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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21576521 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. (143 posts by 33 users deleted.)
El duderino_
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May 14, 2019, 10:55:34 AM


...RSI being at 77.5.  In the whole history of bitcoin it's never been that high without a major retrace......

Please stop talking shit



All I'm saying is that your "rule" is totally arbitrary and based on cherry picking ranges.

In February 2017 1-week RSI hit 90. There was no "major retrace" ever following that level other than a minor correction on the way to the moon.

In August 2017 RSI hit 89 with price around 2k. There was no "major retrace" ever following that level, in fact there was barely even a correction.

In October 2015 RSI hit 80 with price range 300-400. It retested the base of that range for a day or two and never saw that level ever again.

In 2013 just prior to the "Cyprus" spike, RSI reached NEARLY 100 in March with price rangebound at $48-$70 for the week. Apart from a momentary capitulation to $64, it traded above $80-$90 forever since then.

Not saying that we can't expect a correction from this rise - it's obvious that there has to be at some point - just that these kinds of quantified generalisations are arbitrary. The RSI itself retraces but not necessarily the price from the level it's at at the time. All depends on what happens next.




I worked out the percentage drops for you.   So at the very least we can expect  30% drop... so thats the 5800 range unless this is phase B of an elliot wave and then it's probable to go much lower.

3th August 2012
High 16.41  
low  7.10
-56.73 %


8th April 2013
High 259
Low 45
-82.62 %


5th Nov 2013
High 1163
Low 152
-86.93 %


2nd Nov 2015
High 502
Low 294
-41.43 %

13ht June 2016
High 778
Low 465
-40.23 %



2nd Jan 2016
High 1139
Low 751
-34.06 %


6th March 2017
High 1350
Low 891
-34 %


12th June 2017
2High 2980
Low 1830
-38.59 %

28th Aug 2017
High 4980
Low 2970
-40.36 %


6th Nov 2017
High 7888
Low 5555
-29.57 %

18th Dec 2017

High 19666
Low 3181   (so far)
-83.82 %


Maybe a first time for everything, but for the longtermHODLers its still the same HODL, as long its building UP its good Smiley
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May 14, 2019, 10:57:30 AM
Merited by Gyrsur (1)

F***ING UNBELIEVABLE




on one day in the future you will be posting this and it will be only 1btc for that gold...


Actually, it will be the opposite: 63.89 gold bars are worthy a bitcoin.

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May 14, 2019, 11:03:32 AM
Last edit: May 14, 2019, 11:20:06 AM by toknormal


I worked out cherrypicked the percentage drops for you.

FTFY.

You're confusing corrections in RSI with corrections in spot price. When the RSI hits the overbought region the price can keep on hiking for as long as it likes till there's a correction. However the base of the correction can quite easily occur ABOVE the point at which the RSI entered the overbought range. After a spell in the overbought region and a peak the RSI will generally decline to more "buyable" levels. But the price doesn't always correlate.

For example on the 3-day chart between the peaks in June 2017 and August 2017, RSI declined from 91 to 75 but price increased from $2800 to $4900. In fact by the time the price hit $5800 RSI was still at 68.
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May 14, 2019, 11:04:22 AM


I worked out the percentage drops for you.   So at the very least we can expect  30% drop... so thats the 5800 range unless this is phase B of an elliot wave and then it's probable to go much lower.

3th August 2012
High 16.41  
low  7.10
-56.73 %


8th April 2013
High 259
Low 45
-82.62 %


5th Nov 2013
High 1163
Low 152
-86.93 %


2nd Nov 2015
High 502
Low 294
-41.43 %

13ht June 2016
High 778
Low 465
-40.23 %



2nd Jan 2016
High 1139
Low 751
-34.06 %


6th March 2017
High 1350
Low 891
-34 %


12th June 2017
2High 2980
Low 1830
-38.59 %

28th Aug 2017
High 4980
Low 2970
-40.36 %


6th Nov 2017
High 7888
Low 5555
-29.57 %

18th Dec 2017

High 19666
Low 3181   (so far)
-83.82 %


And how many of those are downtrends rather than corrections? And for how many of them did the price drop instantly when the RSI hit 77? Technical indicators are just a derivative of price or volume. They are nothing special on their own.

