Bitcoin Forum
December 09, 2016, 02:11:21 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Head & Shoulders -- not just for dandruff anymore  (Read 2745 times)
AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 05, 2011, 05:04:29 PM
 #1

Now it's for the Bitcoin/USD price as well!

Look at the Mega Chart on Mt. Gox if you want the scare of your life.

You'll only be scared if you own Bitcoin though...

I hope we're not looking at $12 or $10 (or less) per Bitcoin in a day or so, but it looks like we might.

Matthew
1481249481
Hero Member
*
Offline Offline

Posts: 1481249481

View Profile Personal Message (Offline)

Ignore
1481249481
Reply with quote  #2

1481249481
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481249481
Hero Member
*
Offline Offline

Posts: 1481249481

View Profile Personal Message (Offline)

Ignore
1481249481
Reply with quote  #2

1481249481
Report to moderator
Atroxes
Full Member
***
Offline Offline

Activity: 120



View Profile
June 05, 2011, 05:10:37 PM
 #2

You do realize how economy works rights?
cuddlefish
Full Member
***
Offline Offline

Activity: 126



View Profile
June 05, 2011, 05:13:22 PM
 #3

Now it's for the Bitcoin/USD price as well!

Look at the Mega Chart on Mt. Gox if you want the scare of your life.

You'll only be scared if you own Bitcoin though...

I hope we're not looking at $12 or $10 (or less) per Bitcoin in a day or so, but it looks like we might.

Matthew


We're already in the last shoulder.

pennytrader
Sr. Member
****
Offline Offline

Activity: 253


View Profile
June 05, 2011, 05:18:36 PM
 #4

Short term technical matters, although i do believe H&S is not a very reliable pattern in general. In the long run, it's about supply and demand. Since we have limited supply on bitcoin and unlimited supply from FED (usd), you can imagine how the price would go.

please donate to 1P3m2resGCP2o2sFX324DP1mfqHgGPA8BL
@theman
Newbie
*
Offline Offline

Activity: 10


View Profile
June 05, 2011, 05:19:48 PM
 #5

What are the projections on the prices of bitcoins? Will they drop or keep rising?
cuddlefish
Full Member
***
Offline Offline

Activity: 126



View Profile
June 05, 2011, 05:22:53 PM
 #6

What are the projections on the prices of bitcoins? Will they drop or keep rising?


The opposite of whatever people tell you.

@theman
Newbie
*
Offline Offline

Activity: 10


View Profile
June 05, 2011, 05:28:14 PM
 #7

There must be a correlation with the rise in bitcoin value and an article about the silk road narcotics website posted by the blog site gizmodo.com the price of bitcoins has rapidly increased, in less than 4 days. I assume this must be, since I stumbled upon bitcoins through this blog post.
AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 05, 2011, 05:28:21 PM
 #8

You do realize how economy works rights?

If I translate your sentence into English correctly...

I've been following various markets before you first noticed you were interested in girls.

So to answer your question...yes.  Smiley
Atroxes
Full Member
***
Offline Offline

Activity: 120



View Profile
June 05, 2011, 05:30:40 PM
 #9

Noone knows what will happen.

It is (to my knowledge) impossible to foresee the future.

Bitcoin is special because there's limited supply. In history, a scheme like Bitcoin has never been tried before. Therefore we can safely assume, that predicting the outcome of Bitcoin is uncertain and that whatever advice you get, it is bound to be nothing more than an educated guess.

Accept that you can't predict what will happen and stop creating posts about projections.
Atroxes
Full Member
***
Offline Offline

Activity: 120



View Profile
June 05, 2011, 05:31:43 PM
 #10

You do realize how economy works rights?

If I translate your sentence into English correctly...

I've been following various markets before you first noticed you were interested in girls.

So to answer your question...yes.  Smiley

Then you should know perfectly well that your statement in the first post is useless and can't apply to a system like Bitcoin.
AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 05, 2011, 05:37:45 PM
 #11

First, I'd like to apologize for my last puerile post -- I was being a bit of a jerk (and by "a bit of", I mean "quite a").

I looked at your past posts, and it looks like you're not dumb. You said you're an admin. That one post (above) was all I read of yours, and I made a bad judgment. Most of your other posts sound intelligent, with less bad English/spelling errors.

Back to the discussion --

I agree in the sense that I'd like to think that Bitcoin is special. I'm mining right now myself -- of course I'd like to see it rocket ever higher with each passing week.

But as far as I know, technical charts don't lie.

