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Bitcoin technical analysis

  • #1,681
  • Jan 20, 2014 1:27am Jan 20, 2014 1:27am
all time frames are up, ready to go north 4H is the only one down but turning, just patience but look at 5M, 15M and 30M to still be in sync when 4H turn, it maybe that 5M is overbought and it will go down again one more time to then go up with the sync, but sometimes 5M needs another cycle or wave .........
The Chonchy
  • #1,682
  • Jan 20, 2014 1:30am Jan 20, 2014 1:30am
Quoting venzen
Morning All, hi chonchy and DC, I'm not making any assumptions about direction until price breaks out of the rectangle that has contained it since beginning of Jan. If PA breaks above 850 and stays there then the possibility of continued uptrend will be more solid. Here's a chart from yesterday showing the mysterious purple force-field: {image}
agree on all counts here venzen that box is in deed mysterious
The Chonchy
  • #1,683
  • Jan 20, 2014 2:26am Jan 20, 2014 2:26am
Quoting chonchy
{quote} agree on all counts here venzen that box is in deed mysterious

chonchy,

I see your MA analysis and I keep an eye out for it. By all counts we should be heading up (or down) but my patience and zero expectation here is based on what PA did after the April peak last year - you can see from the chart that it went sideways in a mysterious box for about 5 months. Even then it was apparent that Bitcoin was going to skyrocket and the expectations were a bit more cautious, but there was just a prolonged period of recovering from the high and building a base to launch from. The waves are really tiny and I don't see anything major to push this in any direction.

It was only after the Silk Road bust that price dropped to the bottom of the mysterious box and then it shot out of there like a moon rocket for $1000! I think we have to wait to see what happens with that FBI loot... it's a large amount and who knows what effect it will have on the market? and in which direction?
cryptocurrency everytime
  • #1,684
  • Edited 2:45am Jan 20, 2014 2:31am | Edited 2:45am
Quoting venzen
{quote} chonchy, I see your MA analysis and I keep an eye out for it. By all counts we should be heading up (or down) but my patience and zero expectation here is based on what PA did after the April peak last year - you can see from the chart that it went sideways in a mysterious box for about 5 months. Even then it was apparent that Bitcoin was going to skyrocket and the expectations were a bit more cautious, but there was just a prolonged period of recovering from the high and building a base to launch from. The waves are really tiny and I don't...
like I said before.......my question is why they want to get ready of it?, they already took possession of it, and they want to give it away? why? what do they know that we don't? are they going to ban it, and that is why they don't want it? all those questions are important, me think, unless some one here clarified that situation, I'm very scare.....
technically the move north is stop or on hold for this 4H chart, price is stuck bet wing a hard place and a rock (red ema 100 and blue ema 5, if it get out of there we will see where it will go and I will follow it, not looking at the hedge I have now for not following my advice like KiwiOz told me, I should have listen......lol just kidding KO...

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The Chonchy
  • #1,685
  • Jan 20, 2014 2:44am Jan 20, 2014 2:44am
Quoting venzen
{quote} chonchy, I see your MA analysis and I keep an eye out for it. By all counts we should be heading up (or down) but my patience and zero expectation here is based on what PA did after the April peak last year - you can see from the chart that it went sideways in a mysterious box for about 5 months. Even then it was apparent that Bitcoin was going to skyrocket and the expectations were a bit more cautious, but there was just a prolonged period of recovering from the high and building a base to launch from. The waves are really tiny and I don't...

I believe, and correct me anyone if I'm wrong, that some body big is already speculating with this instrument and maybe, just maybe speculating with the news that come out, because I have seeing this instrument in sync already to fly and then it drops unexpectedly, so maybe this time after the 4H turn for the up we will see if any unexpected news will come out, then I will change my strategy to scalp only, that said, if 4H turn for the up and it doesn't fly north, I'm going to be a scalper period.......5 pips here 5 pips there, anyways if some day BTC go north, my money in BTC-e is in BTC correct? or dollars?
The Chonchy
  • #1,686
  • Jan 20, 2014 2:47am Jan 20, 2014 2:47am
now 5M is turning back down.....maybe another cycle or wave...stuck on that 23% fibo, of the big rally....

