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Bitcoin technical analysis

  • #401
  • Dec 7, 2013 12:40am Dec 7, 2013 12:40am
Quoting venzen
{quote} hi Ramses! Good to see ya! Great charts and love to see the EW unfold as you have it there. You know, it's funny, because disruptive tech like Bitcoin rocks the boat, it polarizes people into 'nationalistic' camps - us vs them. So all kind of nastiness start showing on the part of the detractors: sneers, mockery, etc. And here this thread is the lone forum for discussing Bitcoin in a fiat playing field. So it sure draws strong opinion. I did't want pointless slapstick, so i specifically put 'technical analysis' in the thread name. But some...
The Chonchy
  • #402
  • Dec 7, 2013 12:43am Dec 7, 2013 12:43am
Quoting venzen
{quote} bad lucky chonchy... wait for the sell-off (profit taking) to finish and when we see confirmation of the return of the uptrend we get in long to 1440!
I when long at 620, looking for 100 points only, stop 570........I hit 720 already but didn't take profit then, greed.......
The Chonchy
  • #403
  • Dec 7, 2013 12:50am Dec 7, 2013 12:50am
Quoting venzen
{quote} hi Alien! I think BTC should find support around $450-$500 where demand will just overwhelm profit taking. How's EJ looking to you? I don't think a reversal to the downside is likely in the coming months... but i can't find a hook to jump in long either at this stage of trend!
agree........
The Chonchy
  • #404
  • Dec 7, 2013 12:52am Dec 7, 2013 12:52am
.......550 sound about rite.........

http://bitcoinwisdom.com/markets/btce/btcusd
The Chonchy
  • #405
  • Dec 7, 2013 2:35am Dec 7, 2013 2:35am
hi chonchy and the thread,

Ok, i reckon there will be lot's of activity over the weekend with the possibility of a temporary bottom. "Temporary" because we cannot rule out a large triangle here at the top.

Right now there is a small rally developing after a bounce off 600 (MtGox price) but i don't believe the bottom is in yet. Why? Because the herd got spooked by the news from China (evetho it's no threat) and they are taking profit and will do so again every 100 level. So i'm not buying into this one but rather looking to buy in with a new-fangled incremental half-life back-off startegy below $600.

Here's the bulk of the drop in M5 but the rally happening in the past few minutes is too sharp-looking and started with an ABC to be a wave 1 up IMO:

Attached Image (click to enlarge)
Click to Enlarge Name: Gold_639.58125-goxtool-bid:639.58125ask:656.95513_07Dec13_15:12.png Size: 195 KB


Also, there is a massive amount of sell orders building up below, and few buys up above, so i expect more downdrafting this weekend:
edit: the green highlighted bar and trade just co-incidentally flashed when i took the screenshot - no special significance)

Attached Image (click to enlarge)
Click to Enlarge Name: desktop 1_005.png Size: 123 KB
cryptocurrency everytime
  • #406
  • Dec 7, 2013 2:47am Dec 7, 2013 2:47am
I got stop again.......lost 50 points more, lost all my gains from early in the week........rinse and repeat..........
The Chonchy
  • #407
  • Dec 7, 2013 2:49am Dec 7, 2013 2:49am
There is panic in deed on the streets..........I went long here at 600 again, stop below 550 +1, target 800........
The Chonchy
  • #408
  • Dec 7, 2013 3:03am Dec 7, 2013 3:03am
........I have lost $ 9,40 total, wow you can make and lose a lot of money here......it took me a lot of trades to make those $ 9 dollars and 40 cents.....bad last 24 hours, rinse and repeat, no bigy.....lol
The Chonchy
  • #409
  • Edited 4:01am Dec 7, 2013 3:41am | Edited 4:01am
I think we hit something hard on daily, an EMA 100 the red line, let see if it bounce here, it should.......if not the panic is chronic........is a retrace or a pull back only......technically......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusddaily.png Size: 24 KB


on weekly is also just a pull back, still over the yellow EMA 5, should hit it and bounce up, the trend is intact In the weekly to me.......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdweekly.png Size: 19 KB


and monthly is half way to the full retrace to that Yellow EMA 5 so it could keep going to that yellow ema5, we will have to wait and see if it bounce or cross.....RSI said there is still places to go down there, but the buyers will be around the corner me think by 430, 420 or so......hard to tell at this point......basically no trade for me until I see if is going to respect the trend or change, lost here, venzen throw me a bone here............lol

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdmonthly.png Size: 18 KB


4H have greed line to keep going down but RSI is not to happy about it, but as a lagging indicator it could just go down the drain from here, or bounce at this double low, of November 18, hard to tell, wow it is a nice instrument to trade, fun at least........nice this MT4 platform of BTC-e venzen.......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdh4.png Size: 35 KB
The Chonchy
  • #410
  • Dec 7, 2013 4:20am Dec 7, 2013 4:20am
this may come handy sometimes.......

http://preev.com/

and for the ones that want to start to put their feet in the water and don't want to get wet, start here........free bitcoins........

