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Bitcoin technical analysis

  • #681
  • Edited 3:39am Dec 18, 2013 2:54am | Edited 3:39am
Great call emptymind, that was spot on

By the way, in both the corrective wave 2 there is a bit of pattern I don't get, they could be the first of the following third but they seem to make more sens as being actually part of the wave 2 itself. If so, do you guys have any take on how to label them ?
(i love the general similitude in shape and ratio between those two time-frame)
http://i.imgur.com/9aUPNQ2.png
  • #682
  • Dec 18, 2013 4:52am Dec 18, 2013 4:52am
Hi all,
I suggest buying bitcoin at the present level $481 for today.
Peak volume price for day was done a few hours ago and as such, I think the up move can be sustained.
Happy trading!
  • #683
  • Dec 18, 2013 5:13am Dec 18, 2013 5:13am
Attached Image
Nil desperandum
  • #684
  • Dec 18, 2013 5:16am Dec 18, 2013 5:16am
Well, the alt ones I bought are pretty worthless now,lol, can only laugh I guess!

I bought 1btc a min ago however, will do one last buy of several alts and leave 0.5btc and see what happens!

I've had this fib up for a while, quite surprised it's stuck to it tbh,
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  • #685
  • Dec 18, 2013 5:24am Dec 18, 2013 5:24am
news dump for the day so far

US Treasury cautions Bitcoin businesses on legal duties http://in.reuters.com/article/2013/1...9BG1DC20131218
18 Dec 2013
Bitcoin tumbles following increased Chinese regulation http://www.kitguru.net/channel/jon-m...se-regulation/
18 Dec 2013
Public warned against dangers of Bitcoin http://www.scmp.com/news/hong-kong/a...angers-bitcoin
18 Dec 2013
Bitcoin value slumps after China bank measures http://www.news.nom.co/bitcoin-value...-7530751-news/
18 Dec 2013
China's Biggest Bitcoin Exchange Unable to Take New Deposits http://washpost.bloomberg.com/Story?...3B4RO8QK63Q56I
18 Dec 2013
China tightens restrictions on Bitcoin trade http://au.news.yahoo.com/thewest/bus...bitcoin-trade/
18 Dec 2013
Bitcoins tumble in value on China clampdown http://www.telegraph.co.uk/finance/c...clampdown.html
18 Dec 2013
No need to panic http://www.onenewspage.us/video/2013...-clampdown.htm
18 Dec 2013
Bitcoin value halves on PBOC http://virtualmining.com/bitcoin-pri...own-escalates/
18 Dec 2013
cryptocurrency everytime
  • #686
  • Dec 18, 2013 5:56am Dec 18, 2013 5:56am
Quoting pipcenturion
Hi all, I suggest buying bitcoin at the present level $481 for today. Peak volume price for day was done a few hours ago and as such, I think the up move can be sustained. Happy trading!
We saw an initial draw down of about $26
Now price has risen to $540 as I type that is about $59 price change profit.
Targets are still ahead $584 and beyond.
Happy trading!
  • #687
  • Dec 18, 2013 6:05am Dec 18, 2013 6:05am
Hi all,

Wow! Relentless sell-off!

We knew it was coming and the news about China banning Yuan deposits to Bitcoin exchanges was the catalyst. Funny how EW forecast strong lows and then the event transpired. It was going to happen anyway, but the market needed a good reason to sell!

A counter-rally is in progress but I doubt the decline is over - I'm not convinced 5 waves are in. However, I did buy just above $500. If there are additional lows I'll buy again - everytime for 1/2 of my MtGox account capital. So as the decline progresses to it's lows I will always have funds to keep buying in.
cryptocurrency everytime
  • #688
  • Dec 18, 2013 6:06am Dec 18, 2013 6:06am
Quoting pipcenturion
{quote} We saw an initial draw down of about $26 Now price has risen to $540 as I type that is about $59 price change profit. Targets are still ahead $584 and beyond. Happy trading!

hi PC and welcome.

Good analysis - you were bang on with that call
cryptocurrency everytime
  • #689
  • Dec 18, 2013 6:08am Dec 18, 2013 6:08am
Quoting vincentprice
{image}



from Wired:
http://www.wired.com/wiredenterprise...omeless-redux/
cryptocurrency everytime
  • #690
  • Dec 18, 2013 6:12am Dec 18, 2013 6:12am
Quoting lady_luck
Great call emptymind, that was spot on By the way, in both the corrective wave 2 there is a bit of pattern I don't get, they could be the first of the following third but they seem to make more sens as being actually part of the wave 2 itself. If so, do you guys have any take on how to label them ? (i love the general similitude in shape and ratio between those two time-frame) {image}

hi lady_luck,

yes, i notice that and there are a few ways of counting that - all valid.

my own interpretation is that this is a diagonal decline - what we've been calling "wave C" (which is always 5 waves) may not be aregular impulse but a diagonal 5 waves of 3subwaves each. Instead of describing it I will post a chart later.

