Technician
Long

Bitcoins NO More Fun

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
15114 100 179
A clear bubble bursting. Technically and fundamentally. Parabolic rise in price that has no significant fundamental trigger. It will leave many behind mourning. We might see(if stuck longs are lucky) another small push to the upside, then a new collapse. The big boys has made millions and left many behind.

A rise that is initially not supported or backed by any rational fundamentals. Some people believe it is justified because of the continued adoption of bitcoins             . Yeah i agree there is more and more adoption, yet does that justify 2800$ at this particular time? given that this is not a formal monetary system yet? I don't pretend to have vast knowledge of bitcoins             fundamentals, i have only the basic understanding of what its is. Yet common sense is enough.

I have always said that there will be no real value for bitcoin             until it proves it self on monetary systems, and force governments to back it.

A monster shooting star candle after a parabolic move.
I see btcusd             back to 1000$ in the short term. Then probably lower.
Comment: It is hard to understand why SOME ppl invested in bitcoin take it personal lol. Come on, this is just a forecast nothing personal , be pros.

Pretending that my first bitcoin forecast when it was near 600 was a failure is nonsense :). The zero you saw on the chart on my first prediction was just to grab attention. My forecast was to 50$(it is written in the description, but you don't even read because you are extremely biased). It was $565 when i forecasted, and it went to $150. which is a satisfying prediction for me. more than 80 percent of my targeted price ;).

This time, i see 1000$ nothing goes up and don't come down.

I wish the best actually for Bitcoin industry. Actually, i am willing to invest in it at a better price.

Note: a good forecast or a bad forecast is not a big deal, it is just a forecast. If i am wrong i would lose some money, and if i am right i would make some money. It is as simple as that. No need to be to emotional, i am not attacking you. I have Learnt in life to learn to accept other peoples opinion and actually consider it, whether i agree to it or not. Otherwise, i will remain IGNORANT FOR THE REST OF MY LIFE.
I teach my experience conclusions in 10+ trading strategies. PM me for details and cost.
well said.
+1 Reply
It is hard to understand why some ppl take it personal lol. Common, this is just a forecast nothing personal, be pros.
The zero you saw on the chart on my first prediction was just to grab attention. My forecast was to 50$(you don't even read). It was $565 when i forecasted, and it went to $150. which is a satisfying prediction for me. more than 80 percent of my targeted price ;).

This time, i see 1000$ nothing goes up and don't come down. I wish the best actually for Bitcoin industry, it is a very interesting technology and i am willing to invest in it at a better price.

Note: a good forecast or a bad forecast is not a big deal, it is just a forecast. If i am wrong i would lose some money, and if i am right i would make some money. It is as simple as that. No need to be to emotional, i am not attacking you. I have Learnt in life to learn to accept other peoples opinion and actually consider it, whether i agree to it or not. Otherwise, i will remain IGNORANT FOR THE REST OF MY LIFE.
+2 Reply
davidmassey Technician
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Jemil Technician
@Technician, I don't think people are taking it too personal, as far as I can see it is because you have no experience on this market and they can see that. You're an expert (which I respect, follow and admire) in TA which is great for traditional trading (stocks, forex). Crypto? That's a whole new world using an old, tested and measured platform. Some things in TA work on crypto, some others don't.

Every day business around the world adopt some tokens as digital currency, namely bitcoin, ethereum and litecoin to accept payments. Projects based on blockchain arise everywhere... this is just starting.
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@Jemil, I don't understand why ppl think am against it. I am totally against the current curropt bankers. and I would totally support such great technology. but that doesn't mean I must not predict collapse for now.
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Jemil Technician
@Technician, From that angle, I must add that many people recently came to "trading" without any knowledge or education about the market and/or TA, and with the sole dream of getting rich with the volatility of cryptos. With that being said, you can get an idea why there are unmanaged emotions in the air.
On the other hand, a collapse is something I fail to see... there is a big retracement (probably not a textbook retracement, but then again, crypto is not from textbooks). All this is so new that we haven't found the right price yet; besides, there is a gloomy sentiment because of the upcoming hardfork and the continuos retarded declarations of the banker's lapdogs, namely bloomberg, forbes and the likes. Thanks for taking the time to read mi previous comment.
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@Jemil, yes undesrtood. But mate, a collapse in my understanding is a strong decline in a very short period of time. Just like what we saw from ~3000 top till now. it already collapsed. it doesnt have to go to 200 to call this a collapse.
+1 Reply
Swerver Technician
@Technician, too true, waves are waves are waves, Crypto is no different, this reminds me of trading spec shares during the mining boom in 2003-2008 in AUS
100+% in a day was normality before news hit, but never sustained. Whilst the heard was investing and buying dips and talking it up on forums about How China's GDP will always be above 11% AUSSY mining specs will soar forever, we were selling to them during the news.. some specs went from 5c to 4$ and returned to .005c after 2008., I am pretty sure they still hold them now in the back of their portfolios that was all mining stocks. (It was fun to trade though :)

I dont think anyone is saying its going to go back down to 50$ but hey 1500 is very viable and would it be considered a callapse at 50%??, 10% in s stock market in a day is a collapse, whats different here?
Just like the rest when it stabilizes we can stop trading and start 'investing' if your investing @ 3000$ I would be worried in this volatility.
It seems that every crypto king and his fundamentals knows how to suddenly trade.
If you are investing diversify, if you are trading, ride the waves, I have traded 2 booms and watch them bust. Trying to convince my parents not to sell at the bottom was soul destroying, but they couldn't handle it and did and watched it return in 2 years.

This is not a dig at you Jemil, just something I have been witnessing.

I dont trade EW, but fully understand and respect the waves and build entries based on 3 or 5, they are undeniable, was 3000 a wave 3 or 5? (For now) we shall see. technically 50% would be a healthy retrace considering the gains.


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@Swerver, well said. Rational thinking.
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you predicted when it was 500 it would go to zero.....the line keeps moving....i,m sorry the crumbs are showing around the sides of your mouth....now swallow...that humble pie is good for disspelling arrogancy,,,swallow
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