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Author Topic: DOUBLE BOTTOM?  (Read 1041 times)
Blitz­
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October 09, 2011, 03:07:09 AM
 #1

DID I HEAR DOUBLE BOTTOM?


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"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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October 09, 2011, 03:32:58 AM
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Looks like this. But I don't want to buy it just now, because price is crossing bear trendline, so correction is likely. (I bought around 4.02 when DB formed and it came up above yesterday's high).

Edit: Oh, I see DB elsewhere. One leg is 07/10/2011 @ 3.78, second 7/10/2011 @ 3.82.

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October 09, 2011, 03:52:43 AM
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Did you initially mean the very short term one in the 4.20s?



Let’s see how all of this plays out.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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October 09, 2011, 09:39:11 AM
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Quote
Did you initially mean the very short term one in the 4.20s?

No, I'm watching 60min graph. I think mtgox is too tiny to find patterns on faster timeframe.

1. Bear trendline since 07/10/2011
2. First leg of DB
3. Second leg of DB
4. Trend reversal is crossing trendline. It's also big green bar after Doji, indicates some bull thinking of the market. Time to buy at 4.0xx
5. Price is going thru EMA, time to be careful and expect correction. Green bars are also smaller and smaller as buyers are out of money. If you're short time speculator, time to go out.

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@5:32 "But I don't want to buy it just now, because price is crossing bear trendline, so correction is likely"

I'm hobbyist trader and I trade only tiny amounts on mtgox, but I like when I see that I was true :-).


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October 09, 2011, 06:51:33 PM
 #5

This was it? Double bottom? I am watching lots of activity on mtgox. WE ARE SPARTA!

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