Bitcoin technical analysis

......In minutes, bitcoin has being such a roller coaster that buying low and selling high is being a breaze for some out there, I have a friend in London that is doing a killing.......he was able to place an order for a new machine ( a miner ) for 22, 000 cash......it must be good, I wanted to buy at $10 or $20 a bitcoin and hesitate, then at $ 120 I thought that it was too expensive, and look at it now, do I keep waiting?......

........A friend of mine bought at $ 90 dollars, ten bitcoins the other day, after he finished listening to me, lol, that was two months ago, the day before yesterday he sold at 700 dollars and call me and invited me to dinner, lol, 610 dollars in ten bitcoins is 6100 dollars in two months, it was a nice dinner with wine and all.......I should had listened to myself when I told him and bought 100 bitcoins then.........oh well....shouldtha, wouldtha, hadtha......

.......$ 770 at Mt.gox a few ago......for the buyers at 70 dollars two month ago is a good investment, me think.......

come on Conchy, my friend, get real:

I knew some people who bought BTC when it was in the vicinity of 850, and lost their nerves when it dropped towards 500

That is not trading, that is not investing, that is a pure gamble. Yes, BTC sub 100, especially sub 50, would have been a nice bet, but come on: now at 500, 700, 1000 it is a bad entry.

The next train will leave the station soon enough.

chonchy, it depends on your trading rules and timeframe. Apply them to Bitcoin as much as any other instrument. Also apply the same analysis techniques but remember this is not a currency chart, it's a commodity chart and will soon come down again. Getting in now has some upside potential (at least $100-$200) by my analysis, what does your's say? You have to assess your risk:reward for such a trade.

Maybe get in with a small position of say 1 micro unit so you feel you're participating?

I missed buying in at the lows because of greed. At some point you have to bite the bullet when a trend is in progress but you cannot enter with a full position as you would have done at the bottom.

.......Hello infinitus, how are you? .......true under 300 will be a good entry me think, but like venzen say, I will try a small amount to try........thanks for the tip infinitus and nice seeing you here again my friend.........

Thanks venzen, I will try a small amount as you recommend and see how it goes......

small problems as to when we start trading big........

