They have been especially low lately, for some reason.

Bitcoin is back up to 110+ again, and has anyone else noticed that after a Mt. Gox blackout, that it almost always starts heading in the upward direction, rather than falling down like expected?

Make a small profit while they're at it. Though honestly, this is normal consolidation, it's been grabbing onto to the roof of the wedge for a while now.

Mt. Gox lag and crashes, the ultimate market stabilizer.

Whenever the market wants to move somewhere, there's a large price gap, up to $2 at times, between the ask and bid price. The price is jumping up and down, unable to decide on where it wants to go.

It's more likely to resume where the exponential growth left off, before going nova. Therefore not going to go down much. Look at the curves, not the lines.  

$100 price is too far gone.

Some tips for beginner traders: http://www.youtube.com/watch?v=upOpW0M2R6w

Recovered magnificently! I love margins and shorting! xD

It's bullish and bearish all at the same time!

The bears lost this war, you'll never see a $100 price again! This is the beginning of the momentum, people are already realizing that now is the the time to buy or miss their chance.

Isn't the one minute bar chart kind of starting to look like a miniature scale of the one day bar chart? Probably seeing things. . it no longer looks much like it, for it is even more bullish.

Keep telling yourself that, just be prepared to fall upward. 

We would gladly die for our currency! Don't let it break $100 !! 

Anyone else notice that when the buy or sell wall is curved, without any obvious price stairs, that people are afraid to eat away at it?

The tighter the curve, the less likely it will get eaten at. .

It's almost as good, but I prefer clarkmoody's graph, even if it's sometimes buggy. But I like that this graph is steeper looking. Then again, the other chart is steep enough. Both have very few indicators. Too bad there's not a chart with pivot/fibo.

It looks like it broke out, the EMA on Clark's graph has crossed.

I guarantee that you won't see the price touch $100 ever again. We can't both be right. So who's guarantee is worth more, to reason? Guarantees are deceit when given based on speculation. That is, if you're not willing to compensate us for losses.

/ignored

Anyone else predict that the price is going to jump once Mt.Gox gets back on its feet?

Earlier I routed a few orders through Bitstamp too.

I'll wager you something that in a month the price will be at least $125 and that you won't see it touch a $100 ever again. The investors of bitcoin do not care much if the US exchanges are regulated or not. It will never be entirely regulated, even with a global government. And bitcoin has many other selling points.

Soon it will be alive!

I don't see a bunch of small-time fear mongerers causing much if any drop in the price from here. Tomorrow is a bright place. 

Will it likely break out in the next hour or what? It looks like a strong but chaotic uptrend. .

I think most will try to sell at $125, and most think that it won't go below $120 again, so that's where they are buying.

Isn't that where you would be better off buying?

I think the price will stay high because of the event this weekend.

It would be hilarious to see the price take off, right after what appears to be the near end for bitcoin.  

At least according to the misleading news articles going around.

I'm not sure exactly why, but it might be because they are more difficult to fund.

They do have a lot of alt crypto-currencies, which can take away from what would normally be put into BTC.

There's also the investors mentality, some exchanges have more bears than others.

Perhaps there is something to do with the limited supply and demand as well.

Both walls appear to me to be lacking, yet the buy wall has many more orders, if that means much. So it looks like it will consolidate for a little while.

Anyone know of a good way to see if the market is over bought or sold?

Someone just sold 1160 bitcoins at once!

-edit-

Someone else sold 749!

Not that it has recovered, does this strengthen support or weaken it?

It was the 1160 and 749 bitcoin trades. You might have missed seeing them. And that caused a large difference in price.

Also someone else removed their support order.

It might be in part because of the weekends event, but I think it's more because of a steady build up to challenging the $120 price (After many attempts), and once it broke out, it went on to the next tier.

At the time $113 or so was a very strong support, that was crawling up on the price, and that helped scare it up, I think.

That will only encourage people to leave them, to take advantage of arbitrage elsewhere, and that will make the sell wall mostly disappear, unless some people stubbornly sticky with them. I bought some routed from Bitfinex, so I can't transfer any bitcoin out to get a better rate. I hope I don't come to regret that, and that the wall disappears soon. Hopefully they get a good way to import dollars, that would help stabilize it, so long as there's people still left to fund their account through them.

The fees would eat you up, not the risk of time.

