In this situation I counted the correction of this primary wave as possibly complete but as a guideline I knew to expect a deep retrace to the 62%. it came true with impressive accuracy.

BUY at $285.02




Anatolio, they are all long and the price is going up!



(^^ funny face)

 

Okcoin have emergency funds coming out of their asses.... and unless they got hacked their futures service is zero sum this is part of the agreement.

the binary outcome argument, I cant see a way around it. If bitcoin is useful and supported at any price, therefore real-world functional, I dont see how a landslide of liquidity will not be drawn to it, seeing as the functional ecosystem of bitcoin is too beautifully efficient and useful to ignore. 100k is easily achievable in principle.

Fibonacci ratios are rarely exact, why should they be, but there are convincing averages especially in dow study that show on average ratios of correction are almost exactly in terms of the golden ratio.

In EW we observe the difference between deep and shallow corrections in terms of the golden ratio, 62% and 38%, because they are actually the perfect geometrical ratios to define the point where a correction is significantly deep or shallow, thats why the golden ratio is so special in many fields. its an indisputably fair ratio. 'Fairly' deep is precisely 62% in every respect, why would it be anything else? Its a strong observation that different species of waves have deep and shallow corrections, for example, primary waves are observed to correct on average to 62%.


Its quite a sensitive situation here but yeah I am bullish especially after a bit of bullish action here. Im going to buy back into dnaleors game when my 8hr is up.

Sell @ $275.28

wait for meee 

"(INTJ) you are not entitled to your opinion, you are entitled to your informed opinion"  

this sideways appears to be a triangle, supported by the bigger picture it should be wave y of iv. it will be interesting to see how it forms over the next 48 hours and we might get a clear long signal.

EDIT: If we break down through 1685 or so it would mean any hypothetical triangle is broken down and at that point we would have to re-evaluate the bigger picture.

The elliot wave theory and principle are largely based on the observation that market movement are based less on fundamentals than crowd psychology, the phenomena that most people draw more comfort believing in what others believe than believing more logical alternatives. This has rational and irrational impact on fundamentals that economists do not understand. however, price in a vacuum leaves only a few mechanisms to determine price action, and we find that the key emotions of fear and greed in a wave system (an equilibrium system) are irrational forces that always unfold in the same nature because of human psychology (which doesnt change). This way EW is more about how the market moves than predicting the future, and we realise that there may be multiple solutions to a real problem but they must be finite in context of robust logic.

EW analysis is not about trends, its about structure and key levels. Blind extrapolation implied in the term 'trend' is a fallacy in our analysis.

Simple harmonic ratios are found everywhere in nature, you cannot escape them they are necessary and robust and in concept they are perfectly defined. In this respect the EW theory cannot model random movement because truly random movement is not in simple harmonic terms (even so it may produce order in harmonic terms). The market is not random this is obvious and easy to prove, while it has weak sudo-random components. This is why the EW principle is composed of hard rules but also many guidelines because the market only presents confirmation of the principle in varying quality (but often good quality). maths provides us the principle where stats/evidence provides the theory. The theory is difficult to prove because it is a quantum system, scientists have battled providing evidence that an electron may be in two places at the same time for the same reason, but thats how it must be and thats how it is. Even so the theory put aside, the principle is enough for an effective trading strategy just as philosophers divide into camps of deontological and causational ethics, they are both valid and effective.

This is the same chain of logic as the larger count I have been tracking since 1500s. Locally, you easily identify that this is counter trend form, the larger degree being up.

This is the same old plan in good form. looking to reach 2000 yuan again gradually this week.

And International transfers still frozen.... who said the Greek situation was over? looks like the gates are opening for a bit of greece money to flow into bitcoin.

I believe that the price went up speculatively because of the grexit, not because people were preparing to use it in greece or even try but because people finally had an incentive to learn thoroughly about it and that was an opportunity for wide spread publicity in a new light. You cannot un-do the publicity that bitcoin achieved in that period of time and the effects of that are yet to fully unfold. It's been said that the deal is not a solution to the problem and smart people are realising that the grexit is for now only postponed. Do you think they will choose to buy bitcoin before or after their bank accounts are frozen?

Because of this local abc and the levels it has broken we have to assume that wave iii of the entire impulse topped at around 315 in a fudge of extensions caused by the violent wave iii in china. Despite losing track of my internal count it is following the count I published here very nicely. - https://www.tradingview.com/chart/BTCCNY/bpU7YQ6p-BTCCNY-EW-Analysis-Is-this-the-end-of-the-down-trend/

On the bright side of this disruption we are now closer to learning the likelihood that we have bottomed before the next cycle.

Yep, very good call.

I am cautiously looking for this. Wave 3 was difficult to read because of what happened in china, so in retrospect where I counted the last primary it was probably past the crux, rather being wave iii of 3.

no leverage?

Forget about it, throw away the password to your wallet. This is the Norwegian Method 

Actually this is must be a species of wave iv (if the larger count holds) which is what I meant by assuming we are past half way, although I wasn't expecting this. If we are in wave a iv it means we past the crunch of the move. This is a very sharp move and a fairly big disruption by news which means we will need some time for the dust to settle before we can formally continue the count. Upper targets have dramatically become more realistic 

If this count was correct then the local count having about 5 degrees of nested 1-2s is absolutely ridiculously bullish. To be conservative Im going to assume we are past half way of the crunch, although with significant developments in the EZ tomorrow, who knows!

Ive said before that this rally would be relentless with shallow retracements for the second half because we have only had deep wave ii's up to this point. Forget about short scalps, running flats could .... run you flat.

Hi guys,

Im a fan of storing bitcoin in a brain wallet, despite having learned my lesson rather brutally to make a ridiculously strong pass phrase. You can sleep at night knowing that weather your house gets flooded or burns down, or your computer gets hacked or stolen that your bitcoins will be safe. I like to make all my wallets brain wallets and import them into my MultiBit client.

So to make an extra secure passphrase I had an idea....

Take a reasonably good phrase, add some character, but it can be memorable. Generate your private key from that phrase. now take your public key and pass it through the SHA algorithm again. You can do this as many times as you like within reason, as you know you will inevitably find your address with this method if you try one at a time.


Im not sure how much security this method would add (apart from the number of times you rehash you public key) but my thinking is that for a computer to have to process the SHA algorithm for every brain wallet combination out there just a few times will drain plenty enough processing power to be impractical. I like this method because its so simple and easy to remember and you may use a memorable pass phrase within reason.

how much work would this add to the process of testing random brain wallets?

Thanks!

Its relative peace and serenity. perma bears are less cocky without confirmation bias 

hehe its a game of chicken being in the top 6 right now. any winner will put you in the lead but you could be left a long way down the scoreboard if you get left behind.