I told you it's semantics.  A percentage drop is what it is.  expect 6500 min very soon,  5800 highly likely and 4800 quite possible and a chance we haven't hit the low yet post 19k
El duderino_
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May 14, 2019, 11:06:12 AM

F***ING UNBELIEVABLE




on one day in the future you will be posting this and it will be only 1btc for that gold...


Actually, it will be the opposite: 63.89 gold bars are worthy a bitcoin.



serveria.com
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May 14, 2019, 11:10:11 AM


8k+ rejected.

Back to 6k for re-charge.


Better go down on Gembitz cock again  Cool
jonoiv
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May 14, 2019, 11:16:45 AM


8k+ rejected.

Back to 6k for re-charge.


Better go down on Gembitz cock again  Cool

Bulls seem to be getting tetchy
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May 14, 2019, 11:16:59 AM


I worked out the percentage drops for you.   So at the very least we can expect  30% drop... so thats the 5800 range unless this is phase B of an elliot wave and then it's probable to go much lower.

3th August 2012
High 16.41  
low  7.10
-56.73 %


8th April 2013
High 259
Low 45
-82.62 %


5th Nov 2013
High 1163
Low 152
-86.93 %


2nd Nov 2015
High 502
Low 294
-41.43 %

13ht June 2016
High 778
Low 465
-40.23 %



2nd Jan 2016
High 1139
Low 751
-34.06 %


6th March 2017
High 1350
Low 891
-34 %


12th June 2017
2High 2980
Low 1830
-38.59 %

28th Aug 2017
High 4980
Low 2970
-40.36 %


6th Nov 2017
High 7888
Low 5555
-29.57 %

18th Dec 2017

High 19666
Low 3181   (so far)
-83.82 %


And how many of those are downtrends rather than corrections? And for how many of them did the price drop instantly when the RSI hit 77? Technical indicators are just a derivative of price or volume. They are nothing special on their own.

I told you it's semantics.  A percentage drop is what it is.  expect 6500 min very soon,  5800 highly likely and 4800 quite possible and a chance we haven't hit the low yet post 19k

Look, your TA knowledge and drawing of conclusions from TA needs a lot more work. It has been pointed out to you why you need to work on this. RSI is a meaningless measure by its self because it is a derivative of price, Toknormal has pointed this out to you.
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May 14, 2019, 11:20:11 AM


8k+ rejected.

Back to 6k for re-charge.


Better go down on Gembitz cock again  Cool

You assume he has a cock. He certainly doesn't have any balls (or brains) because if he did he would of been buying in the 3k range.
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May 14, 2019, 11:21:37 AM
Merited by HairyMaclairy (1)


agreed. note April 1/2nd spike came before NYAG shoved her oar in

agreed
agreed
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May 14, 2019, 11:24:59 AM
Merited by JayJuanGee (1)

F***ING UNBELIEVABLE




on one day in the future you will be posting this and it will be only 1btc for that gold...


Actually, it will be the opposite: 63.89 gold bars are worthy a bitcoin.



One or two more halving and gold bars are something you can buy with fractions of bitcoins!  Grin
fabiorem
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May 14, 2019, 11:27:38 AM

F***ING UNBELIEVABLE




on one day in the future you will be posting this and it will be only 1btc for that gold...


Actually, it will be the opposite: 63.89 gold bars are worthy a bitcoin.



One or two more halving and gold bars are something you can buy with fractions of bitcoins!  Grin


Better r0ach start buying bitcoin now, so he can have all the gold he want in the future.
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May 14, 2019, 11:28:25 AM

I can say one thing at this time, finding large OTC sellers is currently impossible and the buyer queue keeps growing.
Source?  

