip. that is not a fact. there is still time left for a wave V interpretation, but it is running out. if you dont understand that sentiment is a contrary indicator, then sorry for you. sounds more like you are trying to convince yourself. |
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Right now you are like the 3 day MACD but in reverse. You are slowly getting ready to flip.
who me? hey I just read the charts. Ill flip when the market flips. Like I said. You are about to flip. FUD. Ill keep this in my collection of forum facts for later give me a reason. |
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Right now you are like the 3 day MACD but in reverse. You are slowly getting ready to flip.
who me? hey I just read the charts. Ill flip when the market flips. |
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