Is it a good idea to buy Bitcoin now at $29?

[bitcoinBull]

tell me more about this deep bull trend.

hint: indicators give you insight as to how 'deep' it really is. i saw the rally losing steam before the price tested the bottom support. it's finally broken through. good luck bulls.

That chart starts at $20, and its linear. This rally started at least as far back as $14! And use log scale, we're still in the channel..

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[arepo]

tell me more about this deep bull trend.

hint: indicators give you insight as to how 'deep' it really is. i saw the rally losing steam before the price tested the bottom support. it's finally broken through. good luck bulls.

That chart starts at $20, and its linear. This rally started at least as far back as $14! And use log scale, we're still in the channel..

so your channel is better than my channel? these lines are arbitrary [read: not scale-invariant]. my chart simply shows that short-term momentum is sagging and we are now consolidating.

edit: also, look closer, it's actually a log chart. you really know what you're doing.

[bitcoinBull]

tell me more about this deep bull trend.

hint: indicators give you insight as to how 'deep' it really is. i saw the rally losing steam before the price tested the bottom support. it's finally broken through. good luck bulls.

That chart starts at $20, and its linear. This rally started at least as far back as $14! And use log scale, we're still in the channel..

so your channel is better than my channel? these lines are arbitrary [read: not scale-invariant]. my chart simply shows that short-term momentum is sagging and we are now consolidating.

edit: also, look closer, it's actually a log chart. you really know what you're doing.

Ah, you're right, it is a log chart. And so what if short-term momentum is sagging/consolidating around $30-$32. We saw the same thing around $20-$22, which your channel conveniently excludes.

Your channel is biased, it already broke below around $27. You can draw a triangle there too and then see how it continued upward.

[arepo]

your response is ignoring entirely the context of my post.

first, channels are not definitive. it 'tested' the support at $27, but recovered quickly, unlike his time around.

second, i'm not saying that there won't be an upside breakout of this particular triangle consolidation. no one can predict price movements with 100% accuracy.

now, let's look at the context:

lol.
Bears still have shitty arguments! Bears simply have nothing other than "yo this is a bubble because it was a bubble bubble bubblespeak bubble."
Maxing out technical indicators means jack shit in a deep bull trend, which Bitcoin is undergoing.

tell me more about this deep bull trend.

hint: indicators give you insight as to how 'deep' it really is. i saw the rally losing steam before the price tested the bottom support. it's finally broken through. good luck bulls.

the indicators are still saying reversal territory. you can follow along in my analysis thread here. i actually predicted the first testing of the support i outlined above in that very thread, and the 'deep bull trend' which has been going on since $14 is clearly losing steam. i was pointing out to humanitee that indicators are important, and helped predict the weakening of the trend, which leaves it vulnerable to the coming correction of this large price movement.

in other words, he claimed all is well in the rally, so my indicators are worthless. i countered with a chart demonstrating how the price momentum is falling off in the short-term. if in the mid-term (uninterrupted rally from $14 to $30) we are aching for a correction, then when price falters in the short-term it is a significant risk.

[PetrovMichael]

think of all the people sitting on stacks of 10k bitcoins ...

have no reason to sell, for what ? have other incomes too ...

[molecular]

lol.
Bears still have shitty arguments! Bears simply have nothing other than "yo this is a bubble because it was a bubble bubble bubblespeak bubble."
Maxing out technical indicators means jack shit in a deep bull trend, which Bitcoin is undergoing.

I became even more bullish when I saw cypher was getting avalons ().

tell me more about this deep bull trend.

How did you come up with that lower channel line? It has 0 touchpoints.

[proudhon]

Alright, back from the weekend and ready to watch the correction intensify.

[rpietila]

Alright, back from the weekend and ready to watch the correction intensify.

Yes, the correction is surely coming, since none of my friends anymore has bitcoins, and we want to buy more.

[waspoza]

Alright, back from the weekend and ready to watch the correction intensify.

