Thanks to MoonTrader I implied a descending wedge into the bitcoin bubble retracement analysis.
Here you have two different possibilities on how bitcoin can behave in future.
I am bullish and I guess I am not the only one. Have a look at the picture: oi60.tinypic.com/3161349.jpg The chart shows the sudden increase of the price followed by sudden return to the same lavel. For me - the only reason for that is someone buying a huge amount of bitcoins by one transaction. And what do you think about it, guys?
I'm sorry I'm no expert on whats going to happen with bitcoin price, but I see no real evidence or racional reason, why should it go so UP. I get why the price is changing few bucks up and down, but any good news about bitcoin didn't move with price, comapnies using bitcoin wont change anything until they stop exchanging all their btc profits through BitPay, big investors wont buy it in this price, when they didnt brought it at 275 etc... So why do you think it should just escalade from nothing? I really dont get there predictions. Please if you can, response. Thx.
frisby
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If certain well established entities in BTC market decides we go up we don't need any of reasons you are looking for. This market is controled by small groups and anything is possible - much down or much up, no reason needed.
wisconsin
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The predictions shown here simply rely on the fundamentals of TA, like any Stock, Commodities, Index-Markets etc. It concludes out of many different incentives, from human psychology to overall economy actions, mathematically interpreted to reflect the sentiment of a market.
Sentiment driven markets are determined by periods of UP, DOWN or FLAT movement recurring in cycles, and at this moment the general mood in Crypto Currencies is bearish/indecisive. The price "changing few bucks up and down" is a tiny representation of a bigger picture. Last year the price went ahead of its appropriate value, driven by hype, gox manipulation, china, whatever. Now Bitcoin is finding its actual value, and once this is done a new sentiment cycle may occur.
Has anything changed in the fundamentals of Bitcoin technology? No, in contrary, the infrastructure is getting better every day. So ask yourself if Bitcoin is going to be here in 1 year, is there a chance the price could go to double, even single digits when there are actually more people using it than a year ago?
adamnope
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I agree with the fact that btc is finding its actual value and the market should be more or less stable before the next big raise in price. But there has to be something to start this rocket. I agree and belive that in few(3) years it's value will be higher than it ever was. Im looking for numbers like 6000 and more. But it has to start somehow.. not from nothing. We can wait for that push, but people wont start that big push in my oppinon. So looking for similarities in graph and trying to find pattern is nice. But thats what all traders are trying to find and guess the future price. But it wont behave the same way, because the circumstances are different. And lot of them are most of the time wrong. I'm not being negative but thats the fact. We all know big things are gonna happen but not from nothing. When big investors buy lot of btc, thats good reason.. Big company starts to use btc, thats good reason, but for example dell didnt help much so it has to be microsoft or similar firm. Im just saing, we can only wait, buy as much as we can when the price is down and when the reason comes, btc will go up.
Maddie
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Wow, I've got the same idea but based on something totally different ;p
Hausky
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Not unlikely, there is many signs that indicates a upcoming bullish market right now!
Vatis
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What particular indicators do you have in mind? ;-)
Hausky
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My bolling band are indicating a oversold market already on the 1D chart. My Relative Strength Index are also indicating a possible bullish trend.