Bitcoin has just arrived at her bottom...

BITSTAMP:BTCUSD   Bitcoin / Dollar
3023 20 24
See the description in the chart.
I agree, will buy some fresh coins this week.
Peter101 Coinsidering
10% profit yet...Still waiting to buy???
+1 Reply
I closed my short at 1849 Yuan :) But for the fresh coins I had to wait for my fiat to arrive the exchange..
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Peter101 Coinsidering
Now resistance at about 340..

Pattern looks like the same fractal as in last april.

So if this pattern is right, then aspect now a small pullback before moving higher..
+2 Reply
Yes I'm also expecting it to rally higher after this dip.
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Peter101 Coinsidering
Second test to break true the 340 resistance.. if the resistance will be support then 360 is the next resistance..
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Great job dad, very well done :)
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Peter101 Maddie
Thanks.. BUT.. TA is nothing more than a guide. But without a guide you could be lost.. Without a guide you could loose a valuable tool to earn some money if the fundamentals of the share or property are ok. The fundamentals of Bitcoin are looking great.. will be seen as one of the greatest inventions of this century from a few years of now! Bitcoin has all the ingredients to become the world most leading payment system. The biggest task ahead will be to let bitcoin embrace by the people in the street.. Put ATM's (machines for buying Bitcoins) in McDonalds, Kentucky F, Walmart, AH, Leclerc, Intermarche, Lidl, Aldi, Edeka, or local supermarkets, etc, etc,... That is the way to be completely independent from banks and there influence.. Also a simple payment system like Bitpay has a great future!
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your dad?
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Peter101 smalldarkcat
I know that my published ideas will be read by all types of persons therefore i write more general. Sharing my (our) thoughts could lead to new ideas. If you have an idea lets hear it... Adagium: Sharing can stimulate growth.
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soap smalldarkcat
Hello chinese boy :D
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Dat en counterparty
Hi Peter,

In EW we always label the wave at the end of the move not the beginning. in other words, 1 should be where 2 is. I can see you have identified an important pattern that many other ew analysts have identified, but that count still needs another leg to the downside.

There are a few alternatives to this, for example counting a truncated v of C wave. see my publication for more.
Peter101 chessnut
I appreciate your comment.
EW, Fib, etc, (say all TA) is not an exact science. Investing would be easy if every pattern automatically would follow in a vast pattern casu quo wave count. Not every wick, wedge, flag, triangle, etc, has the same pattern/structure, therefore you must think in probabilities. If i would follow your thought than you could SURELY foresee what a pattern would do. In my opinion there is only a probaple outcome. Every pattern has it own structure: some have only 3 waves (spike), some have 5,7,8 waves. And what about bull / bear traps, extended waves...
I make always several different pattern possibilities and choose the one with the most likely outcome. (e.g. true outcome possibility of 75/80 percent). A tool i use for conformation of my thought is fractal analisys and look for that in the past. This is very time consuming but can be very satisfying (if your position is profitable). And despite all the effort we have to put in we still must have some luck of 20/25 percent to get a good outcome...
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chessnut Peter101
What you have said is true, but I am not disputing this. You might see a pattern there, but what it the point of numbering abstract points on a chart if you do not mean to follow accepted code of conduct such as the EW principle?
johnrfraser chessnut
Hi Chessnut,
If 1 was where 2 is, what would A be? Surely A is the end of the first leg of the corrective move, no?
Thanks a lot
chessnut johnrfraser
a corrective is an ABC. in this case A=abc correctly labelled, B=abc(labelled blue A or 1) and C=1-2-3-4-5 (starting 1 is where 2 is.)
nice chart.
+1 Reply
nice chart
almost like an oracle
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Wow take a look @ how the chart perfectly touched the resistance line you drew!
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