user100000
Long

8K by March 2015?

BITSTAMP:BTCUSD   Bitcoin / Dollar
3736 36 23
Wave 5 in the commodity markets are very powerful. Since bitcoin is half commodity and half currency I believe it will follow the way of commodity markets and behave similarly during wave 5 just as it did at the 260 top. that was a wave 5 move. the 1160 top was a wave 3 so it wasn't as powerful.
you crazy now
+8 Reply
user100000 superbinge
in good way?
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Maddie superbinge
Agree ;p
-1 Reply
mmmm, yes please :-) !
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that would be cool...
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following you is a pleasure,have a great day sir))
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user100000 N.Bayrak
you too sir. thank you kindly
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simple and brilliant.
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lmao. Still think this is simple and brilliant? I'm bullish on btc but this analysis is nonsense.
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Did you drink the kool-aid from Fantasyland? :)

Fantasyland - Bitcoin Future Chart Scenario For 2012 To 2016
+4 Reply
user100000 ChartArt
yes, i've seen it. great chart btw.
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how sustainable do you think this scenario is? look at what happen last time.
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user100000 JavaHut
sure there will be a correction... but this time it will be more "sideways" price action because of the wave personality of wave IV
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Maddie JavaHut
it isn't gonna happen a second time. There needs to be so much more volume (money) to go up with 1$ @ 100 than going up with 1$ @ 500 ..... So this scenarion in such short timescale isn't gonna happen.... Although it could be when big institutionals buy in but that can't be predicted by using TA ....
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cool
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Larger degree II presents an illogical scenario, with a sub-degree 2 being significantly larger than it.
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user100000 NickCoulby
thanks for your comment. im sure there as many ew counts as there are analysts. to my eyes, the wave II was a crash. if you have a chance take a look at the 1987 stock market crash. it had similar appearance was quick and sharp.... after crash the 1,2 waves are how "normal" market behave. thats just my opinion.
+1 Reply
IvanLabrie PRO user100000
There are practical rules and guidelines to determine wave counts...with your argument, you shouldn't bother posting wave counts user100000.
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user100000 IvanLabrie
what do you mean? im not sure i follow
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IvanLabrie PRO user100000
Referring to ncoulb1's comment, you reply alluding to as many EW practicioners as there are interpretations, well that's not 100% accurate and would dismiss your analysis as a logical consecuence. The rules are very specific, and if followed closely (or even if you were to specialize in the Neely methodology) I'm sure you could come to at least two valid interpretations of the wave counts in this chart.
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user100000 IvanLabrie
do you believe it's not possible to reach 8K staying within the ew rules?

a simple rule is wave 3 is never the shortest wave compared to 1 and 3. so if you measure wave I (according to my count) and stick it at the end of wave II you will get a target somewhere over 5K on a semilog chart. that is a minimum where wave I=waveIII
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IvanLabrie PRO user100000
Jumping to such conclusion is not viable in my view, I mostly perform analysis to spot trade setups and here I see no setup.
BTC is currently in a downtrend, which should be a correction but I'm no Elliotician as to judge what the waves are doing.
How do you trade this?
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What? Bitcoin is half commodity?
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user100000 pauldriveklepp
yes just like gold. gold is currency yet is traded as a commodity
+2 Reply
ChartArt user100000
Even Satoshi himself wrote that Bitcoin is modeled to behave like a commodity like gold or silver. You can read it here. This was written by the real Satoshi in early 2009:

"In this sense, it's more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value."

Comment from February 18, 2009
http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source
+1 Reply
I belive I can fly. I belive I can touch the sky
-1 Reply
I vote for 100k. Stop FUDing.
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at 100k it will be more stable, less volatile. that is ideal level
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Kilgore user100000
At 100k the market cap would be 2E12, i.e. $2000 billion. The largest market caps for commodities are around $400 billion: is that really realistic, provided that BTC has still a negligible influence in today's good's trade?
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user100000 Kilgore
i don't know. is it enough to use bitcoin as a store of value/wealth? could be that is the primary use and only a small percentage is traded. most commodities are consumed, but bitcoin/gold are hoarded mostly
+1 Reply
Kilgore user100000
well, there you're right, as the gold's market cap is about $6.5k billion: in that case that might be (though remotely, IMHO) possible...
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Great harmonics, 1 question though, If bitcoin was to go that high who would be buying all of it? that would be 7x the market cap in bitcoins from 1100. I dont think Bitcoin will ever cost that much, i think an idle around 160-1200 is good untill more than 3.5% of the planet adapts bitcoin, that would be a very unwize decision alteast i think to pump your money if your worth a lot into a coin only adolted by 3.5%. Great graph though!
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gal99s 759820
Bitcoin going to be 10k$ look http://cryptobitcoinnews.com/Bitcoin-to-10k-in-jaunary/
-5 Reply
what ... are you sure ?? . i can't believe it ...
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what goes up it and prognoy $ 700 as he goes in a bear is $ 309 no work
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Crazy but optimistic prediction :D Got a few bitcoins sitting in my wallet
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