Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[toknormal]

Big Picture Elliot Wave Analysis:

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

[rjclarke2000]

Big Picture Elliot Wave Analysis:

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

That is savage. If it goes to $200 do you not think we will be done?

[empowering]

Tomorrow they go in for the krill.

 

Don't call us...... Whale call you

[toknormal]

Big Picture Elliot Wave Analysis:

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

That is savage. If it goes to $200 do you not think we will be done?

I think it'll possibly go to sub $1000 but not $200. You never know though, when widespread fear and doubt establish themselves, anything can happen. Long term I don't think it will be done. There is too much utility now.

[ragnar0k]

Big Picture Elliot Wave Analysis:

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

I know there are no fundamentals so it is difficult to put a price on it but $200 does not make much sense to me... It's common sense knowing that as soon as we approach 2k people will start buying...
Ask yourself a question, what would you do if BC gets to 2k?

[rjclarke2000]

Big Picture Elliot Wave Analysis:

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

I know there are no fundamentals so it is difficult to put a price on it but $200 does not make much sense to me... It's common sense knowing that as soon as we approach 2k people will start buying...
Ask yourself a question, what would you do if BC gets to 2k?

Sell it all and buy higher?

[buyandhold]

Tomorrow they go in for the krill.

 

Don't call us...... Whale call you

Coupla cheeky minkes up in here^

[SERVERIA]

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

Just NO. Bitcoin will never fall below it's mining cost again. Bears should just face it.  

[toknormal]

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

Just NO. Bitcoin will never fall below it's mining cost again. Bears should just face it.  

The mining cost will drop with the price. It isn't a static factor.

[spiderbrain]

Big Picture Elliot Wave Analysis:

Bitcoin going back to $200 in next great correction prior to reaching the $20k range. He counts the waves differently and gets the same pattern each time.

I would be very surprised if bitcoin ever went below $1k again, there would be a lot of people buying at that level, myself included.

[toknormal]

I would be very surprised if bitcoin ever went below $1k again, there would be a lot of people buying at that level, myself included.

Retraces always surprise people. Unfortunately it doesn't prevent them from occuring.

[spiderbrain]

I would be very surprised if bitcoin ever went below $1k again, there would be a lot of people buying at that level, myself included.

Retraces always surprise people. Unfortunately it doesn't prevent them from occurring.

Well, let me rephrase and say, I would be pleasantly surprised. People over use the term "cheap coins", but $200 bitcoins would be quite nostalgic!

[empowering]

If the market swings to $7000 and then down to $130-$500 then ........ it would be a laughing stock.

What would you suppose would then spur the move from $130-$500 to  $27,000 after that? just pure gambling?

Personally I think such a move would most likely be the death of BTC if not put it into a coma for a considerable amount of time.... from which it would awake potentially irrelevant

I cannot see it - the motivation to sell at those levels would be low- considering the support levels put  in over the years.

In the recent  30% +/- dip the market held above $2800 and there has been considerable volume- I cannot see the market capitulating to that extent ($130-$500) from $7000 barring a near catastrophic event of some type which acts as a catalyst- a event severe enough that causes holders to drop their bags en masse -  an event that causes both the dumping of many coins onto exchanges (I'm talking people/companies moving coins out of cold storage onto exchanges to dump) but also an event that kills demand. The markets are not as thin or illiquid as they once were - though still comparatively so, but it would take a true mass volume dump of of coins to drag the price down 98% to take us from $7000 down to $130 or even 90% ish for $350 -$500 and then an extraordinary event to  ramp the price to $27,000 - like the cryptospace/world would have to be burning in someway for these events to play out (cannot rule it out I guess) Markets can be irrational for sure.. but wow... $200 dollars... I just cannot see it... I would be surprised I do not mind admitting.

[toknormal]

I cannot see the market capitulating to that extent ($130-$500) from $7000 barring a near catastrophic event of some type which acts as a catalyst- a event severe enough that causes holders to drop their bags en masse

Indeed. Expect just such an event.

Funny thing chart watching. The right "event" always seems to turn up at the right time to justify the technicals.

The reason for that is that people cherrypick retrospectively which "event" was a significant market driver. For example in 2013/14 if the price had carried on up through 1200 and continued throughought 2014 towards 4-5k, then the January 2014 China "banning" and the Gox fiasco would have been seen as minor corrections. But since the market traced back 90% of its gains eventually, those came to be seen as 'catastrophic'.

There are events like that going on all the time. We just had a contentious hardfork - you don't think that qualifies as 'catastrophic' ? The market will tank at some point and then a patsy will be found to justify it.

[yermom]

LSD everywhere!! 

[fluidjax]

I must confess something...

When I discovered Bitcoin about 2 years ago it blew my mind. I'm a scientist/engineer and my job is to design things, so I immediately understood the idea and its implications. Much like Andreas Antonopoulos's experience, I found myself skipping meals and forgetting to sleep while reading all a could find about it. I thought that this invention had the power and potential to change the world for the better. To help people. And I still believe that.

But something spoiled the dream for me. Greed. I was lucky enough to buy a good amount of BTC when they were worth 200 € each. I didn't plan it, it was pure luck. And then I found myself thinking about how much money I could earn, when I should sell my BTC and become rich (in a fiat setting), etc. I didn't care about Bitcoin "the world-changing invention" anymore, all I ended up caring was how much money I could make out of it.

Things are looking up, and my goal may be realised sooner that I thought, but is this a healthy goal? Are we all supporting or destroying Bitcoin by thinking like this? I see this greed in many people's posts here in the forum. It saddens me. Many here talk pompously and boasting how they're going to sell their stash when its fiat-based value reaches a set target. Is this all you see in Bitcoin? A money-making machine? Are we all failing to see the bigger picture?

Sorry for using WO to post this... I just wanted to get it off my chest.

When most people get involved in Bitcoin and they have a huge amount of energy and enthusiasm for it. Problem is, there is little you can direct that energy towards.
For most, it ends up as trading, trolling, scamming, mining or a similar pursuit that doesn't really promote or contribute much to Bitcoin, we just feed off other people's efforts. I really wish we could harness the energy into something that was more constructive.

[conspirosphere.tk]

but $200 bitcoins would be quite nostalgic!

[toknormal]

but $200 bitcoins would be quite nostalgic!

Every Elliot Wave analyst I've seen has predicted a retest at least back to $500.

We could, for example have a gradual decline back to $1800. Then a spike down to the 'retest' zones and then stabilisation.

[yermom]

Every bankster has predicted the end of bitcoin as well. And they "know" about money

[fabiorem]

Bitcoin defies all the current "logic" of stock markets.

I've saw dozens of analysis and most of them failed.

That's because stocks are based purely on trading, whereas bitcoin is based on a creed - the creed of hodling.