Let's check the chart and VOTE

[natewelt]

Alright Folks. Bulls. Bears. Spectators.

Here's what our current chart looks like. We have triple bottom support at roughly $365. We also have the upper line of the rising wedge at roughly the same spot. I'm not highly confident it's going to hold because China is not cooperating tonight, but if it does we will see the green scenario likely play out.

If 365 does not hold we will likely see 340s quickly. That's where the rising wedge bottom channel will hopefully come into play if you are a bull. This scenario is represented by the blue line. If we get into the channel and continue upwards that would be a nice sustainable way to continue upwards. Personally, I think this is best way for us to rise and sustain this rally.

And finally, for you bears out there...if we fall below the rising wedge then we go to 300 and re-evaluate from there.  



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[romjpn]

For the moment, I'd say the charts are screaming red if there's no strong reaction from the Chinese. 365$ broken.

[natewelt]

For the moment, I'd say the charts are screaming red if there's no strong reaction from the Chinese. 365$ broken.

Pure panic on Huobi right now. Bids are just disappearing.

[Cluster2k]

Chinese speculators understand that bitcoin is a casino.  Some get lucky, others get burnt.  Such is life.  Those that get burnt won't be back until the hurt wears off.  It's like a compulsive gambler after a big loss.  

$504 to $279 on bitfinex, and back to $362 within 24 hours.  Place your bets, ladies and gentlemen.

[Morecoin Freeman]

Red. The next 48 hours are absolutely critical.

[gentlemand]

BTC has temporarily hit the madhouse. I wouldn't want to predict any direction or movement. It could be back to 240 tomorrow, hovering around 400 or zero. Lord knows how anyone's managed to trade the last few days.

[natewelt]

I think the only thing that needs to happen is for it to stop selling off. If that can happen for a few days then people will chill out. That's not my prediction...just what I would like to see.

[Morecoin Freeman]

Probability for each count:

04.1 %  - GREEN
21.7 %  - BLUE
31.0 %  - alternative count
43.2 %  - RED

[natewelt]

Probability for each count:

04.1 %  - GREEN
21.7 %  - BLUE
31.0 %  - alternative count
43.2 %  - RED

Your numbers don't match the poll at all...

Where are they coming from?

[Morecoin Freeman]

Those numbers were made up by a prophet in my pottery class.

[natewelt]

Those numbers were made up by a prophet in my pottery class.

Well don't post meaningless shit like that. K thanks

[zimmah]

I voted green because it's the least bearish option

but in fact i think green is still too bearish.

[NorrisK]

Blue looks about right. We went up way too fast and this is now something we have to feel for a bit.

As long as you didn´t buy in during the vertical phase, you should still be quite comfortable with your holdings. Atleast I am, still in the green for any coins I bought last month.

[zby]

According to my calculations for 2.5 leveraged (default at bitfinex) positions bought between 400 and 500 the margin call price is 280-350. So if it falls below 350 we can see some of these.

[zimmah]

Blue looks about right. We went up way too fast and this is now something we have to feel for a bit.

As long as you didn´t buy in during the vertical phase, you should still be quite comfortable with your holdings. Atleast I am, still in the green for any coins I bought last month.

we're still way undervalued

[pungopete468]

I would go insane trying to track and trade a 2h chart.

The 1 week chart is where it's at...

[mr angry]

Alright Folks. Bulls. Bears. Spectators.

We have triple bottom support at roughly $365.

It went down to $353 on Bitstamp about 14 hours ago. Doesn't dipping below the Fibonacci squiggly line at roughly $365 mean we are headed down to the next Fibonacci squiggly line lower down? I'm awful at trading and barely know what a Fibonacci squiggly line is, but surely dipping below it means something.

[Raimonn]

I voted blue, i expect recovering the 400 $ levels to grow bitcoin price slowly than previus week. But not in the next hour, could take some days to pass the 400$.

[Frost]

This will most likely go the red way.

[natewelt]

Alright Folks. Bulls. Bears. Spectators.

We have triple bottom support at roughly $365.

It went down to $353 on Bitstamp about 14 hours ago. Doesn't dipping below the Fibonacci squiggly line at roughly $365 mean we are headed down to the next Fibonacci squiggly line lower down? I'm awful at trading and barely know what a Fibonacci squiggly line is, but surely dipping below it means something.

If there is a breakdown below a level of support(365 in this case), but then the price quickly rises back up and continues higher it's generally called a bear trap.

It means that bears saw a breakdown and shorted, but then they immediately got hurt by the price flying back up. They were tricked into thinking there would be materially more downside.