2/21/2014 Projection target area hit our road map continues on.
All previously identified levels will come into play as they are reached be objective. I.e. if we reach 779 expect some resistance on the bottom of the old channel and so on
Here all the minor and major ones I can find right now.
- Don't be afraid to sell a break down of 420 should price visit this level again.
Comments
Sylverline
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If you ask yourself how comes kaz is the best analyst in the world and why he has been banned by the entire white foot printed haters gang , everything sits in plain sight . Just don't open your eyes , they are useless if the info they convey are biased by your beliefs and strong privileged uneducated expectations . Chart is dope like always !!
ChimbOt
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do we continue to target 2 or back down?
Kazonomics
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Price is parabolic coming off the longterm trend line on this time frame. Depends what time frame you are trading in also. I generally analyze time frames above the one I plan to execute in.
Can we retrace a little sure. We are actively scalping to the long side anything that comes near 626 - 630 and proxy that level with the 15.50 area on LTCUSD noted on that chart posted with this one. They are both extremely correlated so that is why I do that if your wondering.
As a rule when prices are rising parabolic you should never buy into that. It is sign of emotional illogical buying that is apt to end and end badly. On lower time frames its consolidating in the area it just broke into 700 - 630 as the range. How it sets up in this range will determine if it can just carry thru to the next target area of if it needs to pull back to the 565 - 580 area and reset for a move from there.
BuyOnPurple
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Sweet. It's insane to think about such a hugely profitable move existing outside that entire gox debacle (following your cyan arrow).
Kazonomics
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MtGox created an opportunity nothing more. If the news everyone got was worth anything when they got it then you would have trading communities built on deciphering tea leaves.... We don't, we have sites dedicated to reading charts. So lets do just that and that alone I say. The news is already built into the price buy those who actually had it when it was worth something and moved the market. That is what technical analysis reads out of the price. What those who have the info first have done to affect the price. So to me TA is more complete form of analysis than anything else you can do without having the inside information.
I got laughed at for the call to buy Bitcoin when Gox price was hitting 100 on that exchange. Our trading grouped killed this last move. If you let the news get in your head it will invoke the fear that will keep traders out of the real opportunities. Just read the price not the news!
BuyOnPurple
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I don't trade the news, I just thought it was interesting that your bottom target occurred before the hopeful rise and subsequent "highway robbery" and was held all throughout the bounce and re-consolidation at the purchase level. It puts a lot into perspective.
Kazonomics
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No not saying you do trade on news just a general statement I always make. Yah I thought it would have taken more time to hit the longterm trend line than it did but MT.GOX speed up the time line.
The price wouldn't have held if the Gox problem wasn't localized. It was a GOX specific issue that took them down. And because withdrawal was so hampered the arbitrageurs couldn't load up and dump onto the other exchanges to bring them down anymore. Real positions that I could identify held and accumulated all the week hands who were sucked into the news feed about GOX...but if you look across Bitstamp, BTCE, & Houbi you could see it clear as day that the level was going to hold. twitter.com/kazonomics/status/439133715827273728 I posted this one to show it. And the "highway robbery" was a stop run that came from Houbi which I also found live as it happen and we were able to buy into at 450 and take back thru 500 on btce posted here: twitter.com/kazonomics/status/439089729296809984
The reason that target level held though is because there was a real position there
BuyOnPurple
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Interesting, thanks. I also noticed that Huobi was chasing structural levels it hadn't reached in the months prior, and the other exchanges were following. That tweet makes it way easier to see.
Kazonomics
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Correct. Even though Houbi had not traded some levels if it violated them arbitrageurs would have take advantage of the discount and bought Houbi and sold the others until they were back in alignment. Such is the nature of all capital markets that have instruments trading on multiple exchanges. Use all the exchanges to help see thru the fog of individual exchanges.