Analysis

[pleaseexplainagain]

 [/quote]
In a perfect market price is the summation of all variables and fundamentals. Price failure is for the most part a reflection of conditions on the market reflecting either redundancy or technological failure.....and sometimes in bubbles that singular critical moment when the penny drops. But just because a trend line is penetrated does it mean that the future is set in stone either, aberrations in market pricing can and do happen regularly.
[/quote]

I like this.

i disagree with people who say the price of bitcoin is irrelevant. Or as a separate from 'Bitcoin development' We who trade bitcoin markets are a crucial piece of Bitcoin. At times they call us 'speculators'
[/quote]

I think traders (speculators) are most of the price of bitcoin or rather the price of bitcoin above say $50+/-$30?. the price of bitcoin has not yet (and may never) established some store of value. gold has ie it is $1000 +/- $300 over say 5 years

speculators chased the price of bitcoin to over $1000 on a willy bot not any fundementals.

same with now - several traders are moving the price around in the $200-$300 so any fundamental effect downward eg from lack of new demand or upward from pending etf etc cannot be seen even if it was occurring.

[RyNinDaCleM]

20 days and/or more than 50% of cup only may harm bullish c&h figure.

Long term downtrend has been broken - that is my main point. Even if c&h will fail, I think we may see only prolonged sideways action what I call silence phase.

Only move below 210 may seriously harm bullish outlook. Weekly picture is pretty bullish so far. Or at least it is not bearish.

How did you arrive at the 210 figure Luc? I thought closing and staying below the weekly 20sma (around 250 now) would start the long term bear, at least from what I remember of waveaddict's analysis

That was the consolidation lows (Higher low) after the initial spike to $315 off the bottom. So while we are making higher lows and higher highs, he remains bullish.

[zby]

Now it starts to look like a bullish pennant.

[Natalia_AnatolioPAMM]

Now it starts to look like a bullish pennant.

how it is so!

[snowdropfore]

sideways to the death,may be we can come back a few more years and the price is still  under $300

[masterluc]

Its a triangle. Triangle usually leads to trend continuation

[phoenix1]

So it's not a cup&handle anymore?

It's a cup with a triangular handle 

[Afrikoin]

So it's not a cup&handle anymore?

It's a cup with a triangular handle 

also depends on your school of thought. Look what i found

[Fatman3001]

So it's not a cup&handle anymore?

It's a cup with a triangular handle 

 
Anyway the triangle looks like it might be breaking to the downside.

Could we be seeing a repeat of aug/sep 2014?

[Tzupy]

So it's not a cup&handle anymore?

It's a cup with a triangular handle 

 
Anyway the triangle looks like it might be breaking to the downside.

Could we be seeing a repeat of aug/sep 2014?

If it breaks down, yes we could. It would also mean that the whole July rally was misleading, being amplified by the litecoin ponzi.

[inca]

So it's not a cup&handle anymore?

It's a cup with a triangular handle 

 
Anyway the triangle looks like it might be breaking to the downside.

Could we be seeing a repeat of aug/sep 2014?

If it breaks down, yes we could. It would also mean that the whole July rally was misleading, being amplified by the litecoin ponzi.

Anything is possible. But it hasn't broken anywhere yet.

[masterluc]

Looks too oversold on hourly chart at adx 80 with red dl and rsi 27.

[masterluc]

Yeah, the 1 year daily ma is strong. I suppose the target of correction should be near daily ma 200 (retest). But I see many supports and oversold conditions.
 
It is stuck between 200 and 365 ema. MACD expecting a bounce always happens near zero line. SS oversold. Volume is weak so far.

[Tzupy]

So it's not a cup&handle anymore?

It's a cup with a triangular handle 

 
Anyway the triangle looks like it might be breaking to the downside.

Could we be seeing a repeat of aug/sep 2014?

If it breaks down, yes we could. It would also mean that the whole July rally was misleading, being amplified by the litecoin ponzi.

Anything is possible. But it hasn't broken anywhere yet.

Now it broke down with volume, damaging (but not invalidating yet) the bullish scenario.
If no significant buying will occur soon, then during the next days this could drift lower.

[masterluc]

Pretty big support at ~255. Sma200, escape trend, many of my vwap deviations, weekly sma20.

[inca]

So it's not a cup&handle anymore?

It's a cup with a triangular handle 

 
Anyway the triangle looks like it might be breaking to the downside.

Could we be seeing a repeat of aug/sep 2014?

If it breaks down, yes we could. It would also mean that the whole July rally was misleading, being amplified by the litecoin ponzi.

Anything is possible. But it hasn't broken anywhere yet.

Now it broke down with volume, damaging (but not invalidating yet) the bullish scenario.
If no significant buying will occur soon, then during the next days this could drift lower.

Yep someone pushed us down..

[Joerii]

Luc, what do you think will happen if we break $250 ?

[Afrikoin]

Luc, what do you think will happen if we break $250 ?

I was asked by OP to post my chart here. It looks like one single move (bubble) to ~1150 and the 52EMA shows the support and resistance quite nicely.

[Joerii]

Strong support at $210 then ?

[Afrikoin]

Strong support at $210 then ?

"We're Hitting *Support* Here At $255"