We nearing the take off time - I increased my stop loss to 8350 (probably should have increased it to 8380-8390 - but I'm bullish)
Comment
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We faked out of the triangle a little bit to the 0.5 fibonacci (on Bitstamp)
Now we bounced off the green trend line and we're consolidating on the 0.705 fibonacci
If we break through the green trend line (which I expect we will) we are bull until at least the first orange trendline and possibly to the 1 fibonacci level and possibly till the top if the arc.
Take profit according to your greed, my profit taking is most likely at 9150-9200
Any ideas of why would it follow patterns? I mean, i've been following BTC for days now...
and it's like it repeats the oscillation pattern when going up, and when going up!
Simon111
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@Litoidean,
Because it just follows the ideas of people, which come from TA from the charts, whatever the pattern the most people with the most money see is what will happen
it can go to 100k tomorrow if everyone decides to not sell for less than 100k and people agree to buy for 100k
WavePrinciple-Net
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@Simon111, My friend, I like the way you see at it. I really bet it's the average of what people majority really wants.
"Consensus".
eToro gives you a statistics:
4.5m followers (Active Traders Inside eToro)
28.13% of them invest in BTC
That's 1.265.850 Making Market in BTC
98% of them are buying right now.
1.240.533 of them have a bet on BUY.
Their TA and combined decision says it's going up.
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How many users online are trading Bitcoin right now?
Any ideas of why would it follow patterns? I mean, i've been following BTC for days now...
and it's like it repeats the oscillation pattern when going up, and when going up!