TECH | 11/15/2013 @ 3:23CH |58.425 viewsBitcoin Companies and Entrepreneurs Can't Get Bank Accounts
Bitcoin is booming, but many start-ups can’t get or hold onto bank accounts for their USD.
In the first week of July, Jay Shore got bad news. U.S. Bank and Chase informed him they were closing the accounts for his company, Coinabul, a San Diego-based precious metals buyer that sells silver and gold for Bitcoin. They didn’t want to house his half-million dollars. Chase was mum on the reason but Shore says a U.S. Bank compliance officer told him it was shutting down all small Bitcoin clients.
“They tried to force me to take a cashier’s check but I refused,” said Shore who worried he wouldn’t be able to deposit it elsewhere. He made a dozen trips to U.S. Bank because they wouldn’t give him more than $30,000 at a time. “The money is now sitting in our corporate vaults along with our metals.”
Bitcoin – invented in 2009 by a mysterious programmer – is a replacement for state-backed currency, “mined” from the Internet via complex computing. It’s been booming this fall; one Bitcoin is currently worth over $400, its value doubling over the last month. It has limited real world uses now but offers, as investor Peter Thiel says the “world-changing” promise of online transactions without fees, third parties or identity; it’s the online equivalent of paying someone in cash, and it works universally. Long popular with those using it to buy and sell illicit goods online, it’s now found new fans: the venture capital community, taking the place in their hearts left empty by social networking companies that have IPO’ed. Second Market, which sold Facebook shares before the company went public, now has an investment fund for the $4-billion Bitcoin market. The Winklevoss twins have put $1.5 million into Bitcoin exchange BitInstant, while also applying with the SEC to start a Bitcoin ETF. Union Square Ventures, Lightspeed Venture Partners, Jim Breyer, Accel, and Google Ventures are among those pouring millions into promising cryptocoin start-ups. But many Bitcoin start-ups have a big problem: they can’t get bank accounts. Shore is one of the many Bitcoin entrepreneurs sent packing in the last few months.
“I’ve been kicked out of every major bank in New York,” says Charlie Schrem, the CEO of Bitinstant. “Chase, Wells Fargo, Citibank, U.S. Bank. And once they shut down your business account, they ban your social security number too meaning you can’t keep a personal account.”
While in Hong Kong in April, Schrem got notice from Chase that Bitinstant’s account was being suspended immediately, meaning he had to race home on a hasty flight with four connections in order to get the money into a different bank to avoid shutting down the business. Bitinstant has since suspended operations. It’s hard to pay the rent or electricity bill if you don’t have a USD bank account (at least for now).
“ Starting this summer, almost every U.S.-based startup who previously had banking was cut off if the word ‘bitcoin’ was mentioned, including simple checking for payroll and operational expenses like utilities and rent in USD,” said the Bitcoin Foundation in a statement. “The upcoming congressional hearings are timely as banks are unable to accurately asses risks without clear guidelines – leaving entrepreneurs bank less and forcing innovation overseas.”
The Bitcoin banking casualty list is a long one: popular Bitcoin – USD exchanges Bitfloor and BitInstant, in New York; Tradehill, in California; and Bitbox, in Michigan, have been out of commission for months. All had registered as money exchangers with the Department of Treasury’s FinCen, per federal guidance. Mobile Bitcoin payment company Coinapult moved from Colorado to Panama to avoid the “murky, unpredictable, and onerous” regulatory environment in the U.S., says a company representative. Capital One even shut down the merchant account for Mulligan Mint, a commemorative coin maker, when it started making physical Bitcoin silver coins; the business was not in fact dealing with Bitcoins, just making fake models of them.
“Saying Bitcoin in a bank is like yelling fire in a theater,” says Kinnard Hockenhull, the 23-year-old founder of Bitbox.
Citibank, Bank of America, J.P. Morgan Chase and Wells Fargo declined to speak on the record about the issue. U.S. Bank didn’t respond to a request for comment. Steve Kenneally, VP of regulatory compliance at the American Bankers Association, says the banks are wary following two prominent pieces of government guidance this year. In March, the Department of Treasury’s FinCEN said that businesses doing Bitcoin exchanges were classified as “money services businesses,” meaning they need to be registered as such and conduct due diligence to know who their customers are and prevent money laundering. But for banks, having a MSB customers entails enhanced monitoring. On top of that, the FDIC issued guidance saying that banks face heightened responsibility around high risk businesses — such as those dealing in guns, fireworks or Bitcoin.
“With virtual currency, there’s a lot of uncertainty out there and banks don’t like uncertainty,” says Kenneally. “Clearer regulation is needed as to the legality and treatment of virtual currencies.”
Kenneally says what makes things harder for banks and policymakers is when virtual currency proponents promote Bitcoin’s anonymity, cross border ease, and frictionless transactions, all which set off red flags for regulators. At the same time, Bitcoin is a completely trackable and traceable currency with one big public ledger for every transaction. “That’s the neat thing with Bitcoin,” says Kenneally. “You can see every transaction that ever happened but it’s happening behind pseudonyms and email addresses that you don’t have a big directory to.”
Coin Validation, a new start-up, wants to create that directory, but the proposal hasn’t been well-received by the Bitcoin community.
Bitcoin's value as of FridayBitcoin’s value as of Friday
It’s not just businesses struggling with their banks. The Internet is littered with reports from individuals who have gotten calls from their banks after dabbling in Bitcoins, and not just in the U.S. A Swedbank customer says her account was frozen for 15 days after she sold 5 BTC through a local exchange.
“I don’t think it’s realistic to create a disruptive instrument and expect the business you’re disrupting to greet you with open arms,” says Ryan Straus, a virtual currencies lawyer at Riddell Williams in Seattle. “The tension is undeniable between banks, regulators and Bitcoin businesses, but it shouldn’t surprise us because that’s the point of Bitcoin: to eliminate the need for banks.”
Staus says there’s little upside for banks to work with Bitcoin businesses. Most are still tiny, generating little in fee income. (Shore says he was paying $40,000 per year in bank fees.) “Compare that with the risks,” says Straus. “With any given Bitcoin, how do banks and regulators know they’re not facilitating the transfer of funds obtained in conjunction with illicit activities?”
“Bitcoins are not illegal in and of themselves and have known legitimate uses,” said an FBI criminal complaint when it shut down online drug bazaar Silk Road, and seized its holdings: approximately 500,000 170,000 Bitcoins or $30 million at the coin’s curren...

for the sake of getting your hands dirty and being a participant: a small investment at any price is OK. Why?