I mean, they would be dumb to sell, but can we back that up?
I'm the source on this one. Knocked at many doors, can't find a seller for someone who is looking around. I'm actually surprised that we aren't mooning even harder given this demand.
roflmao
Gonna be chuckling all day at this.
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May 14, 2019, 11:32:10 AM


I worked out the percentage drops for you.   So at the very least we can expect  30% drop... so thats the 5800 range unless this is phase B of an elliot wave and then it's probable to go much lower.

3th August 2012
High 16.41  
low  7.10
-56.73 %


8th April 2013
High 259
Low 45
-82.62 %


5th Nov 2013
High 1163
Low 152
-86.93 %


2nd Nov 2015
High 502
Low 294
-41.43 %

13ht June 2016
High 778
Low 465
-40.23 %



2nd Jan 2016
High 1139
Low 751
-34.06 %


6th March 2017
High 1350
Low 891
-34 %


12th June 2017
2High 2980
Low 1830
-38.59 %

28th Aug 2017
High 4980
Low 2970
-40.36 %


6th Nov 2017
High 7888
Low 5555
-29.57 %

18th Dec 2017

High 19666
Low 3181   (so far)
-83.82 %


And how many of those are downtrends rather than corrections? And for how many of them did the price drop instantly when the RSI hit 77? Technical indicators are just a derivative of price or volume. They are nothing special on their own.

I told you it's semantics.  A percentage drop is what it is.  expect 6500 min very soon,  5800 highly likely and 4800 quite possible and a chance we haven't hit the low yet post 19k

Look, your TA knowledge and drawing of conclusions from TA needs a lot more work. It has been pointed out to you why you need to work on this. RSI is a meaningless measure by its self because it is a derivative of price, Toknormal has pointed this out to you.

are you a spaz ?

Im making the point that the mimum ever drop was 20%   The average drop 46.3% for whenever the 1 week RSI is hits anywhere over 70%,  what part of that don't you get?
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May 14, 2019, 11:34:16 AM


8k+ rejected.

Back to 6k for re-charge.


Better go down on Gembitz cock again  Cool

You assume he has a cock. He certainly doesn't have any balls (or brains) because if he did he would of been buying in the 3k range.

He's probably brainy enough to know the difference between of and have.
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May 14, 2019, 11:49:17 AM

Please stop saying 'that's just semantics'.
Use words in their generally-agreed-upon fashion or not at all.
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May 14, 2019, 11:51:25 AM

Well bitcoin is in a great moment, we’re all happy WO’s. I’m off to Budapest, Happy Birthday to me Cheesy

Cheers gentlemen!





A trip to Budapest with your gf, the Reds soaked in glory, the corn going higher... I guess this really is a happy b'day for you!
I'd wish you 100 more, but with all our talk about rejuvenation and out of body brain support, I'd better make that 1000 Cheesy
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May 14, 2019, 11:54:59 AM



 Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy
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May 14, 2019, 11:58:17 AM

If they really had privacy and security in their DNA, they'd make it open source already.
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May 14, 2019, 12:07:40 PM
Last edit: May 14, 2019, 12:20:56 PM by HairyMaclairy
Merited by bones261 (2), JayJuanGee (1), 600watt (1), ssmc2 (1)

If you want long term indicators what about the 1 week RSI being at 77.5.  In the whole history of bitcoin it's never been that high without a major retrace.   6500 minimum.    As much as it looks buoyant right now that will not last too long.  It's massivly over brought based on lies atm

edit:  i meant over brought Cheesy

Weekly RSI can go a lot higher for a lot longer.  We are at the red line.  



Guess what happened last time we crossed 77.5 on the weekly RSI?  We were at $8k and went to $19,666 before correcting... Look at the vertical red line...  Do you want to sell at $8k now and have the price go back up to the ATH before the RSI corrects?



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