Alot of resistance in the $520-$530 range

[RyNinDaCleM]

Breaking previous ATHs is a bearish sign. Bitcoin never did this before. If it happens, it will not stop to continue the downtrend.

Participants and those interested in the market will be turned off.

Bitcoin the protocol would still be there for a while, but it would be meaningless.

Just because it hasn't, doesn't mean that it can't! It's a natural cycle of financial markets.

[podyx]

wow people seem to be extremely bearish lol

talking about sub 100 and shit

next target $10k!

[eiskalt]

Breaking previous ATHs is a bearish sign. Bitcoin never did this before. If it happens, it will not stop to continue the downtrend.

Participants and those interested in the market will be turned off.

Bitcoin the protocol would still be there for a while, but it would be meaningless.

Just because it hasn't, doesn't mean that it can't! It's a natural cycle of financial markets.

Sure, but the odds would be against it.

[Dalmar]

If we break below the previous ATH, it just confirms the end of a cycle like the pic shows (this is not necessarily my top count, but it shows my point). Why must it spell the end for Bitcoin?

http://www.sierrachart.com/image.php?l=1395526666456.png

You need to use Mt.Gox data to start EW counts. This guy has fairly good long term EW counts on bitcoin.

https://www.tradingview.com/v/T8P3OlxT/

[eiskalt]

wow people seem to be extremely bearish lol

talking about sub 100 and shit

next target $10k!

650$ would change my viewpoint. Still cannot see it.

[windjc]

520$-530$ is a horizontal resistance, which should not come into play again at this time of the post bubble burst.

One could assume a downfall to 100$-135$. For whatever reasons, the market was already there and those who want to buy cheap will wait for that price level.

If this plays out, bitcoin cannot recover
-broken previous ATH,
-broken the lower bollinger band in the weekly chart for the first time.

For the latter even 300$ would be sufficiant.

If we break below the previous ATH, it just confirms the end of a cycle like the pic shows (this is not necessarily my top count, but it shows my point). Why must it spell the end for Bitcoin?

If the 1W EMAs break and it goes goes sideways/down for a year, speculators will feel like "it's the end of bitcoin" because it's the end of bitcoin for THEM and they'll probably be leaving but it's not necessarily the end of bitcoin itself and the price may end up restoring current levels in a year from now, and a brand new group of speculators will join in for the ride.



Here's a really simple view of why there is support at $540 right now. 1W ema is a historically strong support.  That's until there is a downcross - then bitcoin is a whole different ball game.

TERA you never cease to dissapoint with bearish sentiment. You are constantly looking for a reason to retire from this market. That weekly is most likely going to be broken on your log chart. Will we not be seeing you anymore after that?

[TERA]

520$-530$ is a horizontal resistance, which should not come into play again at this time of the post bubble burst.

One could assume a downfall to 100$-135$. For whatever reasons, the market was already there and those who want to buy cheap will wait for that price level.

If this plays out, bitcoin cannot recover
-broken previous ATH,
-broken the lower bollinger band in the weekly chart for the first time.

For the latter even 300$ would be sufficiant.

If we break below the previous ATH, it just confirms the end of a cycle like the pic shows (this is not necessarily my top count, but it shows my point). Why must it spell the end for Bitcoin?

If the 1W EMAs break and it goes goes sideways/down for a year, speculators will feel like "it's the end of bitcoin" because it's the end of bitcoin for THEM and they'll probably be leaving but it's not necessarily the end of bitcoin itself and the price may end up restoring current levels in a year from now, and a brand new group of speculators will join in for the ride.



Here's a really simple view of why there is support at $540 right now. 1W ema is a historically strong support.  That's until there is a downcross - then bitcoin is a whole different ball game.

TERA you never cease to dissapoint with bearish sentiment. You are constantly looking for a reason to retire from this market. That weekly is most likely going to be broken on your log chart. Will we not be seeing you anymore after that?

If 1W emas cross down, then I will probably move all of my trading funds off of exchanges and then use CoinBase if I ever decide to buy them back in the future. However, I will still keep my committed long term allocation of btc, I might still trade an altcoin here and there,  and I might actually focus on writing code and developing services with bitcoin rather than trading. So you'd see me in Bitcoin Discussion rather than Speculation.

