Technician
Short

BTC: And here starts the journey

BITSTAMP:BTCUSD   Bitcoin / Dollar
891 14 12
BTC is moving in a clear downside bias, where the latest bullish attempt failed to test and break the falling trend. The price could be forming a major descending triangle , and thus i see the first target at 382.00. A break below 382.00 would be seriously harmful, as the measured move of the triangle formation points to -400$ ( a negative number ) what do you think that mean?

P.S: I stick to my earlier forecast that BTC will be below $50 soon

Good luck
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Thanks, helped me make decision to sell a few days ago.
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No worries :)
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Below zero? WTF are you talking about buddy? How can the price of bitcoin be below zero?
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Technician TOP niconaylor
The projected move points to below zero, the price cannot go below zero :).
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Since almost all Bitcoin positions are speculative, a crash to near-zero around the time where the stream of new buyers dries up does not seem like an unrealistic scenario to me. You could be right, the time could be up soon.
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In terms of percent an equivalent drop would bring bitcoin roughly to the high 100s (180ish) from current prices. Why think in points rather than percent?
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Because traditional technical analysis uses absolute numbers, but some may use percentage terms and could work well for them
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Technician TOP Technician
This is a good point BTW , thank you
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Wow. And I was thinking my 306 buy order was a longshot.
When you say 'below' do you mean 'could reach 50 and bounce higher' or 'reset to a sub 50 trading range'?
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Technician TOP johnrfraser
I think it well go below 50, may stay there for a while, but anyway this just a speculative forecast, nothing sure u know..
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