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The Chonchy
  • #1,687
  • Jan 20, 2014 2:52am Jan 20, 2014 2:52am
My concern is daily that is position to go north so nice, but 4H is key, lets watch 4H for the answer to all our questions, if 4H cross down 5 ema blue we are going down for a bit, if it cross the re ema 100 for the up we are going up, me think, I could be wrong, being wrong before but this is my plan......but I'm all ears to yours......

daily first......

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4H showing the dilemma......of the crosses down or up, or the break of the ema's...

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The Chonchy
  • #1,688
  • Edited 4:06am Jan 20, 2014 3:52am | Edited 4:06am
and we fail to go north for now, we are going down a bit........or a lot, lol, it all depends on news.......

Bitcoin Becomes Commodity in Finland After Failing Currency Test

http://www.bloomberg.com/news/2014-0...ency-test.html

and that is precisely the point, we want no supervision from any central bank bastards or any government in bed with them bastards......real money? where? for them?, not for me is not, is fiat for me and soon worthless .......hopefully...

"Finland is the latest country to try to come to grips with the advent of virtual currencies that aren’t controlled by any central bank or government. As regulators in Europe warn of the risks associated with using such software as a substitute for real money, authorities are struggling to design frameworks to protect consumers and businesses from potential losses they have no legal means of recouping".

bastards........

. Meanwhile, Texas Senate candidate Steve Stockman is accepting Bitcoin campaign donations.

bastards.....

Though the central bank rejects Bitcoin’s status as a legal form of tender, Finns can legally use the software to make payments. Capital gains made on Bitcoin investments are taxed, though losses aren’t deductible, according to guidelines by the tax authority. Finns are required to pay income tax on mined Bitcoins.

Let me worried about my risk......who cares about my risk of sudden heart attack, bastards.....

“Finns can enter into agreements on which means of exchange they want to use,” Heikkinen said. “No one supervises or regulates it, no one guarantees it and its value has fluctuated hugely. It’s at your own risk.” this Heineken bastard is a mofo.....

now if I say so Is ok but if this heineken say it is to scare us, that is for sure......lol

“The changes in value are totally unregulated and very vulnerable to news, speculation and hoaxes,” Heikkinen said. “If the phenomenon grows and begins to cause side effects, officials will then have to consider whether to regulate it and how.”
The Chonchy
  • #1,689
  • Jan 20, 2014 4:37am Jan 20, 2014 4:37am
Something disturbingly familier about these two pic's.......
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Money Makes Money
  • #1,690
  • Jan 20, 2014 4:39am Jan 20, 2014 4:39am
Quoting KiwiOz
Something disturbingly familier about these two pic's....... {image} {image}

you think they are going to drop BTC as gold?
The Chonchy
  • #1,691
  • Jan 20, 2014 4:50am Jan 20, 2014 4:50am
Quoting chonchy
{quote} you think they are going to drop BTC as gold?
No Idea. But, the patterns are similar & like Gold, Bitcoin is only important to a minority relatively speaking....???????? Not to mention all the uncertainty surrounding it.
Money Makes Money
  • #1,692
  • Jan 20, 2014 6:03am Jan 20, 2014 6:03am
Quoting chonchy
{quote} I believe, and correct me anyone if I'm wrong, that some body big is already speculating with this instrument and maybe, just maybe speculating with the news that come out, because I have seeing this instrument in sync already to fly and then it drops unexpectedly, so maybe this time after the 4H turn for the up we will see if any unexpected news will come out, then I will change my strategy to scalp only, that said, if 4H turn for the up and it doesn't fly north, I'm going to be a scalper period.......5 pips here 5 pips there, anyways if...

chonchy,

take it easy and don't worry about the BTC! It's in a long term sideways pattern and it's nothing to be concerned about... look at last year's chart from April to October and you'll see it takes a lot of base building before this commodity starts curving up. We're approaching the end of the triangle so there will be false signals - that's what a triangle is all about afterall - the market is full of indecision and pull this way and then push the opposite way...

