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Bitcoin technical analysis

  • #5,281
  • Oct 12, 2017 5:32am Oct 12, 2017 5:32am
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There we go, Just went long on the break of the last high. Let's see where this is going
  • #5,282
  • Oct 12, 2017 8:29am Oct 12, 2017 8:29am
Quoting doji
I'm waiting for a good buying opportunity with an eye to storing my BTC in a wallet and holding for the medium or long-term. What do you think? Opinions-- for or against-- welcome.
Bitcoin 5200 and no comments?!?

Wait for spike up then down.

Buy 1/3 now.
1/3 low about 5000
1/3 if spike down
Beware of robber banks (RB), bad advisors.
  • #5,283
  • Oct 12, 2017 11:27am Oct 12, 2017 11:27am
Quoting Nicholishen
{quote} No, I haven't commented here because I've been watching this trade develop. My TA wasn't lining up with how the PA was developing, and I was also looking at order-flow for clues to get short. I'm short a little-bit now, and this is how I'm scaled so far{image}...
good luck to you. the Top at $6250 ( wave 5- Elliott)
  • #5,284
  • Oct 12, 2017 12:24pm Oct 12, 2017 12:24pm
Quoting halichthiep
{quote} good luck to you. the Top at $6250 ( wave 5- Elliott)
Yeah... I moved stop to break even. Missed this little run up though
  • #5,285
  • Oct 12, 2017 8:21pm Oct 12, 2017 8:21pm
5330 obsolete dollars.

I wonder where the crybabies are hiding???
Ronda....next odd puppy shorting from $4500 to 500 and making gooood money

Come in, tell us Bitcoin is a bubble
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Beware of robber banks (RB), bad advisors.
  • #5,286
  • Oct 13, 2017 10:33am Oct 13, 2017 10:33am
Elliott Wave:
*wave III extension=> the length of wave V= 161.8% X the length of wave I = 161.8% X 2005 points = 3244 points => the top wave V at $6210.
**wave V extension=>the length of wave 1 through wave 3 = 61.8% X the length of wave 5=> the length of wave 5 = 2347 points.
=>the top wave 5 at $6500.
(*)+(**)=> The top wave V: $6200->$6500.
Note: a) the length of wave I = 2005 points
b) the length of wave 1 through wave 3= 1451 points.
After Bitcoin reaches the peak. Next year 2018, correction will be made by wave A, B, C.
the length of wave A = 38.2% the length of wave I through wave V => Bottom A at $4200
the length of wave C = 161.8% or 261.8% the length of wave A => Bottom C: target 1 at $2960, target 2: $970-$1000
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  • #5,287
  • Oct 13, 2017 10:36am Oct 13, 2017 10:36am
Once a man appeared in a village and announced that he wanted to monkeys for $10 each. The villagers, realizing that there was no dearth of monkeys in the nearby forest, went out and started catching them(mining). The man bought thousands of monkeys at $10(bitcoin@1$). As supply started to fall down(mining difficulty) , the villagers stopped catching more monkeys.

Now the man further announced that he would now buy monkeys at $20 each(bitcoin@50$). This renewed the efforts of the villagers and they started catching monkeys again. As the supply diminished even further, people once again stopped catching monkeys and started going back to their farms.
The man further increased the rate to $25(bitcoin@200$). Soon the supply of monkeys became so little that it was quite an effort to even get a glimpse of a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50(bitcoin@1000$-5000$). However, since he had to go to the city on some business, his assistant would now buy on behalf of him.

In the absence of the man, the assistant said to the villagers: “Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 (NOW WE ARE AT THIS POINT )each and when the man returns from the city, you can sell them to him for $50(WE READ NEWS THAT BITCOIN WILL REACH 10000-100000$).”

The villagers squeezed up with all their savings (POOR DUCTHMAN)and bought all the monkeys. But they never ever saw the man or his assistant again in the village(demand dry out); only monkeys everywhere!
don't predict direction, but dance with flow of water
  • #5,288
  • Oct 13, 2017 10:39am Oct 13, 2017 10:39am
potential retracement at 168% Fib close to 6k value. i am not shorting in this market but waiting for more significant retracements to enter.
  • #5,289
  • Oct 14, 2017 8:16pm Oct 14, 2017 8:16pm
Let's see if Amazon starts accepting Bitcoin this month. I bet they will.

https://thenextweb.com/cryptocurrenc...-record-highs/
  • #5,290
  • Oct 14, 2017 10:42pm Oct 14, 2017 10:42pm
Crypto-currency obviously poses the largest threat to fiat currency and the central banking system. If I were a central bank, I'd be accumulating all the crypto I could by buying up all of the free supply. I'd have (incognito) bots on every exchange just buying non-stop-24/7. What's a little more printed money in the grand scheme, right? I would quietly sit on massive stock-piles of crypto until the adoption cycle hits the late majority. Next, I would create the biggest financial panic ever seen in crypto-trading by dumping supply and lifting every bid on a mad-dash to the bottom. I would then introduce my solution that "cannot be manipulated by malicious speculators"... and this is the future story of how fedcoin came to be.
  • #5,291
  • Edited Oct 15, 2017 12:36am Oct 14, 2017 11:28pm | Edited Oct 15, 2017 12:36am
halichthiep,

i recommend that you rethink your Elliott count of post #5286.
Wave III is the shortest wave of your impulse count. Wave IV and I are overlapped ....

