Mother of all Cups?

[Miz4r]

I'm no expert, but doesn't this look like a giant cup&handle to you? The handle seems to be forming right now, so what do you think is next?

[fleabag]

I'm no expert, but doesn't this look like a giant cup&handle to you? The handle seems to be forming right now, so what do you think is next?

nope. retrace back to the low 100's.

[SheHadMANHands]

With Bitcoin, who the fuck knows..

[Coinseeker]

With Bitcoin, who the fuck knows..

^ This.

[S3052]

Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)

[mb300sd]

Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)

That could either be really fun, or really scary...

[firstlast]

I think he's referring to the cup and handle pattern, mentioned first in this thread https://bitcointalk.org/index.php?topic=274613.200

[Walsoraj]

Not enough money on the exchanges for a rocket to new highs. Down down down we go.

[wobber]

Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)

That could either be really fun, or really scary...

$1,000,000,000,000 per coin??

[S3052]

Could also be a bathing tube full of champagne (if it breaks out above the 266 $ high)

That could either be really fun, or really scary...

thanks for highlighting the typo:
Tub
Tube..

anyway champagne can be in both...

but I agree that this breakout may take some time before it can happen...

[wasserman99]

handle goes down much further than that!

[somestranger]

More candles are needed. That is a pretty small handle when the cup is months in the making.

[theonewhowaskazu]

I'm no expert, but doesn't this look like a giant cup&handle to you? The handle seems to be forming right now, so what do you think is next?

So in your opinion we're going to go even lower to form the outer rim of the "cup", before shooting up again?

[Spekulatius]

Handles usually retract 50% (to 150$) or even 61.8% (130$) of the cup height. The lower it goes the more bearish is the prognosis. A bearish factor in our case is that the last uptick couldnt reach up all the way to the 266$ level which marks the other side of the "cup". This is TA fundamentals that are usually applied to normal market conditions though. This cup is the product of two bubbles, so it is quite a unique  case. I couldent really tell what the outcome of this could be with any certainty.

[samson]

Not enough money on the exchanges for a rocket to new highs. Down down down we go.

+1 It's coming - bids are low.

[TERA]

I see perhaps a small capitulation  eventually connecting with the original july trendline and reversing around $160. On the other hand, bid depth on bit stamp and BT China are at record highs. So I don't know.

[SheHadMANHands]

[Zangelbert Bingledack]

Since going up within the next few days would still feel bubbly, I hope it either camps out around $200 or has a little mini-crash to shake out a few weaklings. I guess a crash would be slightly preferable? Either way, it's soon to go much higher.

[derpinheimer]

Since going up within the next few days would still feel bubbly, I hope it either camps out around $200 or has a little mini-crash to shake out a few weaklings. I guess a crash would be slightly preferable? Either way, it's soon to go much higher.

Hm, this talk sounds familiar.

Oh yeah, it sounds like the first week of April.

And it sounds stangely familiar to the talk on April 10... something about shaking out the weak hands.

How did that work out again...?

[Miz4r]

Since going up within the next few days would still feel bubbly, I hope it either camps out around $200 or has a little mini-crash to shake out a few weaklings. I guess a crash would be slightly preferable? Either way, it's soon to go much higher.

Hm, this talk sounds familiar.

Oh yeah, it sounds like the first week of April.

And it sounds stangely familiar to the talk on April 10... something about shaking out the weak hands.

How did that work out again...?

Actually that worked out great, just not in the timescale many people were expecting. The months after the crash from April 10th are starting to look more and more like one big bear trap or shakedown, and the forming of this 'cup&handle' is a TA representation of that. We'll have to look at this picture again in a few months from now, but so far the 2011 scenario believers are looking to be on the wrong side of the bet. I'm expecting the current handle forming caused by profit takers to last a couple more days, maybe a week with a possible bottom at $165-170 on Gox. And then we might see a very strong breakout towards ATH and higher. Let's wait and see.