Quote from: JulieFig on June 24, 2014, 01:33:50 AM

Quote from: howardb on June 24, 2014, 12:48:10 AM

Normally I would accept technical patterns as good indicators or hints at least of what to expect. But in the case of bitcoin i'm afraid it makes no sense
at all! especially at this stage of it's development. We are driven by events and news not trend. Adoption rates create a trend in and of themselves, but there are far too many wild card factors moving this market to predict, not least of which:

a) Governments accouncements for or against bitcoin.

b) Mt.Gox type negative events (I'm personally expecting BTC-e.com to be a repeat of that, they are so cloaked in secrecy it stuns me anyone would ever send money there!.)

c) Retail adoption rates. This is accelerating, and the competition is hotting up in that space as the bitpays of this world try to establish themselves as no 1.

d) Global financial market, as it melts bitcoin goes up, try predicting when THAT will happen!

e) The emergence of regulation for bitcoin companies.

f) Remitance adoption, probably the biggest short term driver as this is the one that is so tangible and doable now. At the moment only 0.02% of the world are using bitcoin!

g) Individual country issues (Argentina debt default for example) citizens piling into bitcoin to prevent a repeat of previous collapse there.

The list goes on and on... and you want to try and predict with a chart? Huh

?

Calm down, it's just a harmless little exercise. I'm more just curious to see how it goes, and I'm certainly not advocating basing trades on this prediction (for lack of a better term).

We all know bitcoin, the first phenomenon of its kind, is by its very nature unpredictable. Charts and whimsical predictions just allow us to think we have some measure of control over something that is inherently uncontrollable. Where's the harm in that?

You are misreading me, i'm not agitated at all! simply pointing out the pointless nature of the discussion. But I agree, no harm in it at all.