It's bound to grab onto some trend sooner or later, it doesn't have to always meet support or complete triangles. So it's not likely to continue with that support line if it doesn't need it anymore, and there isn't much of a resistance line.

There's a strong buy wall right now, and the sell wall is vulnerable. I see it reaching at least $127 before there is some sell wall resistance.

What I look at are the shapes of the wall, not so much how many buys there are to sells. For instance, inward curved walls have a lot of strength the more curved and smooth they are. Staircases, and linear walls are often the weakest.

It has a lot to do with the mentality of the traders, smart traders space out their orders, at optimum positions, and don't use whole numbers.

If there's an outward curve, that likely means that there is a resistance/support wall, that once broken, the sky becomes the limit (At least until people start selling).

Curved walls also tend to be the most adjusting, while other walls can be there from old orders, and are not often very strategically placed.

Stairs in the wall, only give traders a target, the more stairs at whole numbers, the more easily it will break under continuous attack, that is unless it comes to the point of being curved instead.

If there is one large break, it is a strong resistance/support, that can eventually break if not removed, but depends on where the market is heading in the long term.

Stairs that are far away, are possible resistance/support points, that could easily form a curve between three or so of them when reached.

If this proves useful to you, please tip a few cents! v  

There's many other bitcoin brokerages that are coming out, that allow for shorting and leverage, I have seen at least three others.

Right now Bitfinex is in a closed loop with the other small exchanges, that do not have direct contact with Mt. Gox. Bitfinex not any more for now. Bitfinex currently trades only with itself and Bitstamp.

The only way would be to generate billions of keys per second, and hope that one of them matches up with someone else. xD

It would still, with a billion keys per second, take an incredibly long time. If it becomes a potential issue, we will increase the length of new addresses, or make them more difficult to compute.

Is that for colliding with any address in use, or for finding a specific address? I'd imagine it would be easier to indiscriminately collide with another address that has bitcoins.

Where is quantum processing in this?

If there was a trillion^100 addresses that all were active, that wouldn't be nearly as difficult to brute force crack at least one of them, would it?

So that's all that's needed to manipulate the market in most cases. .

Let's see if the market will go along with it. .

Unless they were vetted in some way.  

And sexually transmitted diseases were not that common back then, at least where he was.

I wish the price would drop more on Bitfinex. .

Just to explain, manipulation of the market is when a person or a private groups goal or actions affect the market in any way, usually in such volumes that the market cannot immediately counteract.

It's not paranoia or false accusation. Often if someone is trying to manipulate a market in a way that it doesn't want to go, it recovers very quickly.

If that's where the market/trend wants it to go. . In this case, with bitcoin, it likely wants to go up, but lacks the volume because of the weekends.

Often after a huge sell or buy, the market doesn't fully recover right away, but consolidates to a breakout point.

Better more zoomed in Google Trends chart: http://www.google.com/trends/explore#q=bitcoin&date=today%203-m&cmpt=q

I'm all in and fully leveraged, all safeties disengaged, all engines ready to go! The buy wall is building up, the sell wall is flailing to and fro -- takeoff imminent.

Way too bullish. . but we'll see, tomorrow.

http://www.predictcoins.com/

Perhaps this will be useful in the future to get sentiment and often accurate predictions. .

Has anyone else noticed that when there's memes or GIFs in this thread, that the their implied predictions more often than not tend to be dead wrong, or at least mildly wrong..?

I wonder if that's something to do with the emotional traders, who are not logical and robotic enough, that resort to unrelated past experiences to justify their beliefs. .

Alas, let's see what tomorrow holds!

What bitcoin really needs is ease of acquirement and use. It doesn't even need to be used like a currency, it would do just fine as a store of wealth. Granted, it will be used as a currency, at least for some things.

The only potentially fatal danger crypto-currencies face, is for there to be a much better form of currency, that surpasses any merits of existing crypto-currencies in every way.

It looks like the third/forth support point is in play now, it's looking bullish.

There is something to be had for buying when something is very cheap. The more expensive something gets, the more difficult it is to move anywhere. . I doubt we'll ever see something like $10 get to $260 again in such a short time frame, at our scale. Even with mBTC. This is why penny stocks can be so lucrative, there has to be far more money than there is supply, and people are only so rich and so willing.

Based on where the upward green arrow is pointing, I would concur an upward breakout is definitely within the realm of possibility!

I can almost see the cup and handle pattern forming as we speak!