BTW - i did notice your earlier post about whether or not to focus on BTCCNY. I decided to respond later and first think about it, but it occurs to me that diversifying your analysis is a good idea - and the different charts you post here also add variation and insight. So yes. Keep an eye on it. I believe the next largest market will be the US which may start to dominate the field now that they have shown official interest in it; now that China has stopped Yuan flows into the Bitcoin market; and also effectively shut the door for the Mainland to participate freely. That will no-doubt change down the line but that does not mean the BTCUSD is the gospel truth. Its like Gold and SIlver - they're essentially correlated but sometimes the one's chart counts much easier than the other's due to whatever price distortions happen.

So let's keep an eye on as many charts as possible for clues
cryptocurrency everytime
  • #691
  • Dec 18, 2013 8:05am Dec 18, 2013 8:05am
Hi All,

Nice to see a thread dedicated to Bitcoin and the sorts.
Bloody wednesday for BTC right? I guess we'll bottom out around 350-400..

Question, what altcoin do you think has the biggest chance to succeed?
I've mined Diamond coins and currently I'm looking into Casinocoins.

Good luck all!
  • #692
  • Dec 18, 2013 8:11am Dec 18, 2013 8:11am
I'm mining pts, protoshares. Interesting concept.
BTC FTW
  • #693
  • Dec 18, 2013 9:48am Dec 18, 2013 9:48am
Thought you guys might enjoy this
Attached Image
  • #694
  • Dec 18, 2013 10:01am Dec 18, 2013 10:01am
Here is my count with the highly probable taper today!
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  • #695
  • Dec 18, 2013 10:13am Dec 18, 2013 10:13am
Quoting Aki4real
. Question, what altcoin do you think has the biggest chance to succeed? I've mined Diamond coins and currently I'm looking into Casinocoins. Good luck all!
To be honest i'm not sure, I'm not too clued up on the mining, I've looked at how to do it, but most of it goes over my head, and I figured the money invested in new hardware may aswell just be spent buying the altcoins up

this is what i've got on cryptsy right now,
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  • #696
  • Dec 18, 2013 11:37am Dec 18, 2013 11:37am
Hello all! I'm new to trading currencies. Just wanted to say hi!

Something I found:

From thebitcoinchannel.com describing a potential reversal.
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  • #697
  • Dec 18, 2013 11:54am Dec 18, 2013 11:54am
Hi all,

Really busy today and just posting to say that I expect an additional low. Not 100% convinced but there is a 5th wave still outstanding IMO and RSI/MACD indicate the possibility of another low as well as overbought (and massively reverse-diverged) conditions at $630 (MtGox BTCUSD).

I will try to post a chart today, but it's getting late where i am so chances are looking slim.

Green pips
cryptocurrency everytime
  • #698
  • Edited 2:53pm Dec 18, 2013 2:05pm | Edited 2:53pm
lady_luck, thanks but most everyone on here are bearish. i think the circled area is just complex correction. combinations of abc corrections seperated by x waves.... zoom in and im sure you can come up with reasonable labels

a target for the end of wave 3 of C.

wave 0 = 928 start of wave 3 of C
wave 3 = 455 (macd shows where to label wave 3)
wave 4 = 638.78 (for now; may need to recalc target if this isn't wave 4)

calculating a reasonable target for 5th wave of 3...

it's typical for wave 5 to travel 0.618 the length of wave 0 to wave 3... (sometimes only 0.382)
638.78 - (0.618 * (928 - 455)) = 346.466 (i like this better)
638.78 - (0.382 * (928 - 455)) = 458.094 (too weak for wave 3)

Attached Image
  • #699
  • Edited 9:38pm Dec 18, 2013 2:59pm | Edited 9:38pm
I know what: stay up until dawn counting waves - why sleep?

The first longer term shart shows an overview of the diagonal count I've been talking about as well as some key levels. The second chart has details of the recent decline. Apologies, I know these are busy charts but these are busy times...

http://ubuntuone.com/1Vjr5f688E7ZLGTzhv69xP

M1 - recent few days:

http://ubuntuone.com/2Y2QNBWPupZZpvoodp1XAc
cryptocurrency everytime
  • #700
  • Dec 18, 2013 3:09pm Dec 18, 2013 3:09pm
Quoting emptymind
lady_luck, thanks but most everyone on here are bearish. i think the circled area is just complex correction. combinations of abc corrections seperated by x waves.... zoom in and im sure you can come up with reasonable labels a target for the end of wave 3 of C. wave 0 = 928 start of wave 3 of C wave 3 = 455 (macd shows where to label wave 3) wave 4 = 638.78 (for now; may need to recalc target if this isn't wave 4) calculating a reasonable target for 5th wave of 3... it's typical for wave 5 to travel 0.618 the length of wave 0 to wave 3... (sometimes...

emptymind,

that's uncanny, we both have a chart with wave B top left! But our counts differ - I expect more wave action for wave 4 and you have wave 5 of 3 unfolding now - I think our wave degrees differ... This is a good variation to have since no one single count is correct - we are all wrong by the time the next wave has printed!
cryptocurrency everytime
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