Author Topic: BTS long term support  (Read 29146 times)

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Offline Ander

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So far so good, a low volume pullback is forming the right shoulder of the inverse H&S pattern.  I bought another 100k bts today, and will buy more if we drop a bit more. 

The order book on btc38 is as full as I've ever seen it, both on the buy and sell side.  Its is around 10 million BTS to go up to .120 CNY or down to .084 CNY!  Both are much higher than normal.  Multiple million+ hare buy walls and sell walls exist!  Very interesting.


Based on posts by a couple expert elliot wave chartists on bitcointalk, it looks like bitcoin is in an ending diagonal of the final decline of this bear market.  A decline to somewhere in the 250-300 range is expected, which would be the final low of the bear market, followed by the beginning of the new bull market.   If this occurrs, it would make sense that BTS could fall to .090 CNY or so, form the right shoulder of the pattern, and then rocket up. 

If we have a drop in the next week or two, I think it should be bought hard!  Of course, nothing says that BTS must go down along with bitcoin in this final drop.  After all, ripple has already begun a bull market move. 
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Offline Ander

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Dear dumpers,

You are failing at your job!  If you hold it down for three more days, I can buy more at these prices. :P
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Offline jckj

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If bts has reached its right way and right time, it hase been up more than $1,now. It will go up with mumbers rising and right time right things .

Offline Ander

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To summarize: Break above the red line, go to the purple line.  Break above the purple line, go MUCH higher. :)
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Offline Ander

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Pretty good looking inverse head and shoulders...

Indeed.  Actually there are two possible inverse H&S that could form, one small and one large:

The small red inverse H&S forms if we go down a bit and then go up again and break above the recent .118 CNY high.  It could go down to the support line, but it doesnt need to go down that far.  (The drop to .105 was already enough, though we could go lower in the next couple days).

The large purple inverse head and shoulders has been forming for the past two months, and triggers on a break above .135.   Its a bit irregular, the right shoulder is too long, but I think it would still be meaningful.  The .135 CNY level is a big resistance level, if we break above it then we are solidly in bull mode and should go much higher.




Important note: An inverse head and shoulders is meaningless until the neckline is broken.  Its only a potential setup so far.
« Last Edit: December 23, 2014, 05:10:08 am by Ander »
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Offline lil_jay890

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Pretty good looking inverse head and shoulders... I have been looking for a bottom in crypto ever since we started getting divergences from different alts like ripple.  If we break the neckline at 0.15 I would say that the downtrend is over and we should start to move up if not consolidate.  If we get rejected off 0.15 and break through that support line we probably test support around 0.07 for another flush out of the longs.  This would be around a $25mil market cap.

Offline kisa

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thanks so much for sharing your views!

Offline Ander

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Here is the bounce off the support line.  I think we continue to go higher in the coming weeks and months.

1d MACD gave a buy signal again.
Even better, 3d MACD also gave a buy signal!

3 day MACD had given a sell signal on Sept 24, at around .200 CNY or so.  If one had sold that and rebought here it wouldve been an excellent trade.


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Offline Ander

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@Ander - please what do you think of BTC price action?

50% chance of going down to 250-275, 50% chance of just going higher from here, imo.  Mostly I just follow chessnut's and Rynindaclem's posts on btc.  I think bitcoin has at least more more move up to new all time highs, so I dont think it will go below the mid 200s.  I think BTS will outperform it in 2015.  I still have some btc for diversity (its like Gold 2.0 imo), but I've got more BTS now.
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Offline kisa

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@Ander - please what do you think of BTC price action?

Offline Ander

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I think this is the first time I did a market buy of a bunch of BTS and didnt regret it a day or two later.  Woulve been left behind if I'd tried to get a limit order filled under the price!

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Offline Ander

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This price action is looking very bullish, imo.
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Offline Ander

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I bought a lot more BTS today.  Converted some more bitcoin and sold all other alts for BTS. 

It could go down, every crypto could go down in a big crash, or it could go up.  But whatever happens, I want to be all in on the coin with the best technology. :)
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Offline Ander

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It held again today with a second bounce up from the uptrend line. 

Hope it holds.
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Offline cass

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