Analysis

[kehtolo]

Next to the red 5, anywhere above wave 3. Market Capitalization (weekly) is already at a new alltime high:

http://blockchain.info/charts/market-cap?showDataPoints=false&timespan=&show_header=true&daysAverageString=7&scale=0&address=

Everyone probably need to know where price will go after red 5... But I dont wanna scary you before time will come =)

Hpmmm.. is that a good or a bad scare??? I know which type i prefer!

[ag@th0s]

makes sense right 

ni hao, lol
There are some studies on arxiv claiming that 4 year old kids outperform top brokers, so..

Citation? Would love to check that out.

Can't take this seriously....I mean, who the hell does TA with a BLACK MARKER.

[zby]

Hey - where are our Elliot Waves when we need them? My interpretation was that at BTCChina we had extension of extension of extension of the 5th wave - so at the first correction I decided it is time to fix the profits. Also BTCChina has now the biggest volume - so I think it is most useful to do the analysis on it instead of any other exchange.

[Tzupy]

IMO what we are seeing is just a wave B on steroids, with btcnCNY shaping more like a bubble spike.
But I just looked at the long term charts for both Gox and China and decided to cancel my buy order at 190$.

[wasserman99]

Hey - where are our Elliot Waves when we need them? My interpretation was that at BTCChina we had extension of extension of extension of the 5th wave - so at the first correction I decided it is time to fix the profits. Also BTCChina has now the biggest volume - so I think it is most useful to do the analysis on it instead of any other exchange.

yes but we can see the btcchina is considerably more volatile at the moment than Gox or Stamp and they don't follow super closely.

curious what OP think of this rally now that BTCChina is consolidating < 1200 CNY.

[masterluc]

Cup and handle target reached just in one shot...

[Bimmerhead]

It's been awfully quiet around here.

I'd like to hear from BrightAnarchist about all this bullishness.  What's your view?

[masterluc]

  What's your view?

Didn't changed. Moon.

[zby]

  What's your view?

Didn't changed. Moon.

Did you catch the correction?

[masterluc]

Sure

10/22/13   sell   191.69
10/24/13   buy   165.09

[Leo]

very strong bullish move, bitcoins not for trading, for long term storage..

[samson]

very strong bullish move, bitcoins not for trading, for long term storage..

Too valuable/risky to spend ?

In this scenario would it continue to be a useable currency.

[SkRRJyTC]

very strong bullish move, bitcoins not for trading, for long term storage..

Too valuable/risky to spend ?

In this scenario would it continue to be a useable currency.

The protocol doesnt care what we think, it continues to function.

[molecular]

very strong bullish move, bitcoins not for trading, for long term storage..

Too valuable/risky to spend ?

In this scenario would it continue to be a useable currency.

The protocol doesnt care what we think, it continues to function.

Someone who doesn't understand software/computers/Bitcoin very well could think the "protocol" is some sort of bible or god and we are religious fanatics.

[MAbtc]

very strong bullish move, bitcoins not for trading, for long term storage..

Too valuable/risky to spend ?

In this scenario would it continue to be a useable currency.

The protocol doesnt care what we think, it continues to function.

Someone who doesn't understand software/computers/Bitcoin very well could think the "protocol" is some sort of bible or god and we are religious fanatics.

To be fair, understanding of computers and bitcoin aside... many bitcoiners are religious fanatics, by all appearances.

[molecular]

very strong bullish move, bitcoins not for trading, for long term storage..

Too valuable/risky to spend ?

In this scenario would it continue to be a useable currency.

The protocol doesnt care what we think, it continues to function.

Someone who doesn't understand software/computers/Bitcoin very well could think the "protocol" is some sort of bible or god and we are religious fanatics.

To be fair, understanding of computers and bitcoin aside... many bitcoiners are religious fanatics, by all appearances.

Yes. God forbid (lol) someone gets enthusiastic about something they think has the potential to change how the world works.

I am a Bitcoin fanatic.

Me too. Bitcoin is not a religion, though.

[MAbtc]

I agree, I think it's a metaphor for our enthusiasm about the subject.

Yes, it is from the "fanatic" part of "religious fanatics." Plenty of those around here... though you may also find a handful of people praying to Satoshi at this point. 

[rocks]

very strong bullish move, bitcoins not for trading, for long term storage..

Too valuable/risky to spend ?

In this scenario would it continue to be a useable currency.

A useable currency? No.

But I think this is the confusion many have. Bitcoin's real purpose is scarcity which makes it a store of value, i.e. "money". Currency and money are 2 very different things.

[Odalv]

very strong bullish move, bitcoins not for trading, for long term storage..

Too valuable/risky to spend ?

In this scenario would it continue to be a useable currency.

Bitcoin will be useable currency when it reaches much more value then it is now. ($100k/btc and more) Now Bitcoin is only experiment. (beta version). We will see what happens in next few years.

[oda.krell]

(master)luc(ifer), what's your take on the situation?

Volume might be the lowest in 6 months... right now, bitstamp has 1 (one!) btc volume for the past 15 minutes o_O

You can't go to da moon on such volume, now can you.