1) you're not throwing all your capital at it, in fact 0.01 Bitcoin is the minimum buy amount at Mt Gox and that's affordable

2) Buying a tiny amount at current levels *$800/BTC) is not laughable because it is bound to go above $1000 - if not on this wave then the next and the next.

3) bad case scenario: Bitcoin is declared by all humankind as "The Most Stupid Idea of All Time" and Mt Gox closes and the internet backbone refuses to transport packets that contain anything related to Bitcoin... well, you lost $100.

4) worst case scenario: Catastrophic Global Market Collapse - we quickly refert to the Stone Age with no electricity or communications. People cook on fires made by banging two rocks together. Others come by your settlement offering Gold in exchange for food and water - to which you reply: "I can't eat frickin' Gold, buddy - besides, how do I know that there Gold is even real?". In such a scenario your failed entry into the Bitcoin market will hardly lose you any sleep.

5) likely scenario: Bitcoin gains traction and each wave pushes higher. You go to the houseparty and say to the girl with brown eyes: "Yeah, I've heard of Bitcoin, baby..."

Double top forming in H4. Well, its going to drop to 500 at least, or "to da Moon"!

Have a nice weekend!

http://www.zerohedge.com/news/2013-1...old-vs-bitcoin

Might be interesting here

thanks for that, infinitus.

anyone who thinks Bitcoin will or is meant to replace Gold does not understand the value of either. Beisdes, that's like comparing apples and oranges. It's clearly not a one-or-the-other dilemma because both can exist at the same time and fulfill their functions.

BTW - on the topic of Peter Schiff - i don't know what's wrong with the man - too much sugary drinks perhaps - check this out:

Euro Pacific's Schiff: Gold Prices to Go 'Up in the Stratosphere'

http://www.moneynews.com/Markets/Sch...8/30/id/523124

Talk like that is just hyperbolic. The man has mentioned $5000 and $3500 but those prices are based on what? Sucked out his thumb perhaps because technically it will take a long time for Gold to achieve those kind of prices. Knowledge of EW degrees shows that in the current Cycle degree Gold is in $3500 is ruled out. Once Gold crosses into Supercycle degree, then it could achieve $3500 but it first needs to make a SC wave 2 (to the downside) and then go up to the target - and that will be at least a decade from now. So who is he addressing with his paniced rhetoric? Obviously the next generation of investors!

Mr Schiff ends the article with "Buy gold and sell euros." Now that reminds me of some of the posts one finds here at FF, especially around news time: "BUY USD!!!" - based on what? Can i see some analysis to support that recommendation

Thanks for the article, infinitus - it allowed me to clear some cobwebs!

...aaand as irony would have it:
University in Cyprus Becomes First to Accept Bitcoin Payments

There is more...

Virgin Galactic to accept bitcoin: Branson

http://www.cnbc.com/id/101220710

Almost perfect double top in H4... So where its heading?

Anybody making up lower prices to get in at will have the same consequence as the guy who missed it at 10 20 30 100 200 300 400 500 600 700.... Its still going up because people are still buying it. Dont regret it when its @ 2000 3000 4000.... Clear your mind of the price and numbers. Look at the chart. Candle sticks/the chart are what you should be trading, not arbitrary numbers you want.

Thats easy, weak hands will sell early, buyers will take their bitcoins and up through the false signal we go!

Looking to buy BTC! Will pay with CAD$ via interac e-mail transfer.

https://localbitcoins.com/ad/45711/c...rac-e-transfer

You can also get free BTC daily here!

http://www.bitvisitor.com/?ref=1JYu3...FWzJM23bHwkRQR

Hi buddy V-

Interesting thread and topic matter. I have only just started to learn more in depth about BTC.

