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- #123
- Nov 18, 2013 8:28pm Nov 18, 2013 8:28pm
- Joined Jul 2011 | Status: good | 4,295 Posts
Incredible momentum to the upside!
What is deceptive is that around the $500 mark participation was really thin - obviously the bigger money was waiting to see what the inexperienced market was going to do - but now volume has really ramped and looking at the MACD on the 6 month chart (H6) below it is obvious that BTCUSD is only now forming subwave 3 of 3 ! If it's going to extend in the 5th wave, we can easily get $2-3k.
From EW analysis we can expect a correction soon (which the media will probably call a crash) but the low of the pullback could prove to only be the halfway mark of the entire advance (IF wave 5 extends).
What is deceptive is that around the $500 mark participation was really thin - obviously the bigger money was waiting to see what the inexperienced market was going to do - but now volume has really ramped and looking at the MACD on the 6 month chart (H6) below it is obvious that BTCUSD is only now forming subwave 3 of 3 ! If it's going to extend in the 5th wave, we can easily get $2-3k.
From EW analysis we can expect a correction soon (which the media will probably call a crash) but the low of the pullback could prove to only be the halfway mark of the entire advance (IF wave 5 extends).
cryptocurrency everytime
- #124
- Nov 18, 2013 8:58pm Nov 18, 2013 8:58pm
- Joined Aug 2007 | Status: The Bitcoiner | 20,231 Posts
The Chonchy
- #126
- Nov 18, 2013 10:00pm Nov 18, 2013 10:00pm
- Joined Aug 2007 | Status: The Bitcoiner | 20,231 Posts
Hi everyone. I've been around fx factory for quite a while, very active in the beginning and then slowing down as school took over. Nonetheless, I absolutely love bitcoin. It's so unique. I don't care if some random person created it and is currently sitting on thousands of BTC, slowly selling them to make millions in profits. Scheme or not, I still believe in it. I've invested a total of $490 CAD and own 1.03 BTC in an e-wallet, a small amount I know. I do not plan to purchase more at current prices, but rather I will trade it as a CFD through...
The Chonchy
- #127
- Nov 18, 2013 10:04pm Nov 18, 2013 10:04pm
- Joined Aug 2007 | Status: The Bitcoiner | 20,231 Posts
This is what happen. {image} China happen. Adoption there and China counts 20% of the world population, with same supply, bigger demand its not suprising the rise, add in speculative flows, no shorting (volume wise), and you got 100$ per day moves lol
The Chonchy
- #130
- Nov 19, 2013 4:46am Nov 19, 2013 4:46am
- Joined Jul 2011 | Status: good | 4,295 Posts
I will trully feel sad when this gets to his senses and sells off
care to call the bottom of the correction, anyone?
i see price is at $525 now...
MACD and RSI are waaay reverse diverged, I reckon the next wave up starts at $500 or $450 minimum
cryptocurrency everytime
- #132
- Nov 19, 2013 12:08pm Nov 19, 2013 12:08pm
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #135
- Edited 10:48pm Nov 19, 2013 10:25pm | Edited 10:48pm
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #136
- Nov 19, 2013 11:20pm Nov 19, 2013 11:20pm
- Joined Jul 2011 | Status: good | 4,295 Posts
There is a lot favouring the continuing rise of BTC:
I think Lottaa posted this before:
With it's curbs and firewalling of domestic internet traffic, Chinese authorities could block Bitcoin transactions if they wanted to - obviously they condone Bitcoin and are probably viewing it in the same light as their public Gold buying program: accumulate as much as possible. So, ultimately it doesn't matter what US authorities say or don't say about crypto-currency. (I believe they claimed a hands-off policy yesterday 19 November). Another China related link that was in the news section a few days ago:
http://www.forexfactory.com/news.php?do=news&id=457892
Some of the comments on that page show the typical attitude: "Anything that loses 50% of it's value in a day is worthless" - so fine then, stick to instruments that appreciate and depreciate by smaller percentages. "Tulip-mania!" - fine then, don't speculate with risky assets. "It's a manipulated market, boohooo!"... how immoral - i'm shocked.
Also, as the following chart shows there is a MACD maximum on the current peak, meaning the advance is far from over. At an advance top there is usually a diverged (lower) MACD reading than at the prior peak. So I reckon we're going to see another wave up above 1000.
Of course, no matter the geographic location of punters, they will buy and sell and I think we'll see a correction down to current prices ($500-$600) once the top has been struck.
I think Lottaa posted this before:
With it's curbs and firewalling of domestic internet traffic, Chinese authorities could block Bitcoin transactions if they wanted to - obviously they condone Bitcoin and are probably viewing it in the same light as their public Gold buying program: accumulate as much as possible. So, ultimately it doesn't matter what US authorities say or don't say about crypto-currency. (I believe they claimed a hands-off policy yesterday 19 November). Another China related link that was in the news section a few days ago:
http://www.forexfactory.com/news.php?do=news&id=457892
Some of the comments on that page show the typical attitude: "Anything that loses 50% of it's value in a day is worthless" - so fine then, stick to instruments that appreciate and depreciate by smaller percentages. "Tulip-mania!" - fine then, don't speculate with risky assets. "It's a manipulated market, boohooo!"... how immoral - i'm shocked.
Also, as the following chart shows there is a MACD maximum on the current peak, meaning the advance is far from over. At an advance top there is usually a diverged (lower) MACD reading than at the prior peak. So I reckon we're going to see another wave up above 1000.
Of course, no matter the geographic location of punters, they will buy and sell and I think we'll see a correction down to current prices ($500-$600) once the top has been struck.
cryptocurrency everytime
- #137
- Nov 20, 2013 12:40am Nov 20, 2013 12:40am
- Joined Aug 2007 | Status: The Bitcoiner | 20,231 Posts
The Chonchy
- #139
- Edited 1:26am Nov 20, 2013 1:14am | Edited 1:26am
- Joined Jun 2009 | Status: <-That's how u gonna b, in the END! | 1,509 Posts
"technical analysis" and of "bitcoin";
not yet traders 
still needs some more time; not in very near future for sure
not yet traders still needs some more time; not in very near future for sure
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
- #140
- Nov 20, 2013 1:36am Nov 20, 2013 1:36am
- Joined Jul 2011 | Status: good | 4,295 Posts
"technical analysis" and of "bitcoin";
hehehe, funny guy...
cryptocurrency everytime