Analysis

[rampantparanoia]

I bet on this one. Triangles always follow the sharp moves.

wouldn't be surprised if this is just now being realized

[1714180037]

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[pera]

not exactly what you were waiting for 

[Ozymandias]

not exactly what you were waiting for 

Bottom leg of the triangle still not broken though. There are several factors to consider at this point in time: 1) we are in a rather large consolidation phase between the second top of 1240 and the bottom of 576. 2) The outcome of the breakout from this triangle will likely determine a significant new trend upwards or downwards. 3) Weekend is approaching, and despite the ardent opponents of the weekend dip theory, it would be foolish to discount the lack of flow of funds to the exchanges (potential contributor to bearish outcome as it would be easier to push the price down with less fiat on the exchanges). 4) The cup and handle formation mentioned above (which if it were to complete and breakout on high volume, it would compound synergistically with the triangle mentioned in points 1 and 2

Overall, while I am generally bullish, I'm feeling pretty bearish about the current situation and would not be surprised if we were to test the 576 low, and if broken go down as low as 450 (support from the late November correction

[samurai1200]

Bottom leg of the triangle still not broken though. There are several factors to consider at this point in time: 1) we are in a rather large consolidation phase between the second top of 1240 and the bottom of 576. 2) The outcome of the breakout from this triangle will likely determine a significant new trend upwards or downwards. 3) Weekend is approaching, and despite the ardent opponents of the weekend dip theory, it would be foolish to discount the lack of flow of funds to the exchanges (potential contributor to bearish outcome as it would be easier to push the price down with less fiat on the exchanges). 4) The cup and handle formation mentioned above (which if it were to complete and breakout on high volume, it would compound synergistically with the triangle mentioned in points 1 and 2

Overall, while I am generally bullish, I'm feeling pretty bearish about the current situation and would not be surprised if we were to test the 576 low, and if broken go down as low as 450 (support from the late November correction

Captures my sentiments pretty closely.

^ the fancy way of saying "+1" 

[Harley997]

you telling me we are going down? i bought at mother fuckin 1050

[Ozymandias]

you telling me we are going down? i bought at mother fuckin 1050

I'm absolutely NOT telling you that, I'm only saying that it is a very real possibility. Out of my ass numbers would be 35-40% bullish, 60-65% bearish. I'm looking at this in a pretty detached way, however, as I do not trade (buy and hold all day!) but I do take an academic interest in price movements and am working on honing my chart reading/prediction abilities (yeah, yeah, darts and all that)

[notme]

you telling me we are going down? i bought at mother fuckin 1050

You'll never be able to stay in this market if you fret about the small scale wiggles.  Watch the weekly chart and try to find some bitcoin income.  Sell goods or services, or spend a little bit of your paycheck on bitcoin each pay period.  When prices rise and you are profitable, you can buy goods or services.  If you have the fiat to spend on these things anyway, you can always just rebuy the bitcoins right away.  It will take time to learn what level of investment you are comfortable with.  Understanding how bitcoin works on a technical level really helps me to be comfortable with the future prospects, so I always recommend http://bitcoin.org/bitcoin.pdf , but it does require some basic computer science/mathematics knowledge.

[Harley997]

you telling me we are going down? i bought at mother fuckin 1050

You'll never be able to stay in this market if you fret about the small scale wiggles.  Watch the weekly chart and try to find some bitcoin income.  Sell goods or services, or spend a little bit of your paycheck on bitcoin each pay period.  When prices rise and you are profitable, you can buy goods or services.  If you have the fiat to spend on these things anyway, you can always just rebuy the bitcoins right away.  It will take time to learn what level of investment you are comfortable with.  Understanding how bitcoin works on a technical level really helps me to be comfortable with the future prospects, so I always recommend http://bitcoin.org/bitcoin.pdf , but it does require some basic computer science/mathematics knowledge.

i have researched bitcoin a bit and read the paper (comprehension is sort of another story at some points). i just shouldnt have been so emotional when i finally got money on exchange and just immediately bought. i didnt even stop to think. i just bought into a frenzy

[notme]

you telling me we are going down? i bought at mother fuckin 1050

You'll never be able to stay in this market if you fret about the small scale wiggles.  Watch the weekly chart and try to find some bitcoin income.  Sell goods or services, or spend a little bit of your paycheck on bitcoin each pay period.  When prices rise and you are profitable, you can buy goods or services.  If you have the fiat to spend on these things anyway, you can always just rebuy the bitcoins right away.  It will take time to learn what level of investment you are comfortable with.  Understanding how bitcoin works on a technical level really helps me to be comfortable with the future prospects, so I always recommend http://bitcoin.org/bitcoin.pdf , but it does require some basic computer science/mathematics knowledge.

i have researched bitcoin a bit and read the paper (comprehension is sort of another story at some points). i just shouldnt have been so emotional when i finally got money on exchange and just immediately bought. i didnt even stop to think. i just bought into a frenzy

Historically, bitcoin has been much more forgiving to panic buyers than to panic sellers.

