BTC downtrend running out of steam?

[BTCat]

Has the Bitcoin Market formed a bottom?

Analyses from Bitscan. Please read and discuss.

Bitscan Analyses

link repaired 

[1715103025]

1715103025

[bigdave]

Has the Bitcoin Market formed a bottom?

Analyses from Bitscan. Please read and discuss.

http://bitscan.com/articles/analysis/btc-update-11-may-has-btc-formed-a-bottom.

Link goes to page not found.

[Barney]

Add dot to the end of the link

[bigdave]

Add dot to the end of the link

That did it. Overlooked that, thanks.

OP, interesting article. I hope its true. Thanks for sharing.

[alexeft]

Has the Bitcoin Market formed a bottom?

IMHO, it has. The diagrams show it clearly.

[matt608]

Nice analysis, I agree.

[TrailingComet]

If you believe the charts, then yes

We might well be headed higher now, with decent tailwinds from the Bitpay investment and generally plummier outlook to last week

[zimmah]

i agree, a lot of people have been expecting a bull run this summer since like January, this is just another chart that supports that theory

[MatTheCat]

If you believe the charts, then yes

We might well be headed higher now, with decent tailwinds from the Bitpay investment and generally plummier outlook to last week

If this trending range continues through a support/resistance trend or two as though they didn't matter, then I would be open to the idea that $340 was the final bottom for the Wave 4 correction from $1160. If this were to be the case, then we will likely not know it for quite some time.

However, one inconsistency would be that every other 'final low' in Bitcoins short history, has been met with record breaking trade volume, as is normally the case for ultimate lows. By comparison, the volume on low at $340 was just kind of farty.

[blatchcorn]

Calling this now: $1,000 BTC before end of May.

[Krabby]

Calling this now: $1,000 BTC before end of May.

How much you willing to put on that?

[blatchcorn]

Calling this now: $1,000 BTC before end of May.

How much you willing to put on that?

Already have more BTC than fiat 

[serenitys]

Calling this now: $1,000 BTC before end of May.

How much you willing to put on that?

Already have more BTC than fiat 

Same here It feels....goooodddddd....

[BTCat]

Calling this now: $1,000 BTC before end of May.

How much you willing to put on that?

Already have more BTC than fiat  

Fiat in the red, Bitcoin in the green      

Just like America.

[DustyRah]

It still remains bottom heavy. In fact, its upside that is unable to sustain any run at all.

[YipYip]

Calling this now: $1,000 BTC before end of May.

Thats too extreme dude ..even for me

[YipYip]

If you believe the charts, then yes

We might well be headed higher now, with decent tailwinds from the Bitpay investment and generally plummier outlook to last week

If this trending range continues through a support/resistance trend or two as though they didn't matter, then I would be open to the idea that $340 was the final bottom for the Wave 4 correction from $1160. If this were to be the case, then we will likely not know it for quite some time.

However, one inconsistency would be that every other 'final low' in Bitcoins short history, has been met with record breaking trade volume, as is normally the case for ultimate lows. By comparison, the volume on low at $340 was just kind of farty.

It is what it is

This uber stable run with now medium volume is fricken awesome

The 21 EMA is in a straight line with a nice uptrend ..I have NEVER seem btc do that in this post chinese world

[MatTheCat]

It is what it is

This uber stable run with now medium volume is fricken awesome

The 21 EMA is in a straight line with a nice uptrend ..I have NEVER seem btc do that in this post chinese world

'medium volume'

C'mon, gimme a break. It is rock phucking bottom volume with fewer and fewer whales swishing fewer and fewer Bitcoins backwards and forwards, all the while new coins are getting mined which must come to the market sooner or later not too mention all the other coins hovering around looking to cash out.

The longer new investments holds out from driving up the price, the more pressure builds upon natural sellers of Bitcoin to dump Bitcoin and drop the market.....that might even be what 'new investment' wants.

[TERA]

#onedgeofseatwithpopcorn

[molecular]

#onedgeofseatwithpopcorn

You're looking at huobi. Drawing a similar line on bitstamp chart



shows the downtrend has been pierced to the upside, which was a point in the article:

What this chart first shows is that the bitcoin market's decline has been contained within similar rails, which re-inforces the point that this really is how markets and price action evolve.

But what is special about this chart is the right hand edge, where we can see that for the first time, the market is trading beyond the upper extreme of descending resistance. 

And this, for us, is a clear indication that the downtrend which has dominated the first half of 2014, is finally running out of steam.

So what are you trying to say?