Wave 5 or wave C

[miztaziggy]

So what's the general consensus here?

Are the yellow circles points 5 and B and now we will see a massive drop, or, are they 3 and 4 and we are about to see an explosion?

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[notme]

So what's the general consensus here?

Are the yellow circles points 5 and B and now we will see a massive drop, or, are they 3 and 4 and we are about to see an explosion?

Neither circle can be 4.  4 is a down wave.

[kireinaha]

It would be a new phenomena in the trend of rallies and mini bubbles if bitcoin were to rise again to massive levels after a 50% one day drop in value this week. For that reason I think we`re in a bull trap now, so we`re on the B wave now, or the bullish `return to normal` phase.

IMO, too many new investors were burned by the bumpy ride this week, and it will take a few weeks for them to regain their nerve, if they come back at all. Also, prices are still too high to attract many new investors at this stage. The psychological barrier of buying `one coin` should not be underestimated. I think this little rally will lose steam and we should drop by a good margin this weekend.

[notme]

It would be a new phenomena in the trend of rallies and mini bubbles if bitcoin were to rise again to massive levels after a 50% one day drop in value this week. For that reason I think we`re in a bull trap now, so we`re on the B wave now, or the bullish `return to normal` phase.

IMO, too many new investors were burned by the bumpy ride this week, and it will take a few weeks for them to regain their nerve, if they come back at all. Also, prices are still too high to attract many new investors at this stage. The psychological barrier of buying `one coin` should not be underestimated. I think this little rally will lose steam and we should drop by a good margin this weekend.

We are either on the verge of C, or 5 is already in progress.  At least a small C is more likely IMO, and it's extent will tell us a lot about what the next few weeks hold.

[bitcoin carpenter]

I agree
If btc go past 1000 I'll buy back what I sold at a 30% loss.
But unless btcchina starts pulling this market back up all I see is mt gox users buying because they don't know how to get there money back to the us

Once they feel safe I believe we will go back down
Then again I'm almost always wrong

[Tzupy]

Wave C with some 8 million $ bids more than 'normal', maybe it will morph into a supportive sub-wave, we'll know tomorrow.

[sgbett]

I agree
If btc go past 1000 I'll buy back what I sold at a 30% loss.
But unless btcchina starts pulling this market back up all I see is mt gox users buying because they don't know how to get there money back to the us

Once they feel safe I believe we will go back down
Then again I'm almost always wrong

When there was a $100+ gap I would have agreed - now that bitstamp is only $20 away, I think those times are over.

I am thinking (perhaps) naively, that now the senate has approved, gox should have  much better chance of getting a decent partnership(s?) with US banks.

Then there is just SEPA to sort out. Not sure what the problem there is, as bitstamp seem to be just fine.

[antimattercrusader]

Even a broken clock is correct twice per day.

2 / 86400000000000 nanoseconds = 0.0000000000023%


Take that for what it's worth.

[voyagr]

wave 3 was the rise from 200+ usd  to 900+ usd, followed by a clear correction and retrace which is 4. Now, we're in the final leg = 5.

[btcprice]

wave 3 was the rise from 200+ usd  to 900+ usd, followed by a clear correction and retrace which is 4. Now, we're in the final leg = 5.

What usually happens after the final leg = 5?

[wachtwoord]

wave 3 was the rise from 200+ usd  to 900+ usd, followed by a clear correction and retrace which is 4. Now, we're in the final leg = 5.

What usually happens after the final leg = 5?

I think something with Luna.

[Teal Deer]

Can someone explain to this noob what the different waves are/mean?

[wachtwoord]

Can someone explain to this noob what the different waves are/mean?

Tea leaves

[proudhon]

EW analysis is awesome because when a movement doesn't fit one possible predicted EW pattern, we can clearly see, after the fact, it perfectly fit another.

[antoineph]

funnily enough, that's also true of astrological readings.

[windjc]

It would be a new phenomena in the trend of rallies and mini bubbles if bitcoin were to rise again to massive levels after a 50% one day drop in value this week. For that reason I think we`re in a bull trap now, so we`re on the B wave now, or the bullish `return to normal` phase.

IMO, too many new investors were burned by the bumpy ride this week, and it will take a few weeks for them to regain their nerve, if they come back at all. Also, prices are still too high to attract many new investors at this stage. The psychological barrier of buying `one coin` should not be underestimated. I think this little rally will lose steam and we should drop by a good margin this weekend.

Yeah this has never happened before.

Except, of course, in March. 

You, my bearish friend are going to feel the rath of $1000 BTC in less than 9 days.

[windjc]

So what's the general consensus here?

Are the yellow circles points 5 and B and now we will see a massive drop, or, are they 3 and 4 and we are about to see an explosion?

I think its mostly like the 5th C wave, also known as C.5

[HeliKopterBen]

This is a fourth wave sideways correction.  One more leg up imo.

[mvidetto]

I'm not buying this wave 5 business I was under the impression were about to hit a C...

[Xer0]

Even a broken clock is correct twice per day.

2 / 86400000000000 nanoseconds = 0.0000000000023%


Take that for what it's worth.

why nanoseconds?

most clocks dont move second hand permanenty,
so there are 2x1 second a day,
where you expect the clock to be right

2 / (24 * 60 * 60) * 100 = 0.023‰