http://my.elliottwave.com/supportgui...3_complete.pdf

Check the Balan book too:

http://elliottwavetrendsandcharts.co...iple-Forex.pdf

Sixer

Edit:
Here is an early attempt from "EWMInteractive" to count wave (V) starting 2016.
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  • #5,292
  • Oct 15, 2017 1:03am Oct 15, 2017 1:03am
I could see the government wanting a Fedcoin but things have just started

https://cointelegraph.com/news/bitco...al-expert-blog
  • #5,293
  • Oct 15, 2017 1:04am Oct 15, 2017 1:04am
Quoting Sixer
halichthiep, i recommend that you rethink your Elliott count of post #5286. Wave III is the shortest wave of your impulse count. Wave IV and I are overlapped .... http://my.elliottwave.com/supportgui...3_complete.pdf Check the Balan book too: http://elliottwavetrendsandcharts.co...iple-Forex.pdf Sixer Edit: Here is an early attempt from "EWMInteractive" to count wave (V) starting 2016. {image}
we have exceeded those waves by far now.
  • #5,294
  • Edited 3:32am Oct 15, 2017 1:09am | Edited 3:32am
I brought up this count from june so that an Elliottician can update it based on the actual prices.

Sixer

Edit:
Check a later one from mid sept 17.
Did at the low of mid sept. start the next (sub) impulse wave ?
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  • #5,295
  • Oct 15, 2017 3:02am Oct 15, 2017 3:02am
Quoting priceaction1
Once a man appeared in a village and announced that he wanted to monkeys for $10 each. The villagers, realizing that there was no dearth of monkeys in the nearby forest, went out and started catching them(mining). The man bought thousands of monkeys at $10(bitcoin@1$). As supply started to fall down(mining difficulty) , the villagers stopped catching more monkeys. Now the man further announced that he would now buy monkeys at $20 each(bitcoin@50$). This renewed the efforts of the villagers and they started catching monkeys again. As the supply diminished...
In this story there was unlimited supply of monkeys, a single buyer and a bunch of stupid sellers (they went to the forest fo $10 monkeys and did not want to do this for $50 monkeys).
In reality there is a limited supply of bitcoins ~17 mln. today, indefinite number of buyers and sellers with IQ ranging from 20 to 150.
So I do not think that your story is related to Bitcoin.

P. S. I keep hearing that Bitcoin is not worth its today's price and will fall in the nearest since ~30 BTC/USD.
  • #5,296
  • Oct 15, 2017 3:11am Oct 15, 2017 3:11am
ok some questions for all high IQ >120. Bitcoin persons.
1.What is blockchain?
2. did bitcoin is only the blockchain exist or one can create same or more efficient blockchain system?
3 why big players use bitcoin blockchain when they have other options available to them?
more to come.
don't predict direction, but dance with flow of water
  • #5,297
  • Oct 15, 2017 7:08am Oct 15, 2017 7:08am
Quoting priceaction1
ok some questions for all high IQ >120. Bitcoin persons. 1.What is blockchain? 2. did bitcoin is only the blockchain exist or one can create same or more efficient blockchain system? 3 why big players use bitcoin blockchain when they have other options available to them? more to come.
Think of a block-chain as a continuous ledger of transactions, and all confirmed transactions get appended to this ledger in groups of other transactions (blocks). Bitcoin is the OG of crypto-currencies so it is treated like digital gold (a store of wealth) and it has the highest market capitalization simply because it has the highest market share. BTC makes for a shitty currency due to it's slow confirmation times, and because of that we're seeing a lot of different software forks of the existing bitcoin block-chain due to political disagreements in how a more efficient block-chain should be implemented. Block-chain forks are like stock splits because holders own the original bitcoin and get issued free 1:1 alt-coin after the fork, and the demand from buyers rushing in for free alt-coin is fueling a massive speculative bubble.
  • #5,298
  • Oct 15, 2017 7:15am Oct 15, 2017 7:15am
Quoting yg10
{quote} In this story there was unlimited supply of monkeys....
I saw it as a limited, finite supply of monkeys - exhaustion of supply - an artificial run up in prices - classic pump and dump
  • #5,299
  • Oct 15, 2017 7:30am Oct 15, 2017 7:30am
Quoting Price
{quote} I saw it as a limited, finite supply of monkeys - exhaustion of supply - an artificial run up in prices - classic pump and dump
How much did you short? Must be a huge short opportunity then. You can short and hold until bubble pops and you make great money.
  • #5,300
  • Oct 15, 2017 8:48am Oct 15, 2017 8:48am
Quoting stylinex
{quote} How much did you short? Must be a huge short opportunity then. You can short and hold until bubble pops and you make great money.
I think that's how I'm going to play it from now... no longer letting longs run and instead reverse them at D=C+(B-A) with close to break-even stops after a bit of breathing room.
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