http://freebitco.in/?r=36899
The Chonchy
  • #411
  • Dec 7, 2013 5:32am Dec 7, 2013 5:32am
Quoting chonchy
There is panic in deed on the streets..........I went long here at 600 again, stop below 550 +1, target 800........
steady, steady to my 800 target........and..........almost there wow 790 but no cigar......I should have take it at 790.......nah is going to hit the red ema 100 and bounce down, easy scalping......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdm15.png Size: 32 KB
The Chonchy
  • #412
  • Dec 7, 2013 5:54am Dec 7, 2013 5:54am
....I wonder how many BTCs this unit makes........anybody?

http://www.ebay.com/itm/Avalon-ASIC-...item58a89e04d9
The Chonchy
  • #413
  • Dec 7, 2013 5:59am Dec 7, 2013 5:59am
this is what I'm talking about.......3TH.......wow first order.....

http://i.ebayimg.com/t/KnC-Neptune-B...Sobqv/$_35.JPG

http://www.ebay.com/itm/KnC-Neptune-...item20dc46d166
The Chonchy
  • #414
  • Dec 7, 2013 6:07am Dec 7, 2013 6:07am
Cha-chin, 800 target, 200 points, got even, lol going to sleep happy.......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdm15.png Size: 32 KB
The Chonchy
  • #415
  • Dec 7, 2013 6:09am Dec 7, 2013 6:09am
..........going short here at 800, target open, stop 820.......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdm15.png Size: 32 KB
The Chonchy
  • #416
  • Dec 7, 2013 6:12am Dec 7, 2013 6:12am
Quoting chonchy
....I wonder how many BTCs this unit makes........anybody? http://www.ebay.com/itm/Avalon-ASIC-...item58a89e04d9
i don't know how many btc it can make but making btc becomes difficult with time because hashes get harder and harder , and theoretically there is fix amount of total btc units that could be mined.
  • #417
  • Dec 7, 2013 6:24am Dec 7, 2013 6:24am
Quoting chonchy
There is panic in deed on the streets..........I went long here at 600 again, stop below 550 +1, target 800........
very good entry, chonchy - i hesitated and only got in at 682... now to see if the correction at 800 is correcting an uptrend or continuing the downtrend ...

i reckon there will be vascilation between taking profit and jumping in for advance beyond $1000 MG (Mt.Gox quote). So don't make ANY ill-conceived entries - because whatever coins you hold below $1000 will show their worth when PA gets back up above $1000. But i expect some ranging because many first time speculators are now playing with the sell button too
cryptocurrency everytime
  • #418
  • Dec 7, 2013 9:10am Dec 7, 2013 9:10am
Quoting venzen
{quote} hi Alien! I think BTC should find support around $450-$500 where demand will just overwhelm profit taking. How's EJ looking to you? I don't think a reversal to the downside is likely in the coming months... but i can't find a hook to jump in long either at this stage of trend!
UJ, EU and EJ H4 are all long.

Of course we know the monthly's and weekly's are long.

and the dailys are long after a pause with the H4 just turning long again..........

I am finding out it is better to just go with the trend on dips and lose 50 pips instead of counter trend trading lately and go 500 pips to the bad.

Many pairs are continuing their trends without any pull backs this Fall..............
The More You Learn, The More You Earn.....
  • #419
  • Dec 7, 2013 9:54am Dec 7, 2013 9:54am
Quoting forexalien
{quote} UJ, EU and EJ H4 are all long. Of course we know the monthly's and weekly's are long. and the dailys are long after a pause with the H4 just turning long again.......... I am finding out it is better to just go with the trend on dips and lose 50 pips instead of counter trend trading lately and go 500 pips to the bad. Many pairs are continuing their trends without any pull backs this Fall..............
.........buy when is blood on the streets, sale at the sound of the trumpets, all those pairs being going up for a while a correction is do some time in the future, lock in profits if you can, the fall is near me think, this inflated bubble is about to pop some day and I would like it to catch anybody long......

I'm lock in profits +1 here, but I think is not going anywhere for a while........


Attached Image (click to enlarge)
Click to Enlarge Name: btcusdm15.png Size: 34 KB
The Chonchy
  • #420
  • Dec 7, 2013 9:57am Dec 7, 2013 9:57am
Quoting venzen
{quote} very good entry, chonchy - i hesitated and only got in at 682... now to see if the correction at 800 is correcting an uptrend or continuing the downtrend ... i reckon there will be vascilation between taking profit and jumping in for advance beyond $1000 MG (Mt.Gox quote). So don't make ANY ill-conceived entries - because whatever coins you hold below $1000 will show their worth when PA gets back up above $1000. But i expect some ranging because many first time speculators are now playing with the sell button too
the BTC I bought, I pay high price for it, over 1000 and then it drop on me so my acc is shrinking by day, what happens if it goes to 0? lol.......

good news is my only hope, lol........


http://www.businessinsider.com/david...itcoin-2013-12
The Chonchy
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