Honestly though, there's a limit to how delusional I can be. .

I was looking at a weaker support this whole time, that one appears much stronger. I forgot to look at that one altogether. .

I wonder if the weaker one will hold.

ETA 8 hours, until likely break out at $122. .

It obviously broke a very strong support a while before it started to crash- and in what looks like a downward trend.

Lower highs, and only slightly higher lows- people wanting to cut their losses at near the same price where they bought, when they had thought it was going to finally go up the first time. This kind of repeating pattern eventually loses steam and it crashes before recovering.

Bubbles are an exception; for any excess rise, there has to be an excess fall, before it will pick up the underlying trend again. From the way I see it, it's doing very well, higher lows, higher highs.

Clearly someone did, or they wouldn't have sold.

Granted, but I do not see any reason for it to crash again, any time soon, there's too many wanting to buy at a lower price, like you. Some of them will get impatient, or risk missing the train. From a TA point of view, it looks bullish. That previous chart looked bearish.

Both, but the market doesn't care what I want. So I go with what I think will happen, if what I want and what I think both happen to coincide, so be it.

Some notes:
The bitcoin loans are getting increasingly more expensive on Bitfinex.

The buy wall at $121 is very strong, because that's the lowest it will go in this consolidating triangle.

Not much of a sell wall between $123-124, which is about where the resistance is right now.

Lots of positive/neutral news recently.

It was growing exponentialy for a while before it went nova, so the trend line is difficult to discern. Either way, it will pick back up on it eventually.

There hasn't been any Bitfinex shorting or leverage with Mt.Gox for a while, which could help explain part of why the market is so stable right now.

When people short, they are selling bitcoin at the current price, in order to buy back at a lower price. Without shorting, people can't sell what they don't have; shorting allows for this, and leverage magnifies it stupendously.

In theory, BTC1 can become BTC1,000 or BTC2,500 or even BTC9,999,999,999 this way. If the price went up a slight bit, one would have an unrealized fortune. However if it went down even the slightest bit, they would go instantly bust. One runs the issue of slippage the more they trade with. The ratio for leverage depends on how volatile and liquid a market is, and how much lenders are willing to risk or charge. Bitfinex only offers a ratio of 2.5:1, while with Forex markets, there can be leverage up to a 1000:1.

I wonder how this will turn out. .

Yeah, that was pretty hysterical, I was cringing almost the whole way through.

We should have a bot that replaces ChartBuddy, that instead posts relevant images like the one above, depending on the market conditions.

Who proceeds to post twice as often as ChartBuddy does. Perhaps add a barometer bot to the mix as well.

I'm starting to seriously loath this tread. .

Why is it falling again? I don't understand. .

It's because today is Memorial Day/Sunscreen Protection Day, isn't it?

Was it so unreasonable to ask for it to just climb right back up?

This is interesting! Thanks for showing us this indicator.

It did break through the support once, but it is mostly reliable, so I think it does have some meaning.

I hope this innocuous Mt.Gox news doesn't cause a panic sell, like the Liberty Reserve and Dwolla incidents did.

Does anyone see any more bad news in the near future? Or can we look forward to good news? Such as Mozilla accepting bitcoin donations?
(I wonder how many articles would be written about that. (If any. .))

This bad news really has damaged things from a TA point of view. I think that if the price doesn't crash, despite breaking significant supports, that it will rally up.

Most of it:
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/31/why-didnt-bitcoin-users-freak-out-in-may/

The Liberty Reserve incident is what likely took out the support, and killed the rally.

There was likely going to be a big upward rally on the 25th, but the Libery Reserve incident killed it. I'm still not ruling out a large price movement in the short term.

If a market is bias upward, and the price breaks support without crashing significantly, then that means it's likely to rebound strongly.

Many bitcoin forecasters anticipated a large rally before the 25th, which was pushed down, and what's pushed down can hold a lot of unspent energy, like a coiled spring.

I saw it as an innocuous event, but I belatedly realized that others wouldn't, and that it was a time to sell and buy back lower. And if others thought the same as I, and if they thought others would act on this same knowledge, then all the more reason to sell, and that would only contribute to the downward pressure.

If a market is bias upward, and the price breaks support without crashing significantly, then that means it's likely to rebound strongly.

