Analysis

[masterluc]

Look at weekly chart. Red candle 2012-08-13

yeah, break out of this correction was 5 months later. Btw, there was a halving event inside that correction (not affected price at all).

[1713861993]

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[Odalv]

Look at weekly chart. Red candle 2012-08-13

yeah, break out of this correction was 5 months later. Btw, there was a halving event inside that correction (not affected price at all).

break out from $16-$7 into @256-$50 followed by wave $1152-$220 :-)
I'm expecting double wave  $4,000(top1)-$1,000(bottom1)-$10,000(top2)-$3,000(bottom2)

[hdbuck]

Look at weekly chart. Red candle 2012-08-13

yeah, break out of this correction was 5 months later. Btw, there was a halving event inside that correction (not affected price at all).

maybe the halving contributed to the correction?  

[rjclarke2000]

Look at weekly chart. Red candle 2012-08-13

yeah, break out of this correction was 5 months later. Btw, there was a halving event inside that correction (not affected price at all).

break out from $16-$7 into @256-$50 followed by wave $1152-$220 :-)
I'm expecting double wave  $4,000(top1)-$1,000(bottom1)-$10,000(top2)-$3,000(bottom2)

I think there would be a series of me passing out if this happens. I wouldn't know how to cope with those waves!

[thefiniteidea]

I wonder how much the halving had to do with the run-up in price. Bitcoin investors know that if the price isn't at a certain level, Bitcoin's mining incentives are slightly compromised, thus so is bitcoin. And this being a highly speculative investment, perhaps these heavily invested groups are simply attempting to save the value of their large Bitcoin portfolio by investing more into it?

Makes sense on paper, probably what happened, but we'll never know for sure.

Also, I'm happy to see that you are commenting a little more, lucif I am usually disengaged with Bitcoin in general when you're not around.

[davidorentol]

But if yes, it would be a hammer/hanged

 might become green also 

[thefiniteidea]

How about these futures markets, eh? Crazy ride right now... those Brits sure are causin' a bit of a ruckus :-)

[davidorentol]

Brexit officially ....this is BIG

[masterluc]

$683 is a 62% fib of current short term dump. So if price fail to break up this level, I have a bad news.

[molecular]

$683 is a 62% fib of current short term dump. So if price fail to break up this level, I have a bad news.

to illustrate:



how much time do we have?

[btc4lifer]

I have a bad news.

https://www.tradingview.com/x/hwkMujoo/

We have tested the weekly upper bb right now which sits at $690 on BFX (still open candle though so moving target).

Only time will tell if a stop loss at the break and/or retest of the weekly upper bb is a good sell.

[sandiman]

I can see an ascending triangle in what could be the B waves of the latest dump with upper limit currently at the 61,8% fib, we already at e of this triangle that if validated, will be folowed by a c waves. is winter coming?

[Bavaria]

Double bottom is generally entailed by uptrend. So I expect more price rise.

[podyx]

So what's happening with wave 3 now? Still valid?

[notme]

So what's happening with wave 3 now? Still valid?

I believe historical 3 is still valid, however, we will likely have a multi week to multi month correction play out as we build a base for the next subwave up.  Unless we can get the weekly candle back above the upper bollinger band within the next 6.5 hours, this wave up is likely done.

[Stedsm]

Bitcoins will see huge volatility as before we were only into halving, but now Brexit has taken place, and we will see how the markets would react to this. There is more to come out yet than what has already happened.

[masterluc]

According to this count:


The weekly sma20 is gonna be revisited first.

[Tzupy]

According to this count:


The weekly sma20 is gonna be revisited first.

IMO a correction down to 420$ could invalidate the bullish scenario, so permabulls better hope it stops at 480$.

[masterluc]

IMO a correction down to 420$ could invalidate the bullish scenario, so permabulls better hope it stops at 480$.

How 62% retracement of $190 -> $800 move could invalidate something?

[klee]

According to this count:


The weekly sma20 is gonna be revisited first.

IMO a correction down to 420$ could invalidate the bullish scenario, so permabulls better hope it stops at 480$.

Doom is at 378: