Technician
Short

Bitcoin heading back to normal

BITSTAMP:BTCUSD   Bitcoin / Dollar
3823 14 42
After the recent boost which i believe was another dead cat bounce , boosted by Greece risks. Greece finance minister once said that if to exit the euro             adopting bitcoin as a medium of exchange is possible.However, Yanis Varoufakis is no longer the finance minister for Greece, and Greece will eventually get back to track with the euro-group. We have seen the Greek parliament accept the latest terms of the euro             bailout proposal.

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Technician
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Not anywhere near over yet with Greece and EU. Greece will take the money and now have a cushion to Grexit and convert back to Drachma within the next year. If they convert to BTC, great but doesn't matter really either way, BTC is a world hedge against an over leveraged global banking and market system. Greece awoke the sleeping dragon again.
+1 Reply
Technician TOP CryptoRabbit
a year ago
Good point. Yet i see that the most extreme scenario, i mean the tail-risk.
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blackswan
a year ago
good to see you analyzing bitcoin again.. so yeah greece news was nothing but "that catalyst", "bait", "fud" market movers needed to drive the price up. in reality crypto has little to do with anything except cheap liquidity. it's obvious we hit the top as the movers run out of fiat to keep bitcoin above 300. i watched the volume and i could say enormous amount of fiat was pumped in and i'm not sure if they covered their cost and made some profit but we'll be sideways with slow downturn until they sell off their accumulated stash for another 2-3 weeks, i presume they'll be significant sell offs planned ahead.
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Technician TOP blackswan
a year ago
Yep sir, in my view, it was maybe a last chance to short..
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ChartArt Technician
a year ago
I believe Bitcoin is this month in a new-downtrend inside the main-downtrend. But I expect the current-downtrend to slowly change into a new-main-uptrend by the end of this year:

Bitcoin correction until late August, early September 2015


long-term A
Bitcoin long term price trend, ZarNegar

long-term B
Bitcoin long-term outlook 2015
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ChartArt ChartArt
a year ago
And in case the market falls through all support levels I already have a worst case scenario :) A repetition of a fractal from last year:

Murphy
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Corben
a year ago
Greek parliament accepting bailout proposals does not change the fundamental situation. People have been hit by the banking system reality. Secondly the up dip was more probably more a result of Chinese banking crisis and following capital inflow. Even that may have a short solution. But what the market learns is that Bitcoin profits from market crashs and volatility.
+1 Reply
YuzukiChan
a year ago
Agreed.
One and the only forecast for Bitcoin
+1 Reply
vortexspaces
a year ago
If we go above 310 this scenario will be invalidated
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Technician TOP vortexspaces
a year ago
Yep in my view a daily closing above 310.00
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You might have to redefine "Normal", Normal for bitcoin is years and years of growth, despite the extended pullbacks following peaks. If you're calling for normal, you must expect continued growth!
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Technician TOP venomspike
a year ago
True, i should have defined what is normal.
As i have been saying for more than a year and a half, the normal for bitcoin is a downtrend that goes to below 100 and around 50.
Just my view, i might be totally wrong. So ignore it if you don't like it . Thanks.
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venomspike PRO Technician
a year ago
I support all analysis, even if I disagree it's good to see the other side of the debate. Just pointing out that any long term chart (from the beginning) supports normal growth, not decline.

Thanks for your work on this either way.
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nimbus
a year ago
Hi,technician:

glad to view your page and to this chart i have something different to say.

in the pattern's side, it is mostly like a adam and eve bottom, and the chart's drawing an cup with handle now. so, i think it's going to 295-(295-220)*30%~=273, and goes north. 295 is about the cup edge, and 220 is about the cup bottom.
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