Many bitcoin forecasters anticipated a large rally before the 25th, which was pushed down, and what's pushed down can hold a lot of unspent energy, like a coiled spring

That is a bot, who's goal is to raise the price on bitstamp, to at least match the price on Mt.Gox. If someone will sell you 1 BTC every minute, what incentive do you have to stoop down to the highest bid price?

I regret not putting in a stop loss order. . Well, lost $50. Now I'm shorting, to see where that gets me.

I think there are still people waking up like me and seeing what has happened, and then selling.

Bitstamp is bullish, at $123.

It can go either way from here, from the looks of it. I'm no longer shorting, but not ready to buy back in.

It still won't let me redeem the givaway, I take it that it's the same for others as well, and that only a few were able to.

I don't don't think so, but I received the e-mail with the code, and that should be enough. They even offer to set up a wallet to redeem it.

What is likely going to be the bottom? 64? 80? 103? 110? 113?

It broke a very significant support. See the first three bottoms, and how the fourth doesn't line up?

Yes, but how is it "happening"? Can you go into some details, or give an analysis? Where is the true bottom likely going to be? How about the top?

That would explain your lack of proper capitalization/punctuation and incorrect usage of 'your' instead of 'you're' and 'then' instead of 'than' and 'its' instead of 'it's'.

The days of the week are meant to be capitalized, and the names of the months as well.

I know exactly what you mean. It could happen any day now. . I'd hate to miss it.

It would be nice if we all could just agreed which direction we want the market to go, but then it would just become a game of chicken. The first to sell at the top to get the most, the last to sell at the bottom to lose the most, and then there's everyone in between, going along for the ride, prepared to cut their losses and take their gains. Perhaps uncertain stability isn't so bad after all.

I keep catching myself thinking that it will certainly go down one moment, and the next I find myself thinking that it will certainly go up. I place orders with both mentalities, and after a while I second guess myself. So far I haven't lost anything, and have been making a few dollars here and there. I don't know what's to explain for these two very oppositional forces in my head. Right now I think it's going up, no wait! Down!

Does anyone else think that the DDoS attack was done on purpose to assist the rally?

Quoted.


Someone has to.

It doesn't make much sense, most of the orders won't get filled unless the wall is broken through, and why would anyone want to sell at the beginning of a breakout?

If it did break $124, it would likely be a breakout. Otherwise it won't likely ever touch $124. Putting a sell order there is moot.

I completely missed this earlier, and just noticed it now, but this still counts as support, right?

It wouldn't have as much meaning if it did. The thing is, the pillars line up with this support, and yet not with the steeper one.

There's also this semi-log scale chart that somebody made:
http://i.imgur.com/O3eUvVD.png

The support is catching up.

Slightly oversold:

If that's Bitfinex, then you're out of luck. They do whatever the market is going to do before the market does. If the price is high there, the price will rise, if it's low there, the price will fall.

It doesn't matter if you're using leverage or not, if you're using Bitfinex or Bitstamp you're going to face prereactions to the market. CampBX and the others are probably the same.

Appears overbought, but also appears to have broken resistance:

https://www.tradingview.com/e/c5CZeJOb/

Nope, I use Bitcoinity/BitcoinWisdom for that.

This is appearing to be somewhat like a reverse head and shoulder. I expect it to retrace to $120 soon.

https://www.tradingview.com/e/c5CZeJOb/ This is not investment or trading advice.

The 1H chart is a little worrisome, it might go down to 107 before it becomes oversold.

Sorry, 107.

Small consolidation:

Updated. https://www.tradingview.com/e/c5CZeJOb/

4H chart update, oversold and multiple cross overs:

https://www.tradingview.com/

If those lines at the bottom go below or above the middle area, it is oversold or overbought. The MACD is a little different, if it goes above the pink pink area it is bullish, if it is below that pivot point, it is bearish. If the two lines cross, then it might be a change in trend also.

Usually if two lines cross, then touch the middle area, that's a change in trend signal.

The pink bars on the MACD is volume. If they are above the pink pivot then it's more bought, if it below then it is more sold. They tend to be curvature.

The BB %R takes in account the bollinger bands and the %R, when it bounces off of the walls.

At times one or more of these indicators can be misleading.

Currently the MACD is bearish for the long term, but the lines there are about to cross over, so it might be bullish for a little while. Oversold or overbought usually means that the market is due for a correction or change in trend.

