Switch to 12h view, move the neckline up a bit and watch the double top play out. We just bounced off the original support line as resistance. Buy target is 80 once all the nooblets let go.

Given the constant inflation of DOGE upon the market I probably won't even buy then.

Chartbuddy's Greatest Hits. I like it.

Beats recent discussion on issue number one that never goes anywhere on public forums: political philosophy. Number two is religion.

Yes you're probably right. But a centralized bitcoin clone kind of defeats the purpose. Who will mine? JPMorgan? The public? A "trusted" central banker type entity? What if they need to change the rules, will they just hard fork it forcing everyone along? Sounds like a total disaster in the making.

If you wait a year to cash out, long term capital gains are 15% in the US.

No, a bit more consolidation left to go imho. $635, $625 or $615 would be good buy targets, in decreasing orders of likelihood. If the pennant breaks down we could go sub $600 for awhile, although that is less likely.

JayJuan, check out this video. It pretty much sums things up.

http://youtu.be/muHg86Mys7I

Shorters gonna short any little spike. Dangerous game.

Some will, most won't. Traders will put money into BTC if it's shooting up, taking money out of the alt market.

I closed out my DOGE position completely over a week ago--the massive double top looked a little too ominous for my liking.

bears gonna need some caffeine soon

It looks as if we may breakout before. Below 600 would be a bearish option.

Should've changed it to "flying saucer reversal formation."

Sorry to hear about your loss, but don't say you weren't warned. Newbies would be wise to stay out of the altcoin forum.

Somewhere after midnight
In my wildest fantasies
Somewhere just beyond my reach
There's someone reaching back for me
Racing on the thunder and rising with the heat
Isn't there a superman to sweep me off my feet?

 


No heroes left on Wall Street, that's for sure.

In an attempt to post something useful I'll repost these... upward consolidation anyone?

Thanks for the super helpful train images, Adam

Some things to keep in mind if, in fact, groups of large investors attempt this.

• The required investment would push prices sky high, making existing holders extraordinary wealthy. There are only ~12 million bitcoins in existence, and most of them are not for sale.
• Bitcoin traders are resistant to wild price swings, are thick-skinned against fraud and can spot market manipulation. Blockchain analysis and the open source nature of the community would help to hold any naughty whales accountable.
• Bitcoiners are generally highly intelligent and understand how the underlying protocol works. Wall Street and their friends in the media do not.
• Crypto traders already program highly sophisticated trading bots (see cryptotrader.org) that rival or will simply copy what Wall Street brings in. If Wall Street money is imminent, traders will be ready to profit.
• There is no regulated financial industry surrounding cryptocurrencies. There are no laws that will protect them or favor them.

I say bring it on. Let's see what these traders can do on a level playing field without a central bank and their buddies in Congress to bail them out.

Ignore button is useful. Please use it.

This was a really interesting read. Thanks for posting.

When I see discussions about small government, especially with Europeans defending socialism, keep in mind the US was designed to have decentralized state governments by its founders. If you don't like the rules in one state, drive to another one. To most libertarians, this is acceptable. So calling them anti-government is a gross misunderstanding. State and Federal governments here often butt heads, and often states win out.

Illinois, for example, resembles a socialist country in decline. It has many social safety nets, huge union influence, huge unsustainable debt, high unemployment and a super corrupt, scandalous government. Fortunately it's not difficult to move somewhere like Oregon, with low income tax and zero sales tax. After the auto industry bailout by the Feds (which didn't work, btw), Michigan has largely taken a hands-off approach with the decline of Detroit. As much of a hellhole/ghost town the metropolitan area is, the suburbs are still doing well. The corruption and collapse is working itself out and investors are buying up cheap cheap real estate. My friends rent a huge, amazing house there for a few hundred dollars a month. The neighborhood looks like a demilitarized zone but it's not unsafe because there's nobody there.

Here's my take. We're gonna need a bigger track

Good deal. Conspiracies are fun but don't let 'em cloud your judgement. Compare the April rally/crash/uncertainty/certainty/just kidding/doldrums/fear/doubt/whew with November's rally and there are some surprising finds.

Mat you think way too much. Dumb it down. Price action reflects everything that is happening in the market and doesn't mix well with theories based on incomplete information. As much as TA is an art form, keep it simple. I tell my music students this all the time: Dumb it down, keep it simple and don't overthink technically or you'll walk onstage and be screwed.