Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[crumbcake]

Let me try again, I'm quite noobish at this.

https://i.imgur.com/tGbUKzf.jpg

Trendlines tend to be broken on the fourth touch.

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

[Miz4r]

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

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

[niothor]

All the former bulls who turned bears yesterday reverted back to bulls now and shout cho cho....
Expect a price drop

[bito]

What's happening is all these companies are realizing it's dangerous to do business with bitcoin exchanges or any online payment system. Technocash probably looked at the Dwolla seizure, Liberty Reserve, Perfect Money's recent actions - and was like FUCK THAT. We ain't gettin our hands dirty.

So we are seeing fewer and fewer funding and withdrawal methods. According to the logic of some, price should have tanked already, each time news like that came out and the effect hit. 

Wouldn't a series of such stories potentially have a cumulative effect?  What if a major bank decided to refuse MtGox transactions too?

Tin foil hat and cheap coin collection tin on standby...

From some comments on the MtGox facebook wall

http://www.smh.com.au/business/austrac-eyes-6b-money-laundering-case-20130529-2nbfl.html

Maybe MtGox are being proactive and don't want to associate themselves with a business linked to LR?

Technocash were not good value anyway, 4% fee. Wire transfers are a fixed fee and arrive in the same time.

[crumbcake]

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

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.

[rezurect]

EMAs crossing

My Inference: Downward trend could continue.

[sarc]

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

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.

educated guess: depends on whether the trend is exponential or not.

[Miz4r]

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

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.

[rezurect]

[prof7bit]

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

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

[IG0BR0KE]

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

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

[Miz4r]

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

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.

[prof7bit]

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

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:

[prof7bit]

And on the log chart its even more obvious:

[lucas.sev]

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:

[ChartBuddy]

[IG0BR0KE]

https://i.imgur.com/igLNNhT.png

And on the log chart its even more obvious:
https://i.imgur.com/9yhMUMP.png

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...

[prof7bit]

Why your first two lows touch the trendline but not the last one?

Because the last one breaks it.

[Miz4r]

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.

[EuroTrash]

http://bitbet.us/bet/147/mtgox-out-of-business-by-end-of-year/