What you're arguing is called "the fundamentals" which might be as true as the day is long -- but they don't necessarily determine the price of Bitcoin.

People talk the same way about gold. "It's a finite resource. Look at how many dollars they're printing!" so in theory gold should be getting more and more expensive. Which is true -- but A) it isn't as expensive yet as it should be, and B) there have been LOTS of "irrational" downs along the way, where the fundamentals were spit upon for whatever reason.

NetTecture
Full Member
***
Offline Offline

Activity: 140


View Profile
June 05, 2011, 06:00:02 PM
 #12

First, I'd like to apologize for my last puerile post -- I was being a bit of a jerk (and by "a bit of", I mean "quite a").

I looked at your past posts, and it looks like you're not dumb. You said you're an admin. That one post (above) was all I read of yours, and I made a bad judgment. Most of your other posts sound intelligent, with less bad English/spelling errors.

Back to the discussion --

I agree in the sense that I'd like to think that Bitcoin is special. I'm mining right now myself -- of course I'd like to see it rocket ever higher with each passing week.

But as far as I know, technical charts don't lie.

What you're arguing is called "the fundamentals" which might be as true as the day is long -- but they don't necessarily determine the price of Bitcoin.

People talk the same way about gold. "It's a finite resource. Look at how many dollars they're printing!" so in theory gold should be getting more and more expensive. Which is true -- but A) it isn't as expensive yet as it should be, and B) there have been LOTS of "irrational" downs along the way, where the fundamentals were spit upon for whatever reason.


Well, chats dont lie, but weekend is not really trading time - because it is very hard to move money in and out of exchanges when banks are closed Wink I do NOT see head and shoulders there, but a correction is due and there is a gap up. Well, so what Wink Let it correct. Give it 6 months, it possibly is high two digits.
TraderTimm
Legendary
*
Offline Offline

Activity: 1652



View Profile
June 05, 2011, 06:58:13 PM
 #13

For those wondering what the heck a head-and-shoulders formation is, here's a quick reference:

http://www.investopedia.com/terms/h/head-shoulders.asp

You draw a line between the start of the first 'shoulder' and the other, using the peak value of the head to the line as a projection to where price might end up. So, like the example above, the distance between the peak and the 'neckline' is taken and overlaid from the neckline downward.

You can also have the inverse, where the projected price from the neckline would be higher. Only problem is that chart patterns are highly subjective. There's been a lot of research into this area, most notably done by Mr. Nison regarding candlestick charting - but the main point is even though you can 'see' a head-and-shoulders, doesn't mean that it will behave like one. This is also the main pitfall of Elliott Wave theory, but that is a whole other can-of-internet-worms.

Personally, given how the market is in its infancy - I don't really see major downward factors here unless the trendline expressed over at http://bitcoincharts/charts/ (mtgoxUSD) gets breached on the downside. It may be easier to see if you tick the checkbox 'Log Scale'.

Put on your seatbelt, you've seen nothing yet folks.


fortitudinem multis - catenum regit omnia
Atroxes
Full Member
***
Offline Offline

Activity: 120



View Profile
June 05, 2011, 07:11:30 PM
 #14

Dobrodav
Full Member
***
Offline Offline

Activity: 140


View Profile
June 05, 2011, 07:39:28 PM
 #15




Can i use that picture for desktop ? Please Smiley

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
Atroxes
Full Member
***
Offline Offline

Activity: 120



View Profile
June 05, 2011, 07:41:59 PM
 #16

Can i use that picture for desktop ? Please Smiley

Sure. http://img192.imageshack.us/img192/3664/mtgoxcoaster.jpg
Dobrodav
Full Member
***
Offline Offline

Activity: 140


View Profile
June 05, 2011, 08:39:34 PM
 #17

Thanks  Cheesy

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
xtapol
Newbie
*
Offline Offline

Activity: 11


View Profile
June 06, 2011, 04:56:30 PM
 #18

It may be easier to see if you tick the checkbox 'Log Scale'.

Technical analysis in general works in log scale. Percentage change is what matter, not absolute value.
billyjoeallen
Legendary
*
Offline Offline

Activity: 966


Hide your women


View Profile WWW
June 06, 2011, 08:42:18 PM
 #19

it doesn't matter what the price does in the short term unless you are a miner dependent on sales for cash flow.  if anything, a pullback is a buying opportunity for those of us who are, shall we say, GPU deficient?
it's the long term sustainable growth that is important. That is determined more by fundamentals than psychology.

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
https://campbx.com/register.php?r=0Y7YxohTV0B
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!