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How To Use Bitcoin – The Most Important Creation In The History Of Man

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Here is a new chart with a channel

Declining type of course, since the trend is now clearly down, for the time being.

My question for the bitbugs is when do we get the next new high? I think $2000 was the next level suggested but I would be interested in predictions for $1250.
 

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Beelzebuddy said:
If you're referring to my troubles, technically I've been (and still am) mired in determining which site will actually give me money for sales. They'll all happily "sell" almost immediately, then balk upon payout.
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if somebody came out with a reliable liquid Bitcoin ETF that had your money and could cash you out, I would be all over it like a rash.

at the moment it reminds me of how people talk about the early days of retail Forex brokers, wiki wiki wild wild west.
 
psionl0 said:
You can always bookmark post #3081 if you think the current "triangle" will end differently to all the others.
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The triangle was a short term pattern and it's done. The pattern that appears to be unfolding now is a five wave pattern with 1 down of 370 points, 2 up of 270, 3 down of 568, 4 up of 264. It appears wave 5 down has started. It could be a 370 to 400 point down where it equals wave 1 where it would terminate around 500 or a little below. Then we are set up for an ABC type bounce. It could be that this is a corrective action in the bull market and thus, this is an A wave. That could well be the case and I have set a 500 target and a 150 target with the latter being the target for a bear market starting. If 500 is the bottom, then the bull market may still be in force. Bitbugs can hope that 500 is the bottom.
 
Beelzebuddy said:
If you're referring to my troubles, technically I've been (and still am) mired in determining which site will actually give me money for sales. They'll all happily "sell" almost immediately, then balk upon payout.
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I think it's not balking, but a conservative reaction to the number of scammers floating around. In any case, Coinbase does not balk on payout; but they must know you as a customer. You can't sign up and sell, then get your money that day or the next day. Signing up and getting verified could be a month.
 
wrs said:
Declining type of course, since the trend is now clearly down, for the time being.

My question for the bitbugs is when do we get the next new high? I think $2000 was the next level suggested but I would be interested in predictions for $1250.
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Well, frankly, the bitbug seems to be YOU. At least, you are a major tea leaves and chicken guts future teller on the subject of bitcoin.

Even your current chart presumes future follows past, without showing or indicating the statistical variance which disproves the very line you drew and the words you put down.
 
psionl0 said:
Still don't know the difference between short and long term.

Keep posting. I'm bookmarking a lot of these posts so I can refer back to them in 6 months time.
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Smart move. You might want to just completely exit this forum and come back in six monthes like me, nothing will change here. It'll be the same future fortune telling by skeptical athiests who are proud of their ability to debunk future fortune telling....

Wait....some kind of little problem there...where is it?

Hmm...
 
mhaze said:
Well, frankly, the bitbug seems to be YOU. At least, you are a major tea leaves and chicken guts future teller on the subject of bitcoin.

Even your current chart presumes future follows past, without showing or indicating the statistical variance which disproves the very line you drew and the words you put down.
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Lines on charts just demonstrate price trends which are subject to change. It is really stupid to be bullish in a declining trend and vice versa. So understanding the trend is key to making money in the market. Right now, the short term trend here is down and the lines just provide guides for when the trend changes or where inflection points may be. That is how one trades a market.

I am not trading this one because there isn't any way to get profits out once you think you have them. It's interesting to watch and since I am currently sidelining with the regular markets, I am doing this to kill time.
 
wrs said:
Lines on charts just demonstrate price trends which are subject to change. It is really stupid to be bullish in a declining trend and vice versa. So understanding the trend is key to making money in the market. Right now, the short term trend here is down and the lines just provide guides for when the trend changes or where inflection points may be. That is how one trades a market.
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My goodness, I hope not. This entire thread you've been extrapolating from the last hour or so of activity under the assumption it will continue, crowing when it does and ignoring when it doesn't.

Is "past performance is no indication of future performance" one of those CYA labels like "this product is not intended for the treatment of any physical ailment," where you spend the rest of the space trying to convince the mark that yes, yes it in fact is exactly that?
 
Beelzebuddy said:
This entire thread you've been extrapolating from the last hour or so of activity under the assumption it will continue, crowing when it does and ignoring when it doesn't.
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Where have I done that? Markets don't move in straight lines. I made my top call when it happened. I gave my target of 150 at the time and updated that to include 500 as a possible bottom. I am giving bitbugs the nod that this is still a bull market correction, albeit one bitbugs don't like. In that case, 500 is a good entry point. I never have said not to expect bounces, the lines are for just that. Finding bounce points and changing your trade.

Here was my top call. I had posted my targets of 500 and 150 a couple of posts prior. I gave appropriate support levels in that post. I don't have a dog in the fight, if I did, my charting may be suspect.

It's testing that downtrend line for support now. If it fails, it may be in the larger megaphone for a while but it should bounce which it looks like it's doing as I type Other people draw charts too and trade them. That is something you should consider.
 

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Sure, sure, and everything you said on Dec 1st, and all the other predictions in the interim were just market jitters, everyone know it bounces around, right?

wrs said:
Other people draw charts too and trade them. That is something you should consider.
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Hell no. When I make a prediction, I want to do so with confidence. If I were going for fickle and inscrutable, I would cast bones instead.
 
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Beelzebuddy said:
Sure, sure, and everything you said on Dec 1st, and all the other predictions in the interim were just market jitters, everyone know it bounces around, right?
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You mean like this here? Have we exceeded a new low below 841? Yes of course............

The other prediction you quoted was borne out. However, the real question is how low it's going before it turns back up. For now, I appreciate you can't get your winnings out and that sucks.
 
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Beelzebuddy said:
Hell no. When I make a prediction, I want to do so with confidence. If I were going for fickle and inscrutable, I would cast bones instead.
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So far, the lines have been correct, they bound the price ranges pretty accurately. Not sure what level of confidence you are expecting here. To the penny and second or dollar and day or something else?
 
wrs said:
So far, the lines have been correct, they bound the price ranges pretty accurately. Not sure what level of confidence you are expecting here. To the penny and second or dollar and day or something else?
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let me give you a tip, however correct you may be in advance here, it can never be good enough ;)
 
$716 now; it bounced pretty good, but they're selling into the rally again. I don't know if this is part of the backlog or fresh selling.

Also, I haven't really looked at Mt. Gox, so I don't know how sophisticated they are; I don't know if you can do puts or calls or anything like that.
 
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