I zoomed in so that you can see a closeup of the Triangle I have been studying for the past few days. Below is the last entry from my previous chart posting.
"Yet another Bear Flag is on deck! The last flag break was good for over 1,000 points and this flag, when it breaks South, is projected to go down to around the 8,600 area.
I believe that kind of move south would trigger an onslaught of long covering and short selling producing a very wild ride until things settle.
The bulls and bears will definitely be having the fight of their lives!"
I will make additional posts using this chart until the need arises to zoom out again.
Happy Trading !
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Well the Bear Flag broke about where I expected. Now I am curious to see how close it hits to my projected target. There seems to be a variance of opinions as to where the price will land next. I'm sticking to my target until the charts says something different.
Good luck to all - Long, Short, Flat. - I am currently Flat. All cash still waiting for the REAL bottom......
Trade active
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9400 has fallen and what was previously support now looks like it will turn into resistance. The original 8600 Bear Flag target is still on the table although the price has paused around 8900 which is also the 200 Day Moving Average. Not EMA just MA. If 8900 doesn't hold, look out below!!!!
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The Bear Flag target was reached by pinning 8563 as of this post. Now looking to see if the Triangle Break Target will also play out around 5K. If so, there will be a lot of crying over this one. Many have been calling the turn back to 20K+ for a couple months now. Each time, a little more dejected than the last. I hope we don't have any jumpers among us......
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I took a small long position when the price hit my Bear Flag target. I expect to take it off around 9400 as that my prove to be a new resistance area. 9400 use to be old support, so now there is a good chance it will become new resistance on the way back up.
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I'm flat. Jumped out when it hit 9400. Just watching at this point. Still waiting to see if the Triangle Break target is hit....
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Still sitting on my hands just watching..... 100% cash at the moment. I'm waiting to see how the break of the triangle plays out. Will we hit the target area? If so, I will definitely start building a long position. I suspect many others will too. :D
And just what exactly would trigger that? The Mt. Gox doucebag is done selling for now. We all know now that was the catalyst.
BitcoinBearSlayer
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@fakhan, I guess we all don't know because I have no idea what you are talking about. I watch the charts, not the news. There are too many douche-bags in this world to try to keep track of them all.
As far as a trigger? Fear and Greed are the two biggest triggers that come to mind. Just the fact that we are sitting on the edge of another Bear Flag might be all that it takes. Some may fear the break and sell and others may get greedy and short the move. Sometimes I think chart patterns become self fulfilled prophecy. Kind of like the old ouija boards. If enough people with their hands in the game want it to say "Yes" then that's where they push the puck. If the want the answer to be "No" they do the same. Majority rules. Now as far as the latest break down in price? If you want to say that it went down because some douche-bag sold a boat load of his coins then that is as good an excuse as any. What if he decides to sell another boat load at the break of this flag? What if he doesn't?
Personally I'd like to see all the big holders liquidate their positions and distribute those coins among the masses. Then there is less likelihood of any one person pushing the ouija puck around the board.
I can't worry about all that. All I can do is watch the price and chart patterns and see if it will tell me where things are heading next. The "why" is relevant to me.
steve.elliott
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I think 9200 - Lets see!
BitcoinBearSlayer
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@STEVE.elliott, I love a challenge! OK, since we don't know exactly where the flag will break we have to estimate a general area. Even so, my "down to the dollar" gestimate would be 8630 :D
That's a pretty wide range between your estimate and mine. Whoever is closer will have to explain how they arrived at that number so the other can put that tool into their toolbox.
BitcoinBearSlayer
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@STEVE.elliott, It doesn't look like 9200 put up much of a fight. It's already gone as low as 9025. That is still closer than my 8630 but the move is not over yet........
@Kwa, Not saying its over yet, but we will at least get a pause here i imagine
BitcoinBearSlayer
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@STEVE.elliott, lol - I just logged back on to tell you the same thing. I'll concede you were closer because the price has taken a pause at the latest support level. I do, however, still think it will continue on to a lower destination.
Since the Bear Flag played out, then there is a good chance the Triangle Break will play out too. That would be a decent place to start accumulating for the next long term long position.....