Disliked{quote}.....I'm a bit sad for my wave 4 triangle tho, after rambling about it since january I'm gonna miss it lol....Ignored
- #2,722
- Apr 3, 2014 3:35pm Apr 3, 2014 3:35pm
{quote} LL, what do you think invalidated the triangle idea? thanks
Well, the easy answer would be "because november was a wave 1 and april will complete a wave 2". But If it's still a wave 3 and 4 without triangle, then I guess I misinterpreted the btc-e chart and overlooked the last days of the gox chart.
Also, even by only considering bitstamp, I should have been more cautious with the lack of point of contacts to create a tangible support line, "where people refuses to sell below". Also the angle of the triangle wasn't satisfying, the median line was too close to the bottom, and the top declining too fast and no significant volume spike on them.
I didn't see it that way. Well, it doesn't impact much my targets, just brings a doubt on whether it's a wave 2 or 4.
edit: triangle, diagonal, pattern and wave in EW are due to psychology, that's why wave 4 usually do triangle, confusion between the "greed" pushing a wave 3 and the "fear" behind a wave 5. And I really like this idea in BTC, looking at forum for the dominant emotions. While a wave 2 (shorter in time, steep, and up to 100%fib )would have a more scary and straight forward "oh no, here we go again...".
- #2,723
- Edited 4:36pm Apr 3, 2014 4:18pm | Edited 4:36pm
makes sense what you say. it certainly feels like a wave 2. major exchanges like gox going bankrupt... bitcoin exchange ceo "suicided"... a lot of life changing events have happened lately. i think we should ignore the log chart. it's not reflecting the real world. who cares about channel lines and how everything fit neatly within nested degrees. my instinct says this is wave 2.
if you look at a linear chart... you can see market drop to 61% level. that is the usual place for a wave 2
calculating target for wave 3. a strong wave 3 usually is 261.8% of wave 1
so 1163 * 2.618 = 3044 + wave 2 low about 400 = 3444 (wave 3 target
if you look at a linear chart... you can see market drop to 61% level. that is the usual place for a wave 2
calculating target for wave 3. a strong wave 3 usually is 261.8% of wave 1
so 1163 * 2.618 = 3044 + wave 2 low about 400 = 3444 (wave 3 target
- #2,724
- Apr 3, 2014 4:27pm Apr 3, 2014 4:27pm
- Joined Aug 2007 | Status: The Bitcoiner | 20,231 Posts
The Chonchy
- #2,726
- Apr 3, 2014 7:06pm Apr 3, 2014 7:06pm
- | Commercial User | Joined Sep 2013 | 2,500 Posts
{quote} BTW, BTC in HUOBI, OKCOIN or BTCCHINA are on sale now, 2-5% cheaper. Welcome.
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- #2,727
- Apr 3, 2014 7:13pm Apr 3, 2014 7:13pm
- | Commercial User | Joined Sep 2013 | 2,500 Posts
Money Makes Money
- #2,729
- Apr 4, 2014 1:12am Apr 4, 2014 1:12am
- | Commercial User | Joined Sep 2013 | 2,500 Posts
{quote} Then you can use btcchina, which has English page. Comission free, BTC withdrawn done in an hour during Chinese day time.
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- #2,733
- Apr 4, 2014 7:52am Apr 4, 2014 7:52am
- | Commercial User | Joined Sep 2013 | 2,500 Posts
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- #2,734
- Apr 4, 2014 7:55am Apr 4, 2014 7:55am
- | Commercial User | Joined Sep 2013 | 2,500 Posts
i thot it was ending expanding diagonal but don't think so. im losing grip on reality . {image} {image}
Money Makes Money
i thot it was ending expanding diagonal but don't think so. im losing grip on reality . {image} {image}
For bitstamp, I prefer the original idea about triangle, it's still a perfect triangle ending E, isn't it?
Anyway, both leads to the same conclusion of a bottom right now, which is my first count. The alternative count is that this big Wave 2 still has a lot to go, either C-1 just completed, or A just completed. In which case, $200 or so is still possible.
- #2,736
- Edited 8:24am Apr 4, 2014 8:06am | Edited 8:24am
Good morning everyone,
Emptymind, I don't know if you remember, but in december we were all expecting a last wave down to 384. And even at the ATH it was uncertain if the 5th was thru or truncated.
Back then Venzen said that if he saw the LTC chart he would have known. That's why I posted it yesterday, to me on the LTC chart the correction feels complete. What do you think ?
As you said kingtour and KO, now it's either 560 or 280.
edit : and yeah, despite all I said yesterday against triangle, bitstamp still work as (a weak) one. Getting close to the apex and upper TL below 560, we'll know then
"May" be a good month for bulls.
Emptymind, I don't know if you remember, but in december we were all expecting a last wave down to 384. And even at the ATH it was uncertain if the 5th was thru or truncated.
Back then Venzen said that if he saw the LTC chart he would have known. That's why I posted it yesterday, to me on the LTC chart the correction feels complete. What do you think ?
As you said kingtour and KO, now it's either 560 or 280.
edit : and yeah, despite all I said yesterday against triangle, bitstamp still work as (a weak) one. Getting close to the apex and upper TL below 560, we'll know then
"May" be a good month for bulls.
- #2,737
- Apr 4, 2014 8:53am Apr 4, 2014 8:53am
- | Commercial User | Joined Sep 2013 | 2,500 Posts
Money Makes Money
- #2,738
- Apr 4, 2014 8:54am Apr 4, 2014 8:54am
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- #2,739
- Apr 4, 2014 8:58am Apr 4, 2014 8:58am
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #2,740
- Apr 4, 2014 9:07am Apr 4, 2014 9:07am
- | Commercial User | Joined Sep 2013 | 2,500 Posts
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