[notme]

Food For Thought.

I want you to pay particular attention to what price the triangle ends at on the first photo then I want you to pay particular attention on the link I provide what is sitting at that exact price.





Now Look At This:

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I'm looking, but I don't get it.

[Harley997]

what, the wall?

[Brisance]

Now Look At This:

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I'm looking, but I don't get it.

What price does the triangle end at? When you go to the link at look at that price what is there?

[sumantso]

Food For Thought.

I want you to pay particular attention to what price the triangle ends at on the first photo then I want you to pay particular attention on the link I provide what is sitting at that exact price.





Now Look At This:

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I'm looking, but I don't get it.

Since quite a few are doing/following the same analysis, manipulators are trying to influence movement there according to his position (long/short). It may be an attempt to break it downwards, or conversely, buy it up on his own and initiate an upwards momentum.

Very interesting observation.

[samurai1200]

Excellent observation Brisance. It's nice when you can get a pre-confirmation from the other side of the equation while doing TA.

Even if the wall-whale doesn't pull out I don't think we will slide very far, unless people are getting antsy/panicky from this lack of volume. These feelings are not founded on anything in particular, just my gut.

 

[Brisance]

Excellent observation Brisance. It's nice when you can get a pre-confirmation from the other side of the equation while doing TA.

Even if the wall-whale doesn't pull out I don't think we will slide very far, unless people are getting antsy/panicky from this lack of volume. These feelings are not founded on anything in particular, just my gut.

 

True, there really is nothing to give any indication of any huge sell offs otherwise it would have happened already. I must have counted at lest a dozen times we went above and below 900 and the market wasn't bothered in the least.

To be honest the issue with Gox shutting off it's live websocket and changing to an api provider may have had some effect on traders. I noticed a decent uptick when Clarkmoody came back online and trading view took awhile to adjust as well.

I certainly think and it's just my intuition we will see some form of a decent market direction/movement by as early as tomorrow but no later than Sunday close of the US session.
 
Glad I could throw my two cents in and help out.



The market indicators are screaming out for one last try higher.  870 keeps holding were looking good.

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

[notme]

Now Look At This:

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I'm looking, but I don't get it.

What price does the triangle end at? When you go to the link at look at that price what is there?

Are you getting excited about 1k btc at 950?

[samurai1200]

920.

[Brisance]

Now Look At This:

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I'm looking, but I don't get it.

What price does the triangle end at? When you go to the link at look at that price what is there?

Are you getting excited about 1k btc at 950?

I day trade so now that the 1k sell order has been pulled you read my mind and I could see him dumping it right there yes. My advice get in now before it's to late and make some $$

[MAbtc]

Now Look At This:

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I'm looking, but I don't get it.

What price does the triangle end at? When you go to the link at look at that price what is there?

Are you getting excited about 1k btc at 950?

I day trade so now that the 1k sell order has been pulled you read my mind and I could see him dumping it right there yes. My advice get in now before it's to late and make some $$

Hmmm, hadn't noticed this. You think we bounce at top side of triangle? Or break up?

[Brisance]

Now Look At This:

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I'm looking, but I don't get it.

What price does the triangle end at? When you go to the link at look at that price what is there?

Are you getting excited about 1k btc at 950?

I day trade so now that the 1k sell order has been pulled you read my mind and I could see him dumping it right there yes. My advice get in now before it's to late and make some $$

Hmmm, hadn't noticed this. You think we bounce at top side of triangle? Or break up?

If I could tell you that I wouldn't be posting here but being massaged on my yacht in the med. What I can tell you is if you look at my previous chart price stays within the confines of this triangle, respects the resistances area albeit without the help of any whales and always retraces after touching.

The million dollar question is what happens when we reach the end? This is why the whale placed the sell order at 920 today because the triangle doesn't end until tomorrow night through to early Sunday.

All the signs are a retrace after we hit resistance but with enough participation and momentum this means nothing we need to wait and see.

Keep in mind plenty of people sold off in front of the whale so perhaps this was his intentions knowing that once we blow past 920 those that sold my want to get back in, which in turn will cause decent momentum or maybe I'm reading it wrong and he will simply dump on us when we reach 950?

Stay nimble and always expect it when you least expect it.