I recommend anyone who isn't an expert trader to take an educative read: http://www.babypips.com/school/the-big-three.html

Supports & Resistances:

It's the Pitchfan drawing tool. It might be a little tricky to get right at first. You select a bottom or top, then you select a high and then a low.

The market is being very stubborn right now.

Elliott Waves are really great, but very difficult to master and get right. There's many different types of waves. Also Fibonacci retracement levels are also useful under the right scenario. It is an objective indicator. It tells you possible supports and resistances. For instance, waves 2 and 4 are likely to bounce off of Fibonacci supports. Anyone who dismisses these more complicated formulas as rubbish must not know how to correctly use them. Albeit, there are many self fulfilling prophecies in TA.

Elliott Waves form largely because of human behavior. Sentiment, fundamentals, and technical analysis are all very important when trading.

Even moon phases have some merit to them.

Crossed the EMA's:

I would have bought myself, but the shares are too expensive for me. Instead I went with DMS.

I don't have enough to invest in the shares right now, without giving up my trading balance. And I want to hedge my investments.

You're kind of right about 1, for the time being, but wrong about 2. People can still deposit USD into the exchange, and chances are they are unaware that they can't withdraw for two weeks, or do not care.

It's not the value of USD on the exchange going down, so much as there being an influx of cash with only one escape, therefore creating artificial demand that will influence the other exchanges to grudgingly follow. All because of arbitrage.

Wasn't it said before that once bitcoin is mentioned in a rap song, that it will be the hallmark of mass adoption?

http://www.thegenesisblock.com/want-to-know-where-btc-prices-are-going-watch-usd/

Bitcoin overlayed with the USD Index:


https://www.tradingview.com/e/dqFoObff/#

This market has been very unusual.

No, normally it behaves like it usually does. How it's behaving now is atypical.

Many of the bitcoin processors are not dependent on Mt. Gox. They're usually dependent on processors like Coinbase, Bitpay, etc. . None of which depend on Mt. Gox to set the price.

Everything will turn out okay. There's a lot of brain dead FUD that the majority of people are falling for, that's why we're having this brain dead market that should be rising with force, but instead the market is struggling to fight against this insanity. The market doesn't want to go down, it's already oversold, but it might, because of the people who believe it will.

I think that most of the people who want Mt. Gox to die, know that things have to be purged in order to improve. Right now we pretty much only have a one headed Hydra, but if Mt. Gox were to go down in flames, or lose its market share, it would only diversify the commerce, instead of depending on a single weakest link. As we are, we depend largely on a single headed Hyrdra, that isn't always constant, but if we had others to diversify in, we'd have much less collective risk.

I think that the people who want Mt. Gox out of the big picture are the same people who want a decentralized currency.

What I mean is, the market is oversold. There's only a limited amount that can be sold, unless there is extreme pessimistic pressure. Eventually enough of it will go into long term hoarding/investing that the market will have no choice but to rise. Usually this is kind of market is marked by slow gradual falls that is very lethargic.

It goes both ways, of course. Right now we're oversold. If we were overbought, it will be the other way around.

That's what I'm referring to. Indicators are only used to see if a market might be oversold or not. Try looking at the Accumulation / Distribution of 2013 in comparison to 2011 to get an idea of the big picture.

Oversold:

There's a lot of different ways to read each one of the indicators, and they all pretty much measure different things in different ways. They are slightly lagging indicators, so they can change their mind at the last moment, as with moving average lines. And they have the potential to stay oversold/overbought for a long time, or become even more oversold/overbought without much difficulty. Or they can quickly go from oversold to overbought without much difference in the price.

Yet there's a lot of things to look out for in these indicators, such as for example Hidden Divergences on the Fisher indicator: www.babypips.com/school/hidden-divergence.html

The daily interval is significant, but nothing very immediately meaningful there at the moment, and the weekly is heavily distorted from the bubble. I find the 4h and 1h interval to be the most useful for regular trading.

And the market felt like it was oversold, and it appears now that it indeed was/is.

This market is idiotic. .

Just wait, the next spike will be to 120 or higher!

Funny people who thought we had enough momentum to break 100.

Shorting essentially is the opposite of buying. If you think the price will go down then short, if you think the price will go up then go long. In a bear market, shorting is usually safer than buying. Then again, I wouldn't recommend trading at all, unless you know how to trade well and safely.

