Head & Shoulders -- not just for dandruff anymore

[AngelusWebDesign]

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

[1714048086]

1714048086

[1714048086]

1714048086

[Atroxes]

You do realize how economy works rights?

[cuddlefish]

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]

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.

[@theman]

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

[cuddlefish]

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

The opposite of whatever people tell you.

[@theman]

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]

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.  

[Atroxes]

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]

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.  

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]

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]

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 I do NOT see head and shoulders there, but a correction is due and there is a gap up. Well, so what Let it correct. Give it 6 months, it possibly is high two digits.

[TraderTimm]

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.

[Atroxes]

[Dobrodav]

Can i use that picture for desktop ? Please

[Atroxes]

Can i use that picture for desktop ? Please

Sure. http://img192.imageshack.us/img192/3664/mtgoxcoaster.jpg

[Dobrodav]

Thanks 

[xtapol]

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]

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.