Bitcoin technical analysis

As allways, an interesting analisys.
I keep on reading you.
Fatima Rugatu

One additional leg up in the diagonal and the downside begins.

Bitcoin PA is acting like a commodity instead of a currency since it is going up and down with the DXY instead of in opposition to it!

This is a major sell signal up here at 150 and the downside is decisive so my previous chart forecast stands.

Updates as and when there is a change to expectation

hello venzen,

whenever there is a profitable instrument you are there,
I salute you...

(until there is a mt.gox problem, or major connection problems)
bitcoin will always have the bullish tendency to break chains to the top!

though the train has already left, any distruption to the supply of bitcoin will lead to whipsaws.
(anyways; bitcoin is always bought instantly at supply levels)

I can't come up with any trade strategy,
only viable way is to buy and wait!

Today silk road was taken down and Bitcoin is predictably crashing.

there are multiple alternatives to silkroad, the business will go there...

This does not make sense. When you reduce the money supply of a currency, in this case the supply of bitcoin, the value of the currency, in this case, bitcoin should go up, provided there is a healthy demand for the currency because the available inventory of it is less. And also because its supply is reduced, there will also be a reduction of inflation for all of the goods & services being bought and sold using that currency. Macroeconomics 101. So hooray for the drug users and bad news I guess for those drug suppliers and since the drugs are going to be cheaper that's going to fuel up the demand for it even more. Good job, FBI!!

So if I really have some spare money available, I would take a Long position in bitcoin right now.

If This Doesn’t Kill Bitcoin, What Will?

By Mark Gimein | Oct. 2, 2013 3:28 PM EDT |


http://go.bloomberg.com/market-now/f...itcoin-620.jpg


The alleged operator of the Bitcoin-based online marketplace Silk Road was arrested in San Francisco yesterday on money-laundering and narcotics-trafficking charges. You can see a copy of the complaint against Ross W. Ulbricht here, and the allegations make for “Whoah!” reading.

They go way, way beyond what you might guess. In addition to the predictable charges above, there’s an allegation of a murder-for-hire plot. No, scratch that. The FBI says there wasn’t just a plot, but an actual murder. The complaint alleges that Ulbricht paid to kill a blackmailer who claimed to have an extensive list of Silk Road sellers and buyers. That, believe it or not, isn’t part of the criminal charges, because (a) the murder would have been committed in Canada and (b) Canadian authorities don’t seem to have a record of the victim.

Whether or not there turns out to have been a murder, the part about blackmail is central to any broader discussion of Bitcoin or other virtual currencies. Think about it for a second. The accusation that someone was able to get a list of Bitcoin users at all undermines Bitcoin’s very reason for existence. It highlights how using an ostensibly untraceable currency makes for a lovely invitation to blackmailers.



http://go.bloomberg.com/market-now/2...tcoin-what-is/

nothing will ever kill bitcoin as it is generated/issued by it's own miners.

no chaos theories on this one,
go speculate elsewhere =)

hey bitcoiniacs.... dipping my toes in to this lovely looking instrument. have 5 now and trading as CFD with plus500 (terrible spread) but hey it's 10:1

Ramses,

I think what you point out is exactly strict adherence to technicals: It's bouncing along the top of a trendline!

any break below and a new price pattern will emerge.

Bitcoin PA does zigzag a lot - even as it draws out an impulse (like at present) - but that is just a result of the low liquidity and daily noise IMO

A-B-C correction complete?

bought the trendline and just slid my stops up, pretty much came out b/e with the spread lol. I'm buying again down here for possible uber-bullish moves... $100 only, why not

Bitcoin is the best thing ever.
Anyway this chart is from the move 180.
It's the premium of mtGox exchange over bitstamp. and mtGox price.

The chart is not updated but still good.

As you can see the price break of 120$ and the spike on Premium close to 18% leading to it, was at the time the catalyst for this move for me. It represents the refusal to sell btc at mtgox caused by USD withdrawl constrains.

Hi Venez,

Great little thread you've started. Have you looked at the "Real Time Bit Coin" trading platform? Web page is: https://rtbtc.com/
Connects to Mt. Gox and Bitstamp exchanges.
Subscription costs (in bit coins - of course )

15 days: 0.02916
1 month: 0.05832
2 months: 0.11664
3 months: 0.17496
6 months: 0.34992

Minimum 15 day subscription maximum 6 months.
A related website is this one: http://bitcoin.clarkmoody.com/, it has charts and market depth.

On initial inspection it does appear to be have technical price structure. The limited liquidity could be interesting to trade though - building a position and getting out will be a challenge. It be like trading stocks again with long positions only.

Very interesting!

ninety47.

And so is it valuable if it duobles it's value in 1 day?

update to this count... up in a wave 3 of 5

OMG OMG NEW ALL TIME HIGH!!!!!!!!!!!! This is like new year YEAH! ;-) ;-) ;-) ;-)

http://medias.omgif.net/wp-content/u...party-time.gif

What goes up must go up some more. Jealous of all your bitcoin traders!

Silk Road 2.0 launched.

http://www.zerohedge.com/news/2013-1...ite-mocks-feds