From some of my readings it seems that there are several exchanges that will offer trading.

Yet, it is highly unregulated and thus, subject to wild descrepancies in price and flow - I would imagine.

By looking at some of the charts, it seems this is already what is going on.

Yet, I think the idea is cool, would I bet the bank on it now?? well likely no.

In any case I was sent this link from a friend of mine whom I am teaching the fundamentals and trading techniques of
gold and silver.

So for the noobs to this topic (like me) here's a little article. Not much about what it is, yet I know venzen has already taken the time to post links in post ONE.

http://finance.yahoo.com/photos/bitc...237-slideshow/

Another question or point on figure of speech,

"bitcoins are mined" How is a totally digital based currency mined. Gold is mined. Copper and Coal are mined.

I mean are they talking about mining the vast dungeons of cyberspace and e-commerce! But for what? Unused cash credits towards amazon?

Just a thought.

Lastly the problem is the governments in which this "currency" will be accepted and used. If you the bartender in Canada accepts BTC,
Great, if you have them to use, yet what does said bartender do then? If he can only use this currency digitally he is limited in his actions.
Can he put his profits in an IRA? Can he take them to the bank on an iPad and say I have 2000 BTC convert this to dollars?
There is a disconnect here that - perhaps has been addressed, yet it doesn't seem so.

Mine:

mine 1 (mhttp://img.tfd.com/hm/GIF/imacr.gifn)
n.
1.
a. An excavation in the earth from which ore or minerals can be extracted.
b. The site of such an excavation, with its surface buildings, elevator shafts, and equipment.
2. A deposit of ore or minerals in the earth or on its surface.
3. An abundant supply or source of something valuable: This guidebook is a mine of information.
4.
a. A tunnel dug under an enemy emplacement to destroy it by explosives, cause it to collapse, or gain access to it for an attack.
b. An explosive device used to destroy enemy personnel, shipping, fortifications, or equipment, often placed in a concealed position and designed to be detonated by contact, proximity, or a time fuse.
5. A burrow or tunnel made by an insect, especially a corridor on a leaf made by a leaf miner.
v. mined, min·ing, mines

I am not trying to fall flat upon this program of bitcoin because AS OF NOW- it is federally accepted I suppose,

But I will point out a very valid and similar situation with something called the "Liberty Dollar"

The Liberty Dollar (ALD) was a private currency produced in the United States.

The currency was issued in minted metal rounds (i.e. coins), gold and silver certificates and electronic currency (eLD). ALD certificates are "warehouse receipts" for real gold and silver owned by the bearer. According to court documents there were about 250,000 holders of Liberty Dollar certificates.[1] The metal was warehoused at Sunshine Minting in Coeur d'Alene, Idaho, prior to a November 2007 raid by the Federal Bureau of Investigation (FBI) and the Secret Service.[2]Until July 2009, the Liberty Dollar was distributed by Liberty Services (formerly known as "National Organization for the Repeal of the Federal Reserve and the Internal Revenue Code" (NORFED), based in Evansville, Indiana. It was created by Bernard von NotHaus, the co-founder of the Royal Hawaiian Mint Company.[3]

In May 2009, von NotHaus and others were charged with federal crimes in connection with the Liberty Dollar and, on July 31, 2009, von NotHaus announced that he had closed the Liberty Dollar operation, pending resolution of the criminal charges.[4] On March 18, 2011, von NotHaus was pronounced guilty of "making, possessing, and selling his own currency".[5][6]

ONE of these Coins sells for now about for about 14 USD with a FACE

suggested value of only 1 USD.

So - I humbly asked, while funded by the "SUPER RICH" how is this Bitcoin any different from the liberty dollar? Perhaps because they were against the FED's Fiat Dollars? Yet, essentially what is bitcoin? The same thing, an alternative currency. Somewhere, somehow, people in the right places are getting paid and betting on the future of this. Thus, It may be a great buy hold and DUMP at top.