Is this the August Bitcoin bottom before the next rally to 1000?

BITSTAMP:BTCUSD   Bitcoin / Dollar
639 15 4
$442 could be the bottom if the price breaks above $500. Otherwise we can only test $450 one more time or face a large downtrend.

Stochastic in the daily chart shows that we are at a bottom area and could go up from here.
Agree, a high decissive movement could happen right now
there should be a vote down button too for us that arent trapped in longs.
-3 Reply
ChartArt Melissa
I'm not trapped in a long :) I see potential from here up.
bwy PRO Melissa
Ha too funny. In ChartArt's defense I believe he was probably short from $600 area based on hist charts around that time. I think he's doing a good job of being unbiased.
+1 Reply
Yes, these were my doomsday scenarios. I was the first on TradingView who became a bear. I know it because I took the time to look at every posted Bitcoin chart before and after the week, when I published my "Bitcoin is facing a larger correction" chart. Almost nobody upvoted it back then, because 100% of all other posted charts where still 'long' and bullish.

Bitcoin is facing a larger correction

The real reason Bitcoin is doomed in Summer 2014

3 Bitcoin short targets and a Buddha quote

Bitcoin price doom analysis - Why Bitcoin might crash to $333

But since we have finally found buyers at the lowest critical price (around $450), I'm getting very optimistic again. Because the buyers pushed the price so fast up again in only 24 hours, that there seem to be enough bulls left in the market that keep the price from falling so low.

There is also no big negative news so far this week. This is why I became a bull again 23 hours ago (even BEFORE we got from $442 back to $493). And IF we manage to go back up a little more the sentiment will shift a lot to bulls. And we are extremely oversold right now.

Bullish Stochastic and RSI Divergence
bwy PRO ChartArt
See these are the charts that are actually confirming a down trend. The chart you just posted suggesting a move up to $1000 is not supported by these, especially: "The real reason Bitcoin is doomed in Summer 2014"

I'm also thinking it's rather early to suggest a run up to $1000 when we have all these ominous signals like those of your doomsday charts hanging over us. I'm hopeful, but I also do not believe the hype of wall st money moving in is actually anywhere close to occurring. I went over this in the chat box one day, but to sum it up: without a proper exchange (the kind institutions are used to), along with a proper settlement process, and clarification from the CFTC wall st cannot and will not take the risk. I'm just not sure the current Bitcoin money supply is capable of reaching those highs once again. The idea of the ETF might cause it, but I don't beleive that ETF will be buying Bitcoins from the open market, instead I figure (just a guess) the twins will be selling their own supply to the ETF.
The downtrend is still early and could still be reversed with the new momentum from the cheap price. The earlier the downtrend is stopped, the higher the price will explode following the bottom.

Why? Because we are still inside the downtrend from falling below $1000. According to multiple indicators the price increase in May,June,July was still a downtrend. We never had any uptrend so far this year.

But overall we are still inside the mega-uptrend since $10. We have a very thin uptrend support from that underneath us. But below $420 I see hell, especially below $400. We either stay above longest long-term support around $400 or we slowly fade down to maybe $100.
The problem is: Where is our catalyst? We have nothing that can actually catapult us to the next high. The ETF looks promising, but we will have to wait and see. Technical rallies can only take us so high before they fall back to earth. As seen in the 450 - > 680 rally.
ChartArt ItisCalvin
A shift in sentiment. As soon as the price goes up again, people get more and more bullish again.

We have now basically fallen and fallen and fallen with the price since June 1 from 683 US Dollar.
ItisCalvin ChartArt
True, but a bubble built entirely on sentiment won't last as long say as if there was some worry the EURO was going to crash and burn.

Take a look at the last bubbles. I know the early 2013 was caused by Cyprus banking crisis. Speculation the one after that was actually the government shutdown worry at first. China speculation took the reigns after that.

What I am saying is that a rally based upon nothing but sentiment can't get us far. We would need more fuel in the fire to send us up really high, say 1500. It is possible to move purely on sentiment. However, without some sort of financial crash or rumor how far will people go? We will be recycling the same set of investors as before. There will be a point where many feel like they want to cash out at, suppose, 800 because the lack of any rumors.

We need something that will get a LOT into Bitcoin in a short period of time.

Buy the rumors, sell the news.
ChartArt ItisCalvin
Circle will launch soon, at least before the Winklevoss ETF.

And Circle is targeting the mainstream user. Every user who will sign up will get 10 US Dollar for free in Bitcoin. Here is a video interview with the founder of Circle:

And demo

- Circle: Bitcoin's Mainstream Moment
Mirandole PRO ItisCalvin
A big correction of S&P and other correlated stock marckets could be your next catalyst.
Best Regards,
+1 Reply
yes and everyone will buy buy buy till 1000 and then will loose thier money again
give me a break....
ppl are greedy but not stupied they learn from mistakes and now we are going to stay in this range for at least a month, two or more
I didn't say that we will reach 1000 in August or September. Maybe in December if we stay above $400.
+1 Reply
Nice, thank you for sharing, also check this moment:
Will we break the RSI trend soon or one more dip?
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