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Interestingly the Sat and Sunday drive to the high was with very low volume (the weekend crowd only going one way?)

 

BTCUSDM301912c.png

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More a case of persistent buying pressure I think, though notice the failure to reach the high after the first bounce off 23.6 Fib (top triangle)  so formed a head and shoulder pattern, when price fell back to the horizontal neckline (Bulkowski method) @ 23.6 Fib it sparked a near full measured move down to complete the pattern on the very next 30 minute bar (00:30 Monday (red vertical line)).

 

BTCUSDM301912d.png 

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It's taken out 17700 twice now. If it does it again I'm going to pass out ! Double bottom that's enough.

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4hr chart looking good could see it touch 18900 in next one or two 4hr bars ?

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Will it hold. My trajectories of interest WOW what a surprise !Bitcoin USD DBF 19.12.png

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  or, you could just use trendlines :smileywink:  But that is an interesting study/comparison though, not quite sure how you managed to do that? you 3 hour, my 4 hour. Your low is 16872.13, mine is 16772.13. I presume price dipped down again after you posted? 

 

BTCUSDH41912.png

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Don't believe it the one minute chart just took out my lower trajectory.

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100% retracement level (from the low of Dec 13th) tagged three times and holding (so far) so still buyers at this level but sellers still trying to push lower.

 

1 hour chart.

 

BTCUSDH12012.png

 

 

 

 

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co founders bitcoin sold all bitcoin

 

bitcoin as good as useless says bitcoin co founder

 

bitcoin co founder sells entire stash calls it virtually unusable as a currency

 

I blame the Aussie media for trying to bring down Bitcoin and exacerbating this panic check out short cuts to articles posted by me earlier in this thread.

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Its started breaking throught upwards. Just seen it start looks good and the beginning of recovery. It's got the force behind it. Fingers crossed. I'm watching the 3m chart so I may be a bit too close to the action.

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The 30 min shows an uncompleted double bottom and the sellers haven't given up yet using the underside of the trend line as a resistance level to sell. Price needs to pass above the double bottom 'valley' (rectangle) to confirm the pattern.

 

BTCUSDM302012.png

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Gold was moving in tandem with Bitcoin will they diverge. I've mentioned about the Aussie media exacerbating Bitcon's drop and it seems gold benefited from it.

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Gold may well have benefited, as money goes out of one asset it looks for a new home. Gold put in a inverse head and shoulder pattern (peak 12 Dec) and gained as bitcoin retreated but has now run into some stiff resistance. Will be interesting to see if the bitcoin support and the gold resistance levels hold.

 

B&G2012.PNG

 

 

 

 

 

 

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I'm thinking of the end of that movie the "Italian Job" starring Michael Caine where he says "don't anybody move" !!!!

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Gold was first and smashed through my key Bollinger resistance point on the 1 minute chart and ........................... now Bitcoin doing same. Smashing. Fingers crossed I'm not to close on the 1m charts !!!!

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You'll probably be shocked but I've hardly done any back research on Bitcoin price volatility but it looks like 20% corrections every month or so are the norm at least since July but not October which was nearer 10%. No wonder IG like the futures exchanges need breaks in trading (circuit breakers)........... IG clients obviously much smarter than those with other firms !!!!

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Bitcoin is making it's way back up though checked first at the 61.8 (38.2 on new retracement back up) Fib level and now at the 50 Fib level.

 

1 hour chart.

 

BTCUSDH12012b.png

 

 

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Looks serious Bitcoin going in opposite direction to gold on the 1 min and broke one of my trajectories? But I may be too close on 1m chart as usuall

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A big reversal bear bar on the hourly off the 50 Fib level (and 200 sma) takes out two previous bull bars. Sellers wrestle to take back control, 17679 becomes an important level.

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I'm going to drop out for a while. I need to re-charge my mind doing something else !!!!

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Interesting index scaled chart comparing bitcoin to silver 1982, note the close correlation in gains month on month. 

 

silver&bt.PNG

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, 1 minute charts will do that to you, make sure you run a  ?say 15 minute chart by the side so you have some context and can spot important areas and concentrate on those rather than 100% minute by minute all the time.

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17679 has long gone, bulls staging a defence at 15760 - 15950, if this support zone breaks there is a long drop.

 

BTCUSDH12012e.png

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