Quote from: oda.krell on June 05, 2014, 02:47:39 PM

Which might still come, by the way. Retesting the first retracement level at ~530 is still a possibility, but that's more a thought in the back of my mind rather than a likely scenario right now.

Every ounce of common sense in my head tells me that Bitcoin is more likely than not to test the 32% Fib retracement ratio at $580, but then again, I have been operating under this premise from $520 when I sold my $460 position to take profits in front of a 2K BTC wall on Stamp........that was simply taken down 5 minutes later. Now that I have bit the bullet and put my BTC out of easy reach, 'common sense' will most likely prevail and Bitcoin will indeed test the 32% Fib retracement at ~$580. That would fucking piss me off but I would just have to grin and bear it because holding out for it up until now has cost me. I was sleeping at the $540 breakout point, but I have made entries at $571, $600, $630, etc, all of which I have folded for peanuts profit, in anticipation of the 'correction'. Right now, I would swap any one of those entry points for my current $660.

I really don't think that Bitcoin will test the trend at $530. With the long term indicators on the weekly chart all conspiring, to show a buy signal, who is gonna sell their BTC that low? Somehow, I doubt that there are many short sellers and on Bitfinex, the main leveraged trading site, there has already been huge profit taking on two occasions and 23% Fib level was as far is it got, twice.

I also believe that there are forces at work intentionally engineering this ramp. Whales or perhaps a single whale entity, who sees the potential and the opportunity to ramp Bitcoin through the roof, now we are at the otherside of a brutal bear market and with the tailwinds of the long term momentum indicators at Bitcoin's back.

Quote from: bitrider on June 05, 2014, 04:38:20 PM

It does make me a little nervous that you are on board this train, but I think btc fundamentals and technicals are strong enough to handle even that. Wink

Good luck, brother...

Be nervous. I have the luck of sod on my side. Even when I get it spot on right, my impulsive nature generally see's to it that I fuck it up somehow or another. The fact that I have committed myself to a long with BTC in offline wallet, probably means that $80-$100 correction is on the cards. Such a correction would make total sense from an EW analysts point of view and would set the scene for an über-bullish Wave (iii) of a Wave [III]. I have had buy-in tranches down at $580 range for days, but my patience broke and I bought in at $660. Almost everytime I do that, I regret it and my original vision of the market comes to pass.

Edit: On 4Hr chart, RSI, and OBV, are screaming negative divergence and a stronger correction than just to $620.....Daily indicators are also all looking pretty damn maxed out and suggesting a strong correction, but then with the Weekly indicators all about to give buy signals, perhaps there won't be enough selling pressure for a good correction? Who is really going to want to sell if they believe that the next mania is coming around the mountain?