ChartArt
Long

Bitcoin Bullish Reversal Pattern - 2015

BITSTAMP:BTCUSD   Bitcoin / Dollar
1732 26 7
152 US Dollar             per Bitcoin could be the bottom of the year 2015. A bottom which will be tested in the coming days. Let's see what Fibonacci has in store for us.

P.S. Also please look at my older chart:
Bitcoin price down. Where next?
and
Suspicious. Bitcoin misses Christmas?
interesting... most people predict a 260 high
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It really doesn't seem to be the bottom. There just isn't enough demand at this level. Huge volume, but the price isn't moving yet. We may have to reach one more new low before we take off.
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Qiuness MoonTrader
that is also something most people agree on :) i just hope it is not 2 digit prices!
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MoonTrader Qiuness
Nah. I highly doubt it. Huge support in the $120s-$130s and the market is oversold. We'll probably bottom soon.
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ChartArt MoonTrader
Either we go up here starting Monday after a test of this bottom and one year resistance area of $192-$196 during this weekend. Or we crash down to below $100:
Next Bitcoin price support is at $192-$196
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MoonTrader ChartArt
Why is it either-or? There's a lot of support at $130. Why not turn around there?
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ChartArt MoonTrader
Because if we don't go up very soon, then we have a bearish death cross of the 1 year moving average price with the 2 year moving average price, which so extremely bearish that I doubt that we turn around at $130, when the price was at only §13-$50 the first three months of 2013 and below $20 in 2012. There are just too many people still holding who could cash out when the price falls.

Even Gavin Andresen, chief scientist at the Bitcoin Foundation, is already cashing out his BTC:
http://www.reddit.com/r/Bitcoin/comments/2s3f2c/so_bitcoin_gavin_andresen_made_the_front_page_of/cnma645

"Gavin Andresen holds thousands of bitcoins, enough to retire comfortably. But he has been cashing them in slowly, investing in stock market funds instead."

So why stop at $130 exactly? Either the one year resistance area of $190-$200 holds or the Bitcoin price is doomed for the entire year 2015.
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Qiuness ChartArt
interesting... i hope not.. that would be boring... i mean why destroy btc for a year if you can profit of it...
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ChartArt Qiuness
Because the people who never believed in Bitcoin anyway, those who never tried to understand the idea would also be happy to short BTC to death and set sell walls with their short profits. So these skeptics can destroy BTC for a year and still profit of it...
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jared.boice ChartArt
All price predictions aside, it's highly doubtful that people who never believed in Bitcoin would have bought enough to crash the price that low to begin with. If price drops as far as the scenario you laid out, it will not be because of people who didn't believe in bitcoin yet still bought a bunch of them. That doesn't make sense. If prices drop that low it will be because of whale traders pushing their weight in the market for a final capitulation. And when it has reached as low as they think they can swing it, they'll turn it the other way
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MoonTrader ChartArt
So are you bullish just because you're trying to avoid the idea of bitcoin crashing below $100?
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ChartArt MoonTrader
The answer is yes.
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MoonTrader ChartArt
Hmmm... not a good sign.
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ChartArt MoonTrader
Well, actually I'm also bullish here because this looks like a trend reversal. Similar to the ones we had December 18, 2013; then February 25, 2014; April 11, 2014; August 18, 2014; and recently October 5, 2014.
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MoonTrader ChartArt
I'm not too sure about that. It seems like it should have become clear by now, but the price just isn't moving.
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ChartArt MoonTrader
It's good sign that we aren't moving. The longer we stay in the same area, the higher the chance that we go up from here. Really simple: If the price has rallied very high, but is not moving anymore, then comes a crash down. If the price has crashed down very low, but is not moving anymore, then comes a rally up.
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MoonTrader ChartArt
Ok, but I'm interested what you think about my idea:
Turning bearish again
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ChartArt MoonTrader
too much bullish energy left so far to prevent this - if you ask me
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ChartArt ChartArt
maybe $190 but I don't see so far the case for $133-$135
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MoonTrader ChartArt
Well I mean the fact that we seem to be making lower highs and pressing down on $195 support.
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ChartArt MoonTrader
2 days ago you wrote: "It really doesn't seem to be the bottom. "

2 days later (today) you wrote: "There is a high likelihood that bitcoin has found its long-term bottom. " and you published this chart:

LONG TERM BOTTOM ESTABLISHED - BITCOIN STILL NOT DEAD.
Long term bottom established - bitcoin STILL not dead.


Welcome to the bull side :)
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MoonTrader ChartArt
Thanks. :) As you said, I'm willing to adapt.
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First upvote!!
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ChartArt LastBattle
:D Finally - after two days - someone likes my bull chart. Thank you, LastBattle :)
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Qiuness ChartArt
well most charts i`ve seen in the last days say 240-260... but the bulls are having a really hard time making it happen
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MoonTrader Qiuness
Patience. The market is full of skeptics, but it does not mean the bulls are weak.
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