I myself usually profit more from shorting than going long. People often get in the mentality where they're afraid to not hold BTC, let alone to short it, which is silly. No one should sleep holding bitcoin at this point, unless one has some credible certainty that the price will rise.

I'm shorting now.

1. You don't need to try and catch every upward rise that may or may not happen, while you risk catching every downward fall. At this point, the falls go further down than the rises go up. A missed profit is not a loss, but if the market moves against you, it is a loss. Protect your fiat in times like these.

2. High risk is only for high gains. If you don't expect the price to move in a direction significantly, and the risk is high, then don't trade it.

3. Trading is different than investing. Investors can wait the longest time, holding through every up and down for the price to finally go where they want it. Trading takes more day to day risk management.

Have some patience, and don't be foolish. We're in a bear market. Bitcoin is a poor investment, until another bubble starts brewing.

You're just drawing arbitrary supports and resistances, where none of them have been tested, especially the support you drew. You can draw lines from everywhere on a chart, and many of them will function as a support or resistance from time to time, but more often than not, these supports and resistances will be broken. You should only use supports and resistances as buying and selling points, not for wishful thinking. Yet where supports and resistances are is key for determining patterns, such as descending triangles, falling wedges, etc. Again, they have to bounce to be considered a possible support or resistance.

From the looks of things, the outcome is very certain:

All is as clear as day now:

It will eventually bounce, but knowing when is a bit more tricky. I think we still have a ways to fall before another bounce.

I think there's a ways upward to go before the bears return.

All is well that ends well.

Some more lines:

I think we might see 95 or so:

The Fibo target is there, and there's Hidden Divergences with the Fisher.

Just so I can say I called it if it does happen.

For all of this decline from 100 to 65 I was bearish, as for my predictions, they're mostly bullish.

I at realized where and why I was wrong. I changed my view once it went from 114 to 110.

And it didn't feel bullish.

The indicators indicated a strong down turn,  overbought, and the market didn't look or feel bullish.

That would fit within the parameters of the 100 pivot, and the due correction. I'm not saying that it won't go down, but I think it might go up.

Good thing there's so many bears here, or else we wouldn't enough panic buyers for later. Permabull season has only just begun.

There's so much positive news right now.

Fine, something newer: http://www.theverge.com/2013/7/11/4515640/predictious-bitcoin-predictions-market

It's a prediction market, like Intrade use to be, except it functions entirely off of bitcoin. This is big. Same with that M-Pesa thing.

"Upon the completion of the two weeks, the company announced the end of the hiatus, though a significant back-log of withdrawals would mean at least another two weeks of delays."

ABCD pattern or Three Drive:

http://www.babypips.com/school/the-abcd-and-the-three-drive.html

I'll try to post bearish charts in the future. Usually I'm not as thrilled by them.

I draw bearish charts for myself, but I haven't usually shared them here on this forum.

My choosing to only share bullish charts, does not mean that my charts are not drawn based on a rule based system. I drew this possible pattern because of this: http://www.babypips.com/school/the-abcd-and-the-three-drive.html And because the indicators fit the bill right now.

I appear to have measured the wave's length wrong, and the support breached, so I don't really know what will happen now.

The unmark/unwatch button at the bottom, maybe?

Anyone else buying when 94 gets broken?

Some whale killed it.

A person placed a large sell limit order at the bottom of the consolidation. Small fish would have no way of breaking past that, let alone 94 before it came to an end.

Now for attempt number 2 to set up.

How I predicted this would happen: https://www.tradingview.com/v/pGkMhRdb/

But what happens next, I do not know.

Some supports broke, now it's risky.

Inevitable support break, and double tops.

It's a tried and true system that works. That support has already been broken, but the market is often hard headed, and takes a while to realize these things. I also don't see many buyers.

The BB%R is a better version of RSI, that uses Bollinger Bands. The fisher is spot on with identifying divergences/hidden divergences. The DMI has its merits. MACD crossovers and histograms have significance. Volume and moving averages are also exceedingly useful. Supports and resistances, patterns, along with Elliott Waves are great as well.

I should have looked into it further.

If the market breaks out above, the market will be bullish.

Looking bleak for the moment.

It might be beneficial to look at the chart the other way around:

Reverse Head and Shoulders that broke the neckline. Looks like we can expect yet another bubble.

