Bitcoin Pennant

Discussion in 'Digital Currencies' started by BuggedOut, Feb 17, 2016.

  1. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Bitcoin hasn't been doing a lot recently. Seems to be trading within an ever narrowing price band and it's making a pennant formation. From a technical perspective a pennant is a bullish signal, but also fundamentally I think Bitcoin has some near term upside due to the capital flight from China and the issues Chinese are having with capital controls being implemented.

    I reckon Bitcoin could break out from this pattern in the next month or so and could well go on another massive run up in price.

    Have a look and see what you think :-

    [​IMG]
     
  2. dozerz

    dozerz Well-Known Member Silver Stacker

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    not to mention the code fork to bitcoin classic thats underway, once its completed and larger block sizes are in place this will also trigger a break out.
     
  3. ninteno

    ninteno Member

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    Block halving in a few month, banning cash ....
     
  4. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    We are getting very close to the pointy end now....
     
  5. Golightly

    Golightly Well-Known Member Silver Stacker

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    Yeah block halving is the big one for me, Alts going to be crushed...
     
  6. Porcello

    Porcello New Member

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    You think it's not been priced in, already?
    And why do you think that the halving affects the price, anyway?
     
  7. Golightly

    Golightly Well-Known Member Silver Stacker

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    Nah hasn't been priced in yet.
    It will rocket because people with loads of BTCs use it as a reason to pump it to make more BTCs :)....

    Look at what happened to LTC before halving. same deal

    Then recently WBB halved and nothing happened for two weeks before the less coins hitting the market started to slowly maker it climb, I think that is an honest reaction to halving, the rest is just hype.

    And Yeah A high BTC price decimates alot of Alts
     
  8. Porcello

    Porcello New Member

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    Whales with lots of coins can only dump, not pump. I think instead that the price will skyrocket in case of a successful classic fork, but let's see. Interesting dynamics... To be honest, much more interesting than metals.
     
  9. Golightly

    Golightly Well-Known Member Silver Stacker

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    Realistically if you have lots of coins you have lots of $$$$$ if your trading say in BTCe you would likely been in FIAT most of the time and bring in BTC from cold storage to sell.
    Even If I am a big holder in coin X I always keep some BTC aside to put up walls when it pumps. and I am only plankton
     
  10. Porcello

    Porcello New Member

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    :cool:
     
  11. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    It really is a very impressive pennant formation. The limits have been tested another 4 times since I first pointed it out.

    The pointy end is getting very narrow now. Strong change of a significant move within the next week.

    [​IMG]
     
  12. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Bitcoin Pennant formation definately looks complete now and first signs of a new breakout to the upside are there to see in the last couple days.

    [​IMG]

    How far it goes and how quickly now are the main questions for Bitcoin. I'd like to see some volume come in and reinforce the breakout signal.
     
  13. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Bitcoin has had a nice breakout rally after the pennant, topping over $590 USD last week.

    Rally is looking a bit tired at the moment though. Some consolidation is required I think. Maybe even a pullback to consolidate around the $520-$540 level?

    I'm cashing out for now but will be watching closely for a nice dip to buy :)
     
  14. Porcello

    Porcello New Member

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    It's always hard to predict a top, it seems....
     
  15. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Indeed.

    I'm happy with a 30% profit on a 4 month investment though. I might miss out on these higher prices but I'm not complaining.
     
  16. tozak

    tozak Well-Known Member Silver Stacker

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    Nothing wrong with that, that's about an annualized doubling
     
  17. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Big pullback in Bitcoin the last couple days. Coming all the way back from $789 to $555 USD in just 5 days.

    Hopefully the volatility will settle down now and there will be a consolidation that will restore some confidence.
     
  18. Porcello

    Porcello New Member

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    Brexit!
     
  19. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Consolidation looks like it might be occurring now around the $640-$660 USD range.

    Possibly even another (much steeper) pennant formation occurring over the last 4 weeks.
     
  20. Gullintanni

    Gullintanni Well-Known Member

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    You boys and girls have balls of steel to be playing with bitcoin.
    I am a gambler and even i am to much of a pussy to play with it.
     

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