BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Fibonacci numbers (blue vertical lines) and ratios (purple) applied on time.

In case of failure, we break 450, and should expect 260 (last bubbles top)
If we keep climbing up and break top resistance expect rally up to 3000 - 4000.

Infact targets like 10k for the next bubble are unreasonable.
The next bubble will be more like a last breath of the bulls,
before a major correction to around 440 (current bottom level).
A major correction is needed to balance out the
bearish divergence of the last bubble (see weekly RSI etc.)
Only then we will find ourself in a more modest uptrend with
next bubble peaking around 18k at fib number 8 at beginning of 2017.
not true :(
regarding your chart l would call myself a new millionaire ,feel good ))
love the fib, most convincing bubble cycle yet :)
-1 Reply
jared.boice smellymoo
Except it's not convincing based on my above criticism. 90% correction? Really? When was the last time that happened? 3 years ago?

Listen, anything can happen. I understand that. But projections end to be based on historical trends and reality. And the reality is that
Corrections are getting smaller in percentage basis points.
This fib's correction projections are not based on reality
-1 Reply
MoonTrader jared.boice
Ok, maybe it won't retrace 90%. Maybe it will retrace 50% and just keep going up. All the same... :)
jared.boice MoonTrader
Just be careful of deceptive chartists who say things like bitcoin might fail. They're out to get your bitcoins at every point in the cycle.

This chart is either deceptive or ignorant seeing how there is no basis that we'd see that massive of a correction when it peaks. It should cause you wonder about the whole chart altogether

I do admire your passion
A major correction is due to the building bearish divergence between the bubbles. As I said I expect another little bubble on a strong bearish divergence and a move to correct the bearish divergence. I understand that a 88.6% correction is anything else than intuitive but hey there hasn't been anything intuitive about bitcoin price anyway. Our current rate of growth is just not sustainable and we will need to morph into a more modest uptrend. This won't happen through a smooth transition but rather a swift correction in my opinion. Furthermore I don't understand why you got the impression I'm trying to decept. I never said "bitcoin might fail" even if there is actually a chance for it to be replaced by another advanced technology and thus "fail"
jared.boice MagnusTradingGroup
Projections that aren't intuitive are guesses at best and deceptive at worst. The trend is that of diminishing volatility. There is therefore no justification to project an 88% correction even if a fluke could cause that to happen. There's also no reason to suggest that this sort of growth is not sustainable. Bitcoin's market cap is approximately 7 billion...
USD is at least $70 Trillion depending on how you count
MoonTrader jared.boice
Haha, thanks. I don't really consider myself that passionate, but meh. You're right, though. The whole chart is a bit questionable. Still looks nice, though. Would be great to catch that rise and then short on the way down...
There you go. Bitcoin retraced around 86% since the last top at 1100. What do you say now ?
+1 Reply
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