Welcome back.

I have important question. Did we seen top for this year?

[lebing]

Alright, back from the weekend and ready to watch the correction intensify.

Thank you for the rocket confirmation, lol

[proudhon]

Alright, back from the weekend and ready to watch the correction intensify.

Welcome back.

I have important question. Did we seen top for this year?

Probably.  Hard to imagine buying past the recent 2013 high.  We're very likely in correction territory.  Probably just need one more large player to made the change definitive, and then we'll see the herd race each other to the door.  We could still very easily see single digits as downward momentum builds.

[piramida]

we will only see single digits once bitcoin is officially split into satoshis.

[twolifeinexile]

Alright, back from the weekend and ready to watch the correction intensify.

Welcome back.

I have important question. Did we seen top for this year?

Probably.  Hard to imagine buying past the recent 2013 high.  We're very likely in correction territory.  Probably just need one more large player to made the change definitive, and then we'll see the herd race each other to the door.  We could still very easily see single digits as downward momentum builds.

Maybe people are reluctant to buy over this new high, but why do they need to race each other to the door? Yes, there may be some people in that catogory, but at this stage bitcoin only represent a small portion of most people's asset and they probably have a lot patient than you thought.

[Richy_T]

Watching that downward momentum build and build...

[cheat_2_win]

Watching that downward momentum build and build...

Where??

[Luno]

Above silver and below an all time high. The perfect place to stay for a while attracting attention.

I'm also extremely short, hoping for a flash dump.

[humanitee]

your response is ignoring entirely the context of my post.

first, channels are not definitive. it 'tested' the support at $27, but recovered quickly, unlike his time around.

second, i'm not saying that there won't be an upside breakout of this particular triangle consolidation. no one can predict price movements with 100% accuracy.

now, let's look at the context:

lol.
Bears still have shitty arguments! Bears simply have nothing other than "yo this is a bubble because it was a bubble bubble bubblespeak bubble."
Maxing out technical indicators means jack shit in a deep bull trend, which Bitcoin is undergoing.

tell me more about this deep bull trend.

hint: indicators give you insight as to how 'deep' it really is. i saw the rally losing steam before the price tested the bottom support. it's finally broken through. good luck bulls.

the indicators are still saying reversal territory. you can follow along in my analysis thread here. i actually predicted the first testing of the support i outlined above in that very thread, and the 'deep bull trend' which has been going on since $14 is clearly losing steam. i was pointing out to humanitee that indicators are important, and helped predict the weakening of the trend, which leaves it vulnerable to the coming correction of this large price movement.

in other words, he claimed all is well in the rally, so my indicators are worthless. i countered with a chart demonstrating how the price momentum is falling off in the short-term. if in the mid-term (uninterrupted rally from $14 to $30) we are aching for a correction, then when price falters in the short-term it is a significant risk.

I have been busy and hadn't noticed you responded.

Time will prove one of us right! I've been talking to a lot of people about Bitcoin lately (more so than in the past) and they are loving the concept. Hopefully we have more than just one Bitcoin evangelist.

Have a good day.

[Richy_T]

Watching that downward momentum build and build...

Where??

Irony, possibly sarcasm.

[piramida]

But once we build a huge downward momentum, somebody comes in, buys 20 BTC and the rally reignites! 

[Elwar]

But once we build a huge downward momentum, somebody comes in, buys 20 BTC and the rally reignites! 

The fact that there are so many people hoping for a downturn or a bubble burst so that they can buy Bitcoin cheaper means that there would not be a very big downturn.

When the price went down to $4/BTC a lot of it was from people making money on Bitcoinica shorting to make money. At that point, people were hoping the price would go up so that they could short more.

Plus there were so many hacks that sentiment was not very healthy on Bitcoin making it at all.

I would expect lower prices if shorting were popular again. But Bitcoin has also proven itself fairly well in the past 6 months or so.