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Question: Sept. 21 Closing Price:
$0 - 3 (2.9%)
<$8,000 - 5 (4.9%)
$8,000-$8,500 - 1 (1%)
$8,500-$9,000 - 2 (1.9%)
$9,000-$9,500 - 5 (4.9%)
$9,500-$10,000 - 6 (5.8%)
$10,000-$10,500 - 22 (21.4%)
$10,500-$11,000 - 20 (19.4%)
$11,000-$11,500 - 19 (18.4%)
$11,500-$12,000 - 6 (5.8%)
>$12,000 - 8 (7.8%)
>$20,000 - 6 (5.8%)
Total Voters: 103

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21374266 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (106 posts by 21 users deleted.)
Miz4r
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June 04, 2013, 01:27:55 PM
 #13121

I've seen trend lines drawn on log scales, this is linear scale.  Which one's right? Cheesy

At this scale it doesn't really matter I think.

Not sure if i was totally clear:  If Y is a log instead of linear scale, the second "dip" will be above the line, so no longer a part of it.  If you mean the slope's too insignificant to make a difference, just change the time scale.

I don't know, I'm not really educated in these matters. It just makes more sense to me to look at a linear scale in these short time frames, and log scales for long term trends. I don't have anything really to back that up, I just wanted to draw a nice line with the available tools I have. Tongue
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June 04, 2013, 01:31:17 PM
 #13122



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June 04, 2013, 01:35:18 PM
 #13123

I drew a nice line, not sure if anyone posted something similar yet in here. Smiley


Your line is wrong, its already broken. Next target: $50. And soon after that: $30.
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June 04, 2013, 01:43:08 PM
 #13124

I drew a nice line, not sure if anyone posted something similar yet in here. Smiley

http://s21.postimg.org/jzi4pmodx/support.jpg
Your line is wrong, its already broken. Next target: $50. And soon after that: $30.

the support is still usable and if we broke it the next target will be $110-$111 and not at all 50
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June 04, 2013, 01:43:16 PM
 #13125

I drew a nice line, not sure if anyone posted something similar yet in here. Smiley


Your line is wrong, its already broken. Next target: $50. And soon after that: $30.

Ah I see, you've completely convinced me with your compelling arguments.
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June 04, 2013, 01:49:13 PM
 #13126

I drew a nice line, not sure if anyone posted something similar yet in here. Smiley


Your line is wrong, its already broken. Next target: $50. And soon after that: $30.

Ah I see, you've completely convinced me with your compelling arguments.
YOU have drawn the line intentionally wrong (you just choose some arbitrary point on the left side instead of anchoring it at the low), so you know EXACTLY what I mean:


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June 04, 2013, 01:57:29 PM
 #13127


And on the log chart its even more obvious:
lucas.sev
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June 04, 2013, 02:01:45 PM
 #13128


And on the log chart its even more obvious:


Why your first two lows touch the trendline but not the last one? It seems to me that line should look more like this:

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June 04, 2013, 02:02:07 PM
 #13129

IG0BR0KE
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June 04, 2013, 02:03:09 PM
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the support isn't broken.. (yet^^) i think you should go back to economic school or if you didn't studied that you should check how support/resistance works...
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June 04, 2013, 02:04:56 PM
 #13131

Why your first two lows touch the trendline but not the last one?
Because the last one breaks it.

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June 04, 2013, 02:06:41 PM
 #13132

Right, even with your line I still don't consider the support line invalidated. It doesn't look like a convincing break out (yet). Anyway, don't take this all too seriously I'm just having some fun in here. I don't believe these lines say all that much about the bigger picture. It can go up or down from here, that's all I can say about it for sure. Tongue
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June 04, 2013, 02:07:35 PM
 #13133



http://bitbet.us/bet/147/mtgox-out-of-business-by-end-of-year/
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June 04, 2013, 02:08:18 PM
 #13134

Well.. 1k buy wall, price jumps to 122 and ... 502 bad gateway -- Website currently unavailable. Bitstamp.
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June 04, 2013, 02:09:09 PM
 #13135

Let's see if the support line holds at around $117.

Might fall deeper. Looks a double top to me.

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June 04, 2013, 02:10:34 PM
 #13136

Right, even with your line I still don't consider the support line invalidated. It doesn't look like a convincing break out (yet). Anyway, don't take this all too seriously I'm just having some fun in here. I don't believe these lines say all that much about the bigger picture. It can go up or down from here, that's all I can say about it for sure. Tongue

I'm glad you asked the initial question as it wasn't clear to me either.

TA is great, I use it all the time, but it does not follow rules like some are making it out to be. That might be more true in BTC as the programs are not fully in effect and even more so, BTC does not exactly fall under the typical stock, commodity, currency, etc. paradigm.

I think what TA does show in BTC is sentiment and habit, but I'm no expert. Just having some fun...  Wink
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June 04, 2013, 02:14:02 PM
 #13137

If you draw a trend-line from one wick to the next it is broken if another wick crosses it. That's just the way it is, sorry the trendlines are broken.
The best you can hope for is a "false breakout".
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June 04, 2013, 02:15:13 PM
 #13138

i think you should go back to economic school
Welcome on my ignore list for such an extraordinarily idiotic reply.
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June 04, 2013, 02:16:47 PM
 #13139

i think you should go back to economic school
Welcome on my ignore list for such an extraordinarily idiotic reply.

And the ironic thing is his handle.  Cheesy
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June 04, 2013, 02:20:04 PM
 #13140

If you draw a trend-line from one wick to the next it is broken if another wick crosses it. That's just the way it is, sorry the trendlines are broken.
The best you can hope for is a "false breakout".

Well I often see shakeout candles falling way below the supporting trendline (but open and close is above support) and then bouncing up again. The oppposite is called a 'shooting star' I believe. So I don't care if you call it a breakout or not, I'm just not convinced the support line is invalidated.
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