Anyone notice that there is almost never a trend reversal off of whole numbers? With a few exceptions, such as when the wall is too big and the rally is exhausted. (Less likely to bounce off of whole numbers on the small scale)

Agreed, T - 2/17 min. .

I seriously doubt it would break 100 again just to fall down again.

I expect a slow gradual decline, then a waterfall. Then again, if the market somehow manages to break 100 again, we can expect a bubble.

It broke a large distance out of the Bollinger bands. When breaking heavily through the bottom of the bands that usually means it will continue down shortly thereafter. The exact opposite is true as well.

Tis' but a scratch.

I closed my shorts, this seems likely to break upward for some reason. . There's a Hidden Divergence, and the indicators are bullish. The last time a pennant turned into a descending triangle, it broke upward.

A bullish sign at times like these if any. .

Max Kaiser:

It's a reference; Max Kaiser is the Joker character in the Batman movies, and also a bitcoin enthusiast/fanatic. As for when everything will start, it could happen any second now, or in a few hours. (I'm thinking it's already started, but I guess this kind of meme is due for when things really start picking up speed.) (Also the meme tends to be a 'watch the world burn' kind of thing, but flipped here.) (I'm not much of a fan of memes myself, but I'm making and exception.) Explained enough?

For anyone who didn't see this over the top, blaringly obvious outcome:

JimFred's count.

The 1h was way oversold for too long, and there was a hidden divergence set up, among other things. Yet there were many mixed signals.

It's not manipulators, it's people seeing the price going upward, so buying. Look at the wave count above. This was the natural/expected thing to happen. It has logic.

We're now at the beginning of wave 1, with four more to go.

By zooming out, you lose clarity. Just like letters can fog up and look like other letters when looked at from a distance. Bistamp isn't budging, hidden divergence set up, too many people in fiat, minimal selling force.

Up.

Bid wall is now larger than the ask wall at 100.

It's not some conspiracy, I'm sick and tired of newbs thinking the market is heavily manipulated because it doesn't go where they themselves baselessly predicted.

In general, people assume it's more than one person doing the manipulation, that's why I addressed it as a conspiracy. Although there's always the rich lone gunman trope that's not too far off.

Anyways, there's always walls, and many whales are not so bright. Some think they can manipulate the market, but chances are, people will try calling what they think is a bluff. Then there's the genuine whales who places large bid/ask walls in hope that they actually gets quickly filled, for better or for worse, which I think is likely the case here. But some people might think it's a bluff and sell into it.

As for whales with large orders, they think the market will go in a direction, and they want to cause a chain reaction by shifting their weight around. They aren't out to push the market up just a little then sell, they're in it for the more mid-term/long-term, unless they start to panic.

Most whales only place small orders, unless something big is happening.

Whales can't change the overall trend, unless they had millions, and timed everything perfectly, to include the correct wave counts, etc. This would likely be a great loss to them. It's better for them to go with the trend, and where the market is willing to go.

I agree, everything thing I have is screaming upward, that this is only just the beginning.

Bitcoin Accumulation Sighted: http://news.goldseek.com/GoldSeek/1373983200.php

The more people horde, the more bitcoin goes up. This is a speculative market, so hording is a good thing, until adoption speeds up. (In which case we can expect another bubble, which may not be too far off.)

There's the adoption rate, and then there's the hoarding percentage.
The higher the percentage of hoarders, who are not weak hands, the more upward pressure there is, as we can see now. So even if the market looks bearish to the weak hands, it won't go down nearly as easily with the strong hand hoarders/investors, who look at the more long-term, or are not easily shaken.

Bitcoin can either go up from adoption, traders, or investors.

If there's an influx of adoption, there is increased demand

If the traders think the market will go up, there is increased demand

If the investors think the price will go up in the long-term, there is increased demand.

It's the weak hands that push the price down (and largely responsible for volatility). The strong hands hold the market up, and prevent it from going to the floor so easily.

It's because they did nothing that the buyers were able to prevent it from sliding to the floor. They would be weak hands if they sold.

97 is acting very similar to 100 right now. It can be broken temporarily once in a while, but then it's pushed back.

The strong hands are accumulating, the longer we're at this point, the more likely it is we are to rise.

This is similar to what it was like at around 120, before it began rising to a high of 136.

Not yet, if must be nosy and know about it.

I'm not, now please mind your own business. I would profit equally if the market went or up or down. I'm calling it how I see it.

Great, now this has turned into ad hominem.