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Author Topic: Lots of noise on the charts lately  (Read 998 times)
smoothie
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July 23, 2012, 04:20:22 AM
 #1

I've noticed a lot of noise in the chart in the past week or so. Spikes up and spike down. My visual is those spikes up moreso are as bit-pay said "someone hoping to lead us off a cliff yet is the only one ending up jumping off of it".

Long term the price is bullish. I wouldn't be surprised to see a correction from here through time given we have rallied about 50% since two months ago.

What matters is where the price closes (on the longer term candle stick time frames) and not where the price touched for a second or two.

This is just my take.

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July 23, 2012, 01:01:07 PM
 #2

IMO it looks like an ordinary triangle were building out, so there could be a few up and downs inside triagle until we break out
it's a sort of a correction formation what means market is bullish and if we break upwards we might test 10$
i dindn't really count the failing of Mtgox cause of it's tiny influence but it could have built a resistant line...
EDIT: sry i had a lack in data: here's the right one:

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July 23, 2012, 01:07:30 PM
 #3

I like seeing the higher lows.   The selloffs are so artificial; nobody with that amount of coins cashes them in, in such a stupid manner ("hey let me sell 40K BTC at market, yeah that sounds like a good idea").  The intent was to drive the price lower yet on each of the three plunges it was less effective.   The drops are both smaller on a % basis and the bottoms are higher on a nominal basis.  

Roughly:
$7.40 -> $7.70 -> $8.00
20% -> 15% -> 10%

If the manipulator(s) can't push it below $8.00 on their next failed panic sell then they are done.   Someone burnt a lot of coins trying to keep the price down and it has been futile.
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July 23, 2012, 06:19:35 PM
 #4

I still think there is a good chance we won't head to $10 yet and come back towards $7. But then again that's just my take. I'm only saying in the short term it may happen.

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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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ArticMine
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July 23, 2012, 06:26:28 PM
 #5

This is really starting to look as a large player in a short squeeze, and that is bullish.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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July 23, 2012, 06:33:25 PM
 #6

Well looking at the long term price movements if we were going to break out to $10 we would have already. I wouldn't be surprised to see the price slowly go down over time and have it move sidways until a month or two.

Remember the price stability of bitcoin is what makes bitcoin healthy. Having it jump $10 or $20 too fast will ultimately just create another "bubble".

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        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
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