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Author Topic: I'm calling a bottom too  (Read 1877 times)
ineededausername
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February 16, 2012, 09:55:59 PM
 #1



Major factors
1. The daily RSI has almost hit 30.  This has happened very rarely in the past, and it always leads to a move up!  
2. Depth actually looks pretty healthy right now, contrary to statements by people like Edward.
3. We just hit a major support level -- the 3.8-4.2 range.  

Smaller factors
1. Size of this correction is roughly 50%, important Fibonacci retracement level. (7.2->3.88)
2. Looks exactly like Spring '11.
3. Everyone's bearish on the forums Shocked
4. The big sellers have probably run out of BTC.
5. MACD hit its own long-term support.

(BFL)^2 < 0
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Oldminer
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February 16, 2012, 10:02:14 PM
 #2

I think we could see a short term move up but I predict it will happen after the weekend (and after a weekend dip) if it happens at all. Longer term the outlook still looks bleak (in my opinion).

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notme
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February 16, 2012, 10:04:59 PM
 #3

I agree, but I believe retracements are calculated with the start of the rally as the base.  So with the current price of 4.28, we are at 56.15%.  That also makes 50% $4.6 and 61.8% is $3.9864.  $3.88 would be 63.8%.

https://www.bitcoin.org/bitcoin.pdf
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February 16, 2012, 10:07:47 PM
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Nice Fibonacci bro

I think so too btw.
ineededausername
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February 16, 2012, 10:08:45 PM
 #5

I believe this is called a "bull trap."

I hope you meant "bear trap," because bull traps don't go down.....

(BFL)^2 < 0
adamstgBit
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February 16, 2012, 10:32:58 PM
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I believe this is called a "bull trap."

I hope you meant "bear trap," because bull traps don't go down.....

I'm calling it a bull trap because as soon as the price gets high enough it will be zapped with a 6-10k sell off.  Bull. trap.

that was last weeks game

Kluge
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February 16, 2012, 10:36:16 PM
 #7

Liquidated my short. Let's go!

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Oldminer
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February 16, 2012, 10:43:19 PM
 #8

I believe this is called a "bull trap."

I hope you meant "bear trap," because bull traps don't go down.....

I'm calling it a bull trap because as soon as the price gets high enough it will be zapped with a 6-10k sell off.  Bull. trap.

Thats Bull Crap  Tongue

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notme
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February 16, 2012, 11:01:25 PM
 #9

I believe this is called a "bull trap."

I hope you meant "bear trap," because bull traps don't go down.....

I'm calling it a bull trap because as soon as the price gets high enough it will be zapped with a 6-10k sell off.  Bull. trap.

Thats Bull Crap  Tongue

Oh no!  A 10k sell off all the way down to .... $4.1.

https://www.bitcoin.org/bitcoin.pdf
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Blitz­
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February 16, 2012, 11:14:16 PM
 #10

Let me add a few things.

  • historical volumes
  • 6 closed red daily candles consecutively
  • S3052 subscribers still waiting for a low which will not come (at least not this weekend)

ENJOY THE WEEKEND RALLY, BROS!

"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
proudhon
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February 16, 2012, 11:47:58 PM
 #11

Let me add a few things.

  • historical volumes
  • 6 closed red daily candles consecutively
  • S3052 subscribers still waiting for a low which will not come (at least not this weekend)

ENJOY THE WEEKEND RALLY, BROS!

I've got my bitcoins.  Let's go.
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February 16, 2012, 11:55:40 PM
 #12

I've got my bitcoins.  Let's go.
Weekend, trading back in the mid 5s: "Everything went better than expected." Grin

"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
SkRRJyTC
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February 16, 2012, 11:58:24 PM
 #13

I've got my bitcoins.  Let's go.
Weekend, trading back in the mid 5s: "Everything went better than expected." Grin

Mid 5's = Everything went better than expected???

I'd say over 7 = Everything went better than expected!
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February 17, 2012, 12:03:43 AM
 #14

I've got my bitcoins.  Let's go.
Weekend, trading back in the mid 5s: "Everything went better than expected." Grin

that would be impressive.. i expect a high of 4.8 and cash below 4$ this weekend


Kluge
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February 17, 2012, 01:40:29 AM
 #15

Liquidated my short. Let's go!
Weeeeeeeeeeeeeeeeeeeee!

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ineededausername
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February 17, 2012, 01:50:43 AM
 #16

Up we go! Cheesy

(BFL)^2 < 0
Koekiemonster
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February 17, 2012, 01:54:36 AM
 #17

There's just very little ask depth to cover the demand of mid/longtermbulls who shorted the way down and are planning to reverse their positions.

Curious to see what will happen. Smiley

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proudhon
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February 17, 2012, 01:56:18 AM
 #18

There's just very little ask depth to cover the demand of mid/longtermbulls who shorted the way down and are planning to reverse their positions.

Curious to see what will happen. Smiley

I'm going to go out on a limb here and guess that a few of those people aren't going to get back all the bitcoins they started with.
Koekiemonster
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February 17, 2012, 02:00:10 AM
 #19

I think panic buying is a shitty term, but it could be applicable the upcoming 24h..

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February 17, 2012, 02:01:27 AM
 #20

let's see what happens...
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