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gustav (OP)
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December 18, 2014, 05:07:06 AM |
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right here. Panic is recommended once that line breaks for longer than a few hours.  If panic breaks out and Bitcoin would go to hell and not rebound very fast to new highs the fail would be confirmed and going to Zero would be inevitable in the long run. I thought i leave a comment about it... |
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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zetaray
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December 18, 2014, 05:38:25 AM |
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It could touch the line and then surge up. No need to freak out, for me at least.
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Malin Keshar
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December 18, 2014, 05:42:12 AM |
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We still above the line.
No reason for panic, for now.
Think your way will only make us neurotic.
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smalltimer
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December 18, 2014, 05:43:48 AM |
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It could touch the line and then surge up. No need to freak out, for me at least.
what if it doesn't bounce off it but break lower and NOT bounce? What you gonna do then? |
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twiifm
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December 18, 2014, 05:46:18 AM |
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Better set a stop loss! Don't try any hero moves here
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TeeBone
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December 18, 2014, 05:47:07 AM |
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If this is wave 5 of the super-cycle, and it seems to be shaping that way, that longterm trendline should get smashed according to elliot wave analysis.
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g27wr
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I like guns.
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December 18, 2014, 05:47:55 AM |
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Can someone explain the chart in OP? How do you set that up in Bitcoin Wisdom and what does it mean?
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gustav (OP)
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December 18, 2014, 05:55:35 AM |
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Can someone explain the chart in OP? How do you set that up in Bitcoin Wisdom and what does it mean?
It's logarythmic view. setting -> scale i found this to be the better scale to look at longterm crypto movements since crypto has been and is expected to be exponential growing. If bitcoin breaks this line it broke the long, long, long term trendline and the myth of the exponential growth would be disproven. Also a mass exodus of early adopters could be expected (the mother of all panics) in which case a rebound is not certain (or even unlikely) and a total fail becomes almost a certainty - from my angle at least. On the other hand a massive rebound is also quite possible for the next days. This is make it or break it point. 10k$ or ZERO we'll see ... |
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Serge
Legendary
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December 18, 2014, 06:00:08 AM |
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total bitcoin fail?! very unlikely
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gustav (OP)
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December 18, 2014, 06:01:01 AM |
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total bitcoin fail?! very unlikely
because why? The hero member said so? ... sure ...  I don't know anymore what's likely or not after 1 year bearmarket and a selloff right behind us (few hours ago) and NO rebound! . So why is it unlikely? |
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g27wr
Full Member
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Activity: 221
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I like guns.
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December 18, 2014, 06:02:38 AM |
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Can someone explain the chart in OP? How do you set that up in Bitcoin Wisdom and what does it mean?
It's logarythmic view. setting -> scale i found this to be the better scale to look at longterm crypto movements since crypto has been and is expected to be exponential growing. If bitcoin breaks this line it broke the long, long, long term trendline and the myth of the exponential growth would be disproven. Also a mass exodus of early adopters could be expected (the mother of all panics) in which case a rebound is not certain (or even unlikely) and a total fail becomes almost a certainty - from my angle at least. On the other hand a massive rebound is also quite possible for the next days. This is make it or break it point. 10k$ or ZERO we'll see ... Sorry to be a n00b with the chart...I set the scale to logarythmic but it doesn't display as yours does. Is something else needed? |
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gustav (OP)
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December 18, 2014, 06:03:32 AM |
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Can someone explain the chart in OP? How do you set that up in Bitcoin Wisdom and what does it mean?
It's logarythmic view. setting -> scale i found this to be the better scale to look at longterm crypto movements since crypto has been and is expected to be exponential growing. If bitcoin breaks this line it broke the long, long, long term trendline and the myth of the exponential growth would be disproven. Also a mass exodus of early adopters could be expected (the mother of all panics) in which case a rebound is not certain (or even unlikely) and a total fail becomes almost a certainty - from my angle at least. On the other hand a massive rebound is also quite possible for the next days. This is make it or break it point. 10k$ or ZERO we'll see ... Sorry to be a n00b with the chart...I set the scale to logarythmic but it doesn't display as yours does. Is something else needed? timescale zoom out to max or 3 days ... use stamp for longer history that's what it shows in the OP: -3 days timescale -bitstamp -log view that's it ... and a line inserted by me of course ... |
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g27wr
Full Member
Offline
Activity: 221
Merit: 100
I like guns.
