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.
Comments
Nathanael
⋅
Here is my updated chart with some math:
ArisKatsaris
⋅
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?
Nathanael
⋅
Im still sticking to this plan, just thinking I prematurely placed my 5 wave to early, as it extended
Nathanael
⋅
looks like my previous prediction played out tradingview.com/v/p0DqRPaJ/ Now I am wondering if it will merge with this some how....
ClassicChartist
⋅
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.
elFlo
⋅
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.
flibbr
⋅
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.
elFlo
⋅
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.