[RyNinDaCleM]

If we break below the previous ATH, it just confirms the end of a cycle like the pic shows (this is not necessarily my top count, but it shows my point). Why must it spell the end for Bitcoin?

http://www.sierrachart.com/image.php?l=1395526666456.png

You need to use Mt.Gox data to start EW counts. This guy has fairly good long term EW counts on bitcoin.

https://www.tradingview.com/v/T8P3OlxT/

I have counted out the entire history down to sub-minuette waves on Gox, I was merely providing a visual aid for the point I was making. The [ I ] on the left side, was just to signify the $32 high from 2011 as the wave-1 of 5 that the image depicts.

How's this for a count?



I know it's a little old, but I stopped counting Gox when I moved to Stamp/BFX.
...and yes it has a very drastic range of possibilities

[windjc]

520$-530$ is a horizontal resistance, which should not come into play again at this time of the post bubble burst.

One could assume a downfall to 100$-135$. For whatever reasons, the market was already there and those who want to buy cheap will wait for that price level.

If this plays out, bitcoin cannot recover
-broken previous ATH,
-broken the lower bollinger band in the weekly chart for the first time.

For the latter even 300$ would be sufficiant.

If we break below the previous ATH, it just confirms the end of a cycle like the pic shows (this is not necessarily my top count, but it shows my point). Why must it spell the end for Bitcoin?

If the 1W EMAs break and it goes goes sideways/down for a year, speculators will feel like "it's the end of bitcoin" because it's the end of bitcoin for THEM and they'll probably be leaving but it's not necessarily the end of bitcoin itself and the price may end up restoring current levels in a year from now, and a brand new group of speculators will join in for the ride.



Here's a really simple view of why there is support at $540 right now. 1W ema is a historically strong support.  That's until there is a downcross - then bitcoin is a whole different ball game.

TERA you never cease to dissapoint with bearish sentiment. You are constantly looking for a reason to retire from this market. That weekly is most likely going to be broken on your log chart. Will we not be seeing you anymore after that?

If 1W emas cross down, then I will probably move all of my trading funds off of exchanges and then use CoinBase if I ever decide to buy them back in the future. However, I will still keep my committed long term allocation of btc, I might still trade an altcoin here and there,  and I might actually focus on writing code and developing services with bitcoin rather than trading. So you'd see me in Bitcoin Discussion rather than Speculation.

what period weekly EMA are you using? 10, 20?

Actually looks like you are using a 30.

We were below that for a good while in 2011 and even perhaps a little in the beginning of 2012, although I don't have the gox data only Stamps.

This seems like sort of an arbitrary EMA to be using. Also, this EMA seems skewed to me because of the two bubble in 2013 forcing the weekly trend high above the lower log trend line most people use to mark support on the long term log chart.

I have my doubts that breaking $530 for a while is going to spiral us into a prolonged untradable bear market.

This seems like faulty science to me.

[segeln]

What is this "resistance"?

When it is buying, it is called "support", not "resistance". "resistance" is selling.

not quite correct.
If the Price is going down,the Price will have a Support at a certain Price-Level at which the Price can`t go down further. Unless it breaks the Support. Iin that case the Support changes to resistence when the Price ist going up again.
In other words:
support is the Price-Zone at which previous down-moves has been stopped.
Resistance is the Price-Zone at wich previous up movemnets has been stopped.
I am astonished so few People know the right Terms.
But to be honest I am not surprised anyway. I read so much garbage here OMG

[windjc]

What is this "resistance"?

When it is buying, it is called "support", not "resistance". "resistance" is selling.

I am laughing,you are the first to note this.You are correct but it is amazing how less other People know the right terms

The OP was just to fuck with TERA.

To note, the OP has gotten several levels of support and resistance since it was written.  I can chart them with accurate terminology if you'd like.

[segeln]

@windjc
better you have waited for my edit

[windjc]

@windjc
better you have waited for my edit

Why? I know everything you explained already.

[segeln]

@windjc
better you have waited for my edit

Why? I know everything you explained already.

Hi, well before my edit I agreed TERA mistankenly, but my edit  explained it the right way