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Author Topic: Is the price slowly climbing?  (Read 22088 times)
wobber
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October 21, 2011, 01:22:57 PM
 #1

Maybe I'm wrong but aren't we climbing slowly? Even if it's too soon to say please discuss this.

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bitclown
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October 21, 2011, 02:01:03 PM
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It's intuitively obvious to the most casual observer that this is a classic long, slow ascend. Having analyzed markets and predicted rallies for more than five decades, I know a pattern when I see it. I've said this for months, but you refused to listen. What's wrong with you idiots, why won't you be my friend? Your imminent death is well deserved.

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October 21, 2011, 02:07:39 PM
 #3

The price is climbing, for now. It's very hard to say what will happen, I still see short term rally potential to at least $3. But then again we might see big sells and that would probably kill it and cause instability again because so many are on the fence right now.

The support at $2.x has been surprisingly strong so far, I was already thinking it might crash to $1.x right after. But it certainly looks like it won't. It still could in a few weeks but right now we are seeing massive support at $2.x and small rallies with the potential for a bigger rally.

Again I'm looking for a low that will hold for at least a month before we can even think about an optimistic mid term, but the short term is looking surprisingly good right now.

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October 21, 2011, 03:35:29 PM
 #4

This is what I see for the short term so far.  If the trend breaks to the upside, I'd guess that we would probably see a fairly quick rise to the mid 3s.  So far there seems to be a bit of resistance at the trend line, though, and I think it's more likely to start to go back to the low 2s and maybe less than $2 within a couple days.  Time will tell.

netrin
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October 21, 2011, 05:03:18 PM
 #5

My Elliott waves were poorly received in the TA thread, but to me, we're clearly in the middle of the final c wave since June and I expect a massive year long rally (III) before the end of the year. In shorter terms (which have been harder to predict), I expect we'll climb a bit and finally crash to the base ($1's) in a month's time. Bitcoin continues to follow this textbook pattern since I updated this chart last week. We're now in the 4th wave before the 5th and final plunge.


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October 21, 2011, 05:06:15 PM
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My Elliott waves were poorly received in the TA thread, but to me, we're clearly in the middle of the final c wave since June and I expect a massive year long rally (III) before the end of the year. In shorter terms, I expect we'll climb a bit and finally crash to the base ($1's) in a month's time. Since I updated this chart last week, bitcoin continues to follow this textbook pattern. We're now in the 4th wave before the 5th and final plunge.


ah! thats a good one.

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netrin
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October 21, 2011, 05:09:49 PM
 #7

If I'm right, I'll accept bitcoin for my fibonacci analysis. Smiley

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October 21, 2011, 05:20:18 PM
 #8

What does the series has to do with the Elliott Wave anyway? The only thing in there is the golden ratio and despite the fact successive numbers approximate it seems to have nothing to do with it.

Of course Golden Ratio Analysis doesn't sound as sophisticated  Grin

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October 21, 2011, 09:25:28 PM
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/\/\/\/\/\   /
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?

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October 21, 2011, 09:31:17 PM
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It's intuitively obvious to the most casual observer that this is a classic long, slow ascend. Having analyzed markets and predicted rallies for more than five decades, I know a pattern when I see it. I've said this for months, but you refused to listen. What's wrong with you idiots, why won't you be my friend? Your imminent death is well deserved.

James Fraggle

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October 21, 2011, 10:08:03 PM
 #11

/\/\/\/\/\   /
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This man is a genious!

netrin
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October 21, 2011, 11:01:27 PM
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What does the series has to do with the Elliott Wave anyway? The only thing in there is the golden ratio and despite the fact successive numbers approximate it seems to have nothing to do with it.

Of course Golden Ratio Analysis doesn't sound as sophisticated  Grin

I'm not sure why there should be a relationship to the golden ratio, nor whether there is a relationship. No matter how I slice the numbers for wave 'iii' and 'v', I don't get within 5% of the golden ratio.


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October 22, 2011, 12:58:12 AM
 #13

are the bitcoin charts down?

for me when i go see the charts , the page loads but no chart Sad

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October 22, 2011, 01:03:22 AM
 #14

You guys really love charts, don't 'ya?

Lemme tell you something about these charts. Though you might not like it. It's really a very disturbing fact about them.

The prices they show are all from the past.
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October 22, 2011, 02:00:01 AM
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You guys really love charts, don't 'ya?

Lemme tell you something about these charts. Though you might not like it. It's really a very disturbing fact about them.

The prices they show are all from the past.

That's how Elliott Wave and other other analyses work: take 20/20 hindsight, apply a graph to it and make it fit, then make seemingly accurate predictions about the future.  The one thing I never saw was anyone drawing Elliott Waves BEFORE bitcoin's crash.  Surely someone could have predicted the multiple waves down from $30 to $2?  Elliott Waves are never drawn for shares or commodities where the wave can't be made to fit, only where it can. 

The nice thing about Elliott Waves is that every serious trader knows about them and at least partially basis their decisions on them.  That by definition distorts the wave.

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netrin
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October 22, 2011, 02:25:34 AM
 #16

Absence of the presentation of data analysis says nothing about whether the technique was used successfully. I did not predict the top in June; I too got caught in the euphoria. But when it started to fall, it was clear wave I was over. When bitcoin was on the little 'b' up there, I was pretty sure bitcoin would fall at least to that little '4' and '3' gives me confidence about the little '5'. If there's another impulse down from there, bitcoin is fucked. But the despair in this forum and dwindling numbers are inspiring. The exact prices don't matter, but the shape and sentiment does.

It's not much better than tea leaves, but more like reading the clouds to predict tomorrow's weather.

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adamstgBit
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October 22, 2011, 05:08:25 AM
 #17

the price is not only climbing... but its climbing fast!

bull trap?

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October 22, 2011, 05:31:12 AM
 #18

 Wait for it folks... 1:30am EST...

Going to be an interesting weekend.. Smiley

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wobber
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October 22, 2011, 06:30:37 AM
 #19

@netrin: are we going to point 4 now?

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October 22, 2011, 06:40:48 AM
 #20

Thought so.  $2 seemed still way too low.  Next month will be lower than $2 I suspect.

I don't know what it will rally to now.

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