Market has peaked, sell off incoming.

[notme]

The most fun part of the roller coaster is when it gets down. Weak hands might slip away from the wagon.

Also, be cautious, climbing up with your eyes closed makes you not see when it goes downhill.

If you're bullish, when the coaster falls, grab all the coins you can from those who fall off.  One of my longer term scenarios is that this 5 wave structure I've labelled is wave 1 of the 5th wave starting from the initial trades.  Wave 1 ended at 32, wave 3 ended at 266, wave 1 of 5 down, 2-5 to come.  This is of course ultra bullish, but it is a possibility at this time (aka you can count it this way without breaking any of the 3 rules).

[notme]

We're either completing wave 4 and my count was accurate or we have completed an ABC corrective and will resume the downtrend sometime between here and $147ish.



It may take some time to pick a direction though.

Wave 5 in progress.

Wave 5: Wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show divergences (prices reach a new high but the indicators do not reach a new peak). At the end of a major bull market, bears may very well be ridiculed (recall how forecasts for a top in the stock market during 2000 were received)

http://en.m.wikipedia.org/wiki/Elliott_wave_principle#Elliott_Wave_personality_and_characteristics

Wave 5 completed, ABC corrective should end in price territory of Wave 4... ie $120-$150.

[MAbtc]

Wave 5 completed, ABC corrective should end in price territory of Wave 4... ie $120-$150.

Curious, what kind of confirmation do you look for to conclude that Wave 5 has ended? Not too knowledgeable about wave theory. 

[greaterninja]

with heavy volume manipulation I am feeling fairly bearish on btc right now.  I did make about 5000, so I am good for now.

[dopamine]

sorry I see this 

[windjc]

We're either completing wave 4 and my count was accurate or we have completed an ABC corrective and will resume the downtrend sometime between here and $147ish.



It may take some time to pick a direction though.

Wave 5 in progress.

Wave 5: Wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show divergences (prices reach a new high but the indicators do not reach a new peak). At the end of a major bull market, bears may very well be ridiculed (recall how forecasts for a top in the stock market during 2000 were received)

http://en.m.wikipedia.org/wiki/Elliott_wave_principle#Elliott_Wave_personality_and_characteristics

Wave 5 completed, ABC corrective should end in price territory of Wave 4... ie $120-$150.

If you are right and this is that much talked about pattern, then this is bullish news. At 120-150 we form a base for Wave #1.  Last time the base was in the teens.

[notme]

If you are right and this is that much talked about pattern, then this is bullish news. At 120-150 we form a base for Wave #1.  Last time the base was in the teens.

In my longer term count, this entire wave up from $65 was just wave 1 of 5.  Wave 1 ended at $32, Wave 3 ended at $266.  We have completed wave 1 of the 5 wave structure that will make up the longer term 5th wave.  After this corrective wave 2 completes, this count calls for wave 3 up, then 4 down, then 5 up to complete the long term 1-5 starting with the beginning of bitcoin trading.

Yes this is ultra bullish, but I'm talking weeks - months for most of these waves.  In between we will have some gut wrenching drops.

[notme]

We're either completing wave 4 and my count was accurate or we have completed an ABC corrective and will resume the downtrend sometime between here and $147ish.



It may take some time to pick a direction though.

Wave 5 in progress.

Wave 5: Wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show divergences (prices reach a new high but the indicators do not reach a new peak). At the end of a major bull market, bears may very well be ridiculed (recall how forecasts for a top in the stock market during 2000 were received)

http://en.m.wikipedia.org/wiki/Elliott_wave_principle#Elliott_Wave_personality_and_characteristics

Wave 5 completed, ABC corrective should end in price territory of Wave 4... ie $120-$150.

Momentum dying off on wave B.  Wave C to come unless we get a few big buys soon.

[windjc]

We're either completing wave 4 and my count was accurate or we have completed an ABC corrective and will resume the downtrend sometime between here and $147ish.



It may take some time to pick a direction though.

Wave 5 in progress.

Wave 5: Wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show divergences (prices reach a new high but the indicators do not reach a new peak). At the end of a major bull market, bears may very well be ridiculed (recall how forecasts for a top in the stock market during 2000 were received)

http://en.m.wikipedia.org/wiki/Elliott_wave_principle#Elliott_Wave_personality_and_characteristics

Wave 5 completed, ABC corrective should end in price territory of Wave 4... ie $120-$150.

Momentum dying off on wave B.  Wave C to come unless we get a few big buys soon.

Can you show us a chart with this A,B and upcoming C corrective and exactly how is this Wave C going to put us at $120-$150?

[Malawi]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

[adamstgBit]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

you sold all your bitcoin?

lol what?

[Ivanhoe]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

Why?...... just why?

[mccorvic]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

What the...what...I don't even.

[BitChick]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

What the...what...I don't even.

Maybe it was with the hopes to buy back at a lower price?  That is a bit risky to do though.

[MAbtc]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

you sold all your bitcoin?

lol what?

Maybe he knows the bearish wedge we've been staring at will break down. I don't have those kind of stones, but kudos, sir!

[tutkarz]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

What the...what...I don't even.

Maybe it was with the hopes to buy back at a lower price?  That is a bit risky to do though.

I love this. Later such people will haunt those forums screaming and cursing price to drop because they missed the boat.
There are more and more people who are simply buying bitcoins, and you are giving them away that cheap, which means you wont see them any more. At that price anyway.

[Malawi]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

What the...what...I don't even.

Maybe it was with the hopes to buy back at a lower price?  That is a bit risky to do though.

Something like that. :-)

But just to clarify - we are not talking large sums here. I Now have $440 in my account. ;-)

[Malawi]

I sold my last small standing at 214.3 today. Normally this means that the market will skyrocket pretty soon.

What the...what...I don't even.

Maybe it was with the hopes to buy back at a lower price?  That is a bit risky to do though.

I love this. Later such people will haunt those forums screaming and cursing price to drop because they missed the boat.
There are more and more people who are simply buying bitcoins, and you are giving them away that cheap, which means you wont see them any more. At that price anyway.

Are you trying to say that bitcoin can never possibly go below $200 or $150 again?

[jamesc760]

malawi, you got some balls. You know that you just threw away US$2 Million, right?

[Malawi]

malawi, you got some balls. You know that you just threw away US$2 Million, right?

Oh no, I gotta rush to buy back in a few days or a couple of weeks.
Have got some standing orders in the 100-125 range just in case.