It's called a correction (waveaddict's bitcoin charting subscription thread)

[RyNinDaCleM]

It’s possible that in past times things were much clearer because the market really was bigger. As an illustration of this, there were much more and much bigger bid walls (10k+ was common).

Agreed! Up until the $7.2 high, this market was VERY predictable. Since then I have had a much harder time with my own confidence in trades, so my volume has definitely suffered in the past month or so. Not losing money...Just not making any either!

^That combined with a 60 hour work week, I miss all the big moves lately! 

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[zby]

put your chart at 1 day and then look for triangle


also the best way to predict the future is making said future

Yeah - but think what is the implication of that, taking into account that two recent triangles were broken into the up direction.

[waveaddict]

'premium only' email sent

[waveaddict]

sent out another email (a non-elliott-wave-centric type)

-March 25 update #3 (includes charts: 120, 121, 122, 123)

[waveaddict]

today's email has been sent 

-March 26 update (includes charts: 126, 127, 128)

As I stated in the email, use the Elliott Wave chart more for its trend-lines and the various patterns displayed within rather then the projected count at least in the short term.

[waveaddict]

-March 27 update sent
(includes chart: 129)

[N12]

@WA
In my view, the market has learnt to simply ignore individual large bid walls. No bigger traders fall for them anymore, and that’s why I think the price action is hardly affected.

[waveaddict]

-March 28 update sent
(includes chart: 130, 131)

[BTCurious]

@WA
In my view, the market has learnt to simply ignore individual large bid walls. No bigger traders fall for them anymore, and that’s why I think the price action is hardly affected.

I agree, however, a bidwall this large that is actually kept up for multiple days is something I haven't seen before. Maybe it's not moving the price up (since it was placed), but at least it's not dropping either.

[realnowhereman]

@WA
In my view, the market has learnt to simply ignore individual large bid walls. No bigger traders fall for them anymore, and that’s why I think the price action is hardly affected.

I agree, however, a bidwall this large that is actually kept up for multiple days is something I haven't seen before. Maybe it's not moving the price up (since it was placed), but at least it's not dropping either.

Interestingly though; price hasn't actually come near the wall since it went up.  It's my observation that giant fake bidwalls only vanish when it looks like someone is going to take advantage of it.  No one has yet; so the wall remains.

Does anyone seriously think that that 46k purchase would stay if someone sold into 10k of it (for example)?

[BTCurious]

Interestingly though; price hasn't actually come near the wall since it went up.  It's my observation that giant fake bidwalls only vanish when it looks like someone is going to take advantage of it.  No one has yet; so the wall remains.

Does anyone seriously think that that 46k purchase would stay if someone sold into 10k of it (for example)?

Didn't it start off with touching it? Not with significant volume, I guess, but still.
The point with fake bidwalls is that people try to use them to drive the price up and then sell into the new buy orders. From my experience, normally if the price doesn't seem to go up those people get bored and remove the walls again. So either this is not a fake bidwall, or it's a very patient trader.

[waveaddict]

Well, if he is indeed forcing the market to go where it doesn't naturally want to go then the aftermath could be brutal especially if that direction is down. There was probably a large group of people who panic bought because of that wall at 4.6 instead of waiting for a lower price, along a different group, who were otherwise selling or would have sold in the mid 4s but changed their mind because of the wall. So, if that wall disappears, in theory, you have an even greater supply of bitcoins wanting to get out from the additional remorseful buyers and natural sellers whose sole reason for owning bitcoin was that wall.

From a real market perspective, the FED manipulated the US markets by providing cheap credit after the dot com bubble popped and bottomed in 2003. For 5 years the market artificially rallied, but in end, because the rally was based on unsustainable manipulation and people who were buying solely because the the now famous Greenspan put (think of the bitcoin wall), the market crashed in 2008 all the way down to where it was before and lower in half the time as the previous crash. And, as many of you are aware of, the FED is doing the exact same thing again. Rinse and repeat. I wonder what will happen this time around  

[waveaddict]

@WA i will make a shameless plug https://bitcointalk.org/index.php?topic=73591.msg825239#msg825239

The problem that I see in your larger wave analysis is that the rally off $2 was in a 5 wave pattern and not in a 3 so we are either in a zigzag or impulse up from here. In summary, there is really no reason to assume we go sub $2 without a continued move higher first.

[waveaddict]

i did assumed first that from 32 to 2 we got the wave [II] but the smaller wave count dint sum up from 32 to 14 we should have 34 minor waves

@myself, are you one of my subscribers...I can't tell? But, if you are just refer to chart (67) or (54) to answer your question.

[waveaddict]

-March 29 update sent
(includes chart: 132, 133)

[waveaddict]

-March 30 update sent 
(includes chart: 134, 135, 136)

[pent]

Fu**ing triangles everywhere now. No good trade Trading inside triangles dangerous.

[SkRRJyTC]

Fu**ing triangles everywhere now. No good trade Trading inside triangles dangerous.

MACD and ADX bullish crossover is imminent... a little patience to confirm and then buy.

[waveaddict]

Fu**ing triangles everywhere now. No good trade Trading inside triangles dangerous.

Agree since the triangles are all so small and not really trade-able given the cost of commission

[waveaddict]

Fu**ing triangles everywhere now. No good trade Trading inside triangles dangerous.

MACD and ADX bullish crossover is imminent... a little patience to confirm and then buy.

Exactly, patience is the best plan at the moment until we get more evidence for either the bullish or bearish case. It's always a bad idea to guess what could happen with indicators.