Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
... Today we are seeing an text-book bear flag (sym triangle with slowing volume) indicating lower levels in an Wave 4 Elliot Cycle. Sure it could rebounce, but that chance would be 40/60, so my bets are on bear until I see a rounded bottom or similar reversal indication.
Based on your triangles closing, I would assume another day (or so) at current levels, followed by large dumps to 170$+ levels. Am I terribly wrong / bear-ish ?
What I see there, is that the volume increases as the price drops.
Could be an indication that a bottom is being discovered.
Also, volume dropping on price rise leads me to think that many are relatively happy with their current holdings and only looking to accumulate on the dips.
Until there is an influx of new participants that do not already have positions in this market, I do not think price will rise dramatically. If this influx of new blood does indeed happen, I would expect that the long term holders that have been suffering this market will not be willing to give up their coins cheaply.
Personally I think we could see sideways/downward movement for many months to come.
It would be the preferable situation for anyone looking to accumulate more coins.
"As low as possible for as long as possible"