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December 18, 2014, 06:06:08 AM |
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Can someone explain the chart in OP? How do you set that up in Bitcoin Wisdom and what does it mean?
It's logarythmic view. setting -> scale i found this to be the better scale to look at longterm crypto movements since crypto has been and is expected to be exponential growing. If bitcoin breaks this line it broke the long, long, long term trendline and the myth of the exponential growth would be disproven. Also a mass exodus of early adopters could be expected (the mother of all panics) in which case a rebound is not certain (or even unlikely) and a total fail becomes almost a certainty - from my angle at least. On the other hand a massive rebound is also quite possible for the next days. This is make it or break it point. 10k$ or ZERO we'll see ... Sorry to be a n00b with the chart...I set the scale to logarythmic but it doesn't display as yours does. Is something else needed? timescale zoom out to max or 3 days ... use stamp for longer history that's what it shows in the OP: -3 days timescale -bitstamp -log view that's it ... and a line inserted by me of course ... Ah, wasn't zoomed out far enough. Thanks! |
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Serge
Legendary
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Activity: 1050
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December 18, 2014, 06:06:52 AM |
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total bitcoin fail?! very unlikely
because why? The hero member said so? ... sure ... I don't know anymore what's likely or not after 1 year bearmarket and a selloff right behind us (few hours ago) and NO rebound! . So why is it unlikely? yeah hero member, exactly )) more and more people keep finding out and learning about bitcoin, government officials in many countries noticing it. it has many uses, much unrealized yet. i cannot simply see it reaching an absolute zero any time soon |
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gustav (OP)
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December 18, 2014, 06:12:32 AM |
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If this is wave 5 of the super-cycle, and it seems to be shaping that way, that longterm trendline should get smashed according to elliot wave analysis.
can you go into more detail about that? Please elaborate on your scenario. |
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gustav (OP)
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December 18, 2014, 06:13:44 AM |
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more and more people keep finding out and learning about bitcoin, government officials in many countries noticing it. it has many uses, much unrealized yet.
what you say is crypotcurrency in general - not exclusively bitcoin. Crypto will not vanish, but bitcoin could; why not? It's a good first try though and will be remembered in historybooks, that's for sure. Not saying it fails, but saying: good trader has an eye on all possible scenarios and is prepared for big red aswell as big green candles right now. I think it can become very volatile again. Up or down both possible. |
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Serge
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December 18, 2014, 06:19:49 AM |
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wait until holidays are over, before going into panic mode, that is if earth/universe/etc will not vanish by then
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Melbustus
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December 18, 2014, 06:33:42 AM |
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total bitcoin fail?! very unlikely
because why? The hero member said so? ... sure ... I don't know anymore what's likely or not after 1 year bearmarket and a selloff right behind us (few hours ago) and NO rebound! . So why is it unlikely? yeah hero member, exactly )) more and more people keep finding out and learning about bitcoin, government officials in many countries noticing it. it has many uses, much unrealized yet. i cannot simply see it reaching an absolute zero any time soon And a Legend.  |
Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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RyNinDaCleM
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Legen -wait for it- dary
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December 18, 2014, 06:47:06 AM |
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It would be bad for sentiment and that's it. It's not so important to deem Bitcoin dead due to a break of it. I half expect it to get broken. A correction at this point in the cycle should reach the previous consolidation as a retest and trend lines are meant to be broken eventually. It will just make for a wider channel and define the boundaries for the next cycle.
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communication guerrilla
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December 18, 2014, 06:51:56 AM |
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It would be bad for sentiment and that's it. It's not so important to deem Bitcoin dead due to a break of it. I half expect it to get broken. A correction at this point in the cycle should reach the previous consolidation as a retest and trend lines are meant to be broken eventually. It will just make for a wider channel and define the boundaries for the next cycle.
yes, keep telling yourself that |
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