Nathanael
Short

Ending diagonal. Bulls gonna hate.

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
1033 9 7
Here is a bearish scenario for you to chew on:

Wave 4 is currently lower then wave 1 which is a classic tell we are in a ending diagonal. Mixing this bearish sign with my secret fib prediction, I expect us to *at least* see 500's again. I was expecting us to climb up to 920 (see last chart) but now that I have seen this ending diagonal, I'm turning into a warm fuzzy bear . Going to be watching this fall closely, as this may be the last chance to buy bitcoins at an amazing price.

Good luck all.
Tagada
2 years ago
Your TA is right, but don't underestimate the price manipulations going on... i'm convinced most of the 12 to 18btc repeated buys on Gox that appeared around the 24th are fake. That does not mean they don't slowly eat up the resistance, and that they don't encourage real buyers to jump in either. One only has to look at the abnormally regular, linear candle lines to be convinced this is clearly not the result of chaotic, organic price activity.

Whoever's behind this managed to pull us until there, and it looks like they'e not done yet. As much as i'd like to see it drop a bit, unless people start dumping (and why would they if price keeps rising) this might just succeed into slowly crawling up until the bulls pick it up.
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flibbr Tagada
2 years ago
I agree with your idea that the 12-18 btc buys were fake.. but the mythical rising wedge bull breakout.. I did actually witness yesterday on another chart. Honestly. It exists.
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Tagada flibbr
2 years ago
Definitely, as i said this is working, and the real bulls are starting to come out because of it. This is why this just might succeed, whether by slowly nibbling on resistance or by convincing people that the current price is actually justified by real market activity. Or more likely, a little bit of both.
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flibbr Tagada
2 years ago
I agree.
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ClassicChartist
2 years ago
What is your wave count for the decline from early December? That pattern is just an diagonal. It can be a leading diagonal as well as an ending diagonal.
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Nathanael
2 years ago
looks like my previous prediction played out
If we break 830, next target 920-940

Now I am wondering if it will merge with this some how....
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Nathanael
2 years ago
Im still sticking to this plan, just thinking I prematurely placed my 5 wave to early, as it extended
snapshot
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Nathanael
2 years ago
Here is my updated chart with some math: https://www.tradingview.com/x/E8SLMsQx/
snapshot
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ArisKatsaris Nathanael
2 years ago
mtgox's high yesterday was "944.0". Does this invalidate the chart as it says "942.60 is the highest we can go", or is it too small a departure from the prediction?
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