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Author Topic: 4.5 support line breached?  (Read 1977 times)
wobber
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October 07, 2011, 05:00:50 PM
 #1

What do you think? Is the current low enough to say the support was broken? Are we heading to a new low? Or we will go about 4.20 and then rally very strong?
Also does this bid wall help?

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ineededausername
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October 07, 2011, 05:02:52 PM
 #2

This drop is not caused by any bad news; merely someone dropping lots of coins.  It will rally.

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wobber
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October 07, 2011, 05:04:02 PM
 #3

Yes, but from which point? Can it go lower than 4.40?

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October 07, 2011, 05:07:26 PM
 #4

The support really has been all the way to 4.40. So nothing broken yet, just panic.
wobber
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October 07, 2011, 05:09:44 PM
 #5

Ok. Can It go to 4.41?

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October 07, 2011, 05:13:31 PM
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I certainly hope we don't even get to test it. But yes, it should be able to go there.
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October 07, 2011, 05:14:05 PM
 #7

WOW someone just sold 10000
fivebells
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October 07, 2011, 05:17:08 PM
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Yes, but from which point? Can it go lower than 4.40?
Of course it can.  What do you mean?
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October 07, 2011, 05:24:22 PM
 #9

You have your answers now. Damn.
ineededausername
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October 07, 2011, 05:29:34 PM
 #10

ugh panic selling... I hate it

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wobber
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October 07, 2011, 05:31:03 PM
 #11

We're on our way to 3.5!!

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October 07, 2011, 05:32:24 PM
 #12

People people, it's all okay.  I've just plotted bitcoin's price on a log graph and it shows we're still in a massive bull boom right now.  Everybody buy! Buy!

Or Panic! Sheer blind panic!  Cheesy  Cheesy

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October 07, 2011, 05:39:18 PM
 #13

Should have seen this coming..

The bouncing off 9/9 low of ~$4.2 and the $4-$5 range following was forming a pretty clear descending triangle continuation pattern.  Especially with the $6.75 high following $7.50.

Not a double/triple bottom (retrospectively obvious).

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grod
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October 07, 2011, 06:24:32 PM
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Should have seen this coming..

The bouncing off 9/9 low of ~$4.2 and the $4-$5 range following was forming a pretty clear descending triangle continuation pattern.  Especially with the $6.75 high following $7.50.

Not a double/triple bottom (retrospectively obvious).

For a double/triple/quad/etc bottom reversal pattern you need to blow through resistance.  These are very rare like I've said before.  That's why every trading strategy I've ever seen cautions against buying at support when you *think* a reversal pattern is starting to form.  Sure, you give up some potential profit but you're on board for the actual trend.  And that's what TA is about -- identifying trends (or lack thereof).

That wasn't the only continuation pattern on my charts (in fact I didn't see that one at all), but then I probably use a different time frame than you.


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October 07, 2011, 06:39:23 PM
 #15

Don't forget about the recent hack of an exchange and how those "lost" coins will be liquidated. That will effect this down trend.
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October 07, 2011, 06:42:05 PM
 #16

Don't forget about the recent hack of an exchange and how those "lost" coins will be liquidated. That will effect this down trend.

Does anyone know how many coins that actually was?

wobber
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October 07, 2011, 06:46:55 PM
 #17

8,000 or less. B7 was small.

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grod
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October 07, 2011, 06:48:19 PM
 #18

8,000 or less. B7 was small.

Small or not, that's enough to screw up any bid wall.  Anyone daring enough to put up a big enough wall high enough to prop up the price could wind up with bunch of coins at 10% less than the going rate.
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October 07, 2011, 06:50:38 PM
 #19

Probably the 10 000 that was just "casually" dumped on gox ! Damn hackers !!!
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October 08, 2011, 03:57:04 AM
 #20

buy buy buy!
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