If price breaks to the downside then remember that as the price goes down more and more, so BTC will aproach a point where people will only buy and not sell. For me any BTC price below $1000 is a bargain because I believe we're going to see much higher. And same as every other BTC fan I like lower prices because it means we can buy more BTC for $100.

Just give it time.

And, no, money in your MT4 account is USD. Even when you have a position open in BTC it is only a CFD position - not real coins - like holding a long position in XAU/USD does not mean you hold physical Gold.
cryptocurrency everytime
  • #1,693
  • Jan 20, 2014 6:15am Jan 20, 2014 6:15am
Quoting KiwiOz
Something disturbingly familier about these two pic's....... {image} {image}
that's a useful comparison. If only BTC would drop like that... if only...

BTW - what's you forecast for Gold at the moment? I have it going up to 1500-1600 before a catastrophic drop back to $300 (which I believe is it's industrial value)
cryptocurrency everytime
  • #1,694
  • Jan 20, 2014 6:32am Jan 20, 2014 6:32am
If it makes anyone feel better, the mysterious purple box also showed up on Xmas and disappeared after New Year's day!

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cryptocurrency everytime
  • #1,695
  • Jan 20, 2014 6:35am Jan 20, 2014 6:35am
Quoting venzen
{quote} that's a useful comparison. If only BTC would drop like that... if only... BTW - what's you forecast for Gold at the moment? I have it going up to 1500-1600 before a catastrophic drop back to $300 (which I believe is it's industrial value)
I think there is a chance Gold may retrace to 1290/1300 before heading down again. Down target is around 900 at the moment.
Money Makes Money
  • #1,696
  • Jan 20, 2014 6:37am Jan 20, 2014 6:37am
Quoting KiwiOz
{quote} I think there is a chance Gold may retrace to 1290/1300 before heading down again. Down target is around 900 at the moment.
Gold may already be heading down...Waiting to see what the Yankees do in an hour or 3.
Money Makes Money
  • #1,697
  • Jan 20, 2014 6:42am Jan 20, 2014 6:42am
Quoting KiwiOz
{quote} I think there is a chance Gold may retrace to 1290/1300 before heading down again. Down target is around 900 at the moment.

thanks KiwiOz!

900 is not as extreme as my 300 but it's still bad... i mean, that's less than $1000 and the psychological blow to the Gold Bugs will be severe... IMO Gold is waaay over-valued but I understand the reasons for that (some of them, at least)
cryptocurrency everytime
  • #1,698
  • Jan 20, 2014 6:46am Jan 20, 2014 6:46am
wheew, quite a vigorous sell-off on BTC-e but disconnected from MtGox which is pushing higher...
cryptocurrency everytime
  • #1,699
  • Jan 20, 2014 6:59am Jan 20, 2014 6:59am
Quoting KiwiOz
{quote} Gold may already be heading down...Waiting to see what the Yankees do in an hour or 3.

this current decline in BTC (from 830) will certainly be amplified in Gold...

KO, do you have any DeMark projection for BTC heading up from around current levels or only down?
cryptocurrency everytime
  • #1,700
  • Jan 20, 2014 7:39am Jan 20, 2014 7:39am
Quoting venzen
{quote} this current decline in BTC (from 830) will certainly be amplified in Gold... KO, do you have any DeMark projection for BTC heading up from around current levels or only down?
Hard to say. If Btc flys I see 1300. If the floor gives way I see 400. Which came first.? the chicken or the egg.?
Lotsa wave to trade before either is hit.
Money Makes Money
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