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Bitcoin technical analysis

  • #221
  • Nov 27, 2013 4:55am Nov 27, 2013 4:55am
Quoting chonchy
{quote} sorry if I sound too bias to bitcoin, it could all explode in my face, but I don't see a down side to it venzen, to tell you true, but I understand, I will be the bad cop here, lol Mt.Gox.....970 at the time of this post....... http://bitcoinwisdom.com/
Good as BTC!
cryptocurrency everytime
  • #222
  • Nov 27, 2013 8:44am Nov 27, 2013 8:44am
Quoting venzen
{quote} Good as BTC!
.......lol......
The Chonchy
  • #223
  • Nov 27, 2013 8:54am Nov 27, 2013 8:54am
BTCUSD $1015 !

But for how long? Will be interesting to see what the market does with it from here...
cryptocurrency everytime
  • #224
  • Nov 27, 2013 9:17am Nov 27, 2013 9:17am
nothing wrong with a retest of 1000

Inserted Video
cryptocurrency everytime
  • #225
  • Nov 27, 2013 9:30am Nov 27, 2013 9:30am
Quoting venzen
nothing wrong with a retest of 1000 http://www.youtube.com/watch?v=Jj4nJ1YEAp4

I love KR , this masterpiece pretty much sums it up for bitcoin, whichever way you look at it bitcoin is as good as gambling gets, I applaud any brave souls that trade it .
Officer ... I swear to drunk I am not God
  • #226
  • Nov 27, 2013 3:45pm Nov 27, 2013 3:45pm
Quoting venzen
BTCUSD $1015 ! But for how long? Will be interesting to see what the market does with it from here...
.......In deed, and gold keeps falling ah......will BTC get to be as good as gold?

Attached Image (click to enlarge)
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The Chonchy
  • #227
  • Nov 27, 2013 3:46pm Nov 27, 2013 3:46pm
Quoting venzen
nothing wrong with a retest of 1000 http://www.youtube.com/watch?v=Jj4nJ1YEAp4
In deed, I think I mention it a few days ago, lucky shot I guess.......
The Chonchy
  • #228
  • Nov 27, 2013 3:50pm Nov 27, 2013 3:50pm
Quoting Fidza
{quote} I love KR , this masterpiece pretty much sums it up for bitcoin, whichever way you look at it bitcoin is as good as gambling gets, I applaud any brave souls that trade it .
hello my friend long time no see you.......

I would applaud myself but I can't because I couldn't buy when I had the chance two months ago, shame on me, but I wish I will be my self right now.......

good that venzen got out with a big profit, way to go venzen.........
The Chonchy
  • #229
  • Nov 27, 2013 4:00pm Nov 27, 2013 4:00pm
......I would sale half of my bitcoins if I had any at a retest of the last high of 1073....call me stupid but.....
The Chonchy
  • #230
  • Nov 27, 2013 6:03pm Nov 27, 2013 6:03pm
Bitcoin seems to be heading up in an ending diagonal (sorry no chart) and it's unfolding fast. I expect a major top today so taking profit anytime now is a good idea.

Should the current wave up not be an ending diag, then whatever heights BTCUSD does achieve, the eventual correction will come back down to AT LEAST current levels since there is a wave 4 in the vicinity (a reliable correction level) as well as the psych level 1000.

Correction below $1000 is highly likely but let's first see where the top strikes to.
cryptocurrency everytime
  • #231
  • Nov 27, 2013 11:20pm Nov 27, 2013 11:20pm
..........Happy Thanks Giving to all who celebrate that day here.......

https://scontent-a-mia.xx.fbcdn.net/...12001689_n.jpg
The Chonchy
  • #232
  • Nov 27, 2013 11:22pm Nov 27, 2013 11:22pm
Quoting venzen
Bitcoin seems to be heading up in an ending diagonal (sorry no chart) and it's unfolding fast. I expect a major top today so taking profit anytime now is a good idea. Should the current wave up not be an ending diag, then whatever heights BTCUSD does achieve, the eventual correction will come back down to AT LEAST current levels since there is a wave 4 in the vicinity (a reliable correction level) as well as the psych level 1000. Correction below $1000 is highly likely but let's first see where the top strikes to.
......Good analysis venzen, thanks.....Happy Thanks Giving if you are here......

https://scontent-a-mia.xx.fbcdn.net/...12001689_n.jpg
The Chonchy
  • #233
  • Nov 27, 2013 11:33pm Nov 27, 2013 11:33pm
Quoting venzen
{quote} hi Pip Anon, Good to see you here and welcome. There are 3 or 4 popular Bitcoin exchanges and the main points to note is that the largest one, Mt.Gox has the highest rates, but it is also known to be unreliable when it comes to fiat pay-outs (take long time). So what a lot of people do is to have accounts with both Mt.Gox and with the next most popular exchange, btc-e. They buy Bitcoins via btc-e, transfer them to their Mt.Gox account, do all trading with Mt.Gox, and when they want to convert to fiat, they transfer Bitcoins back to btc-e....
Thanks! I'm check it out.
When the facts change I change my mind, what do you do sir
  • #234
  • Nov 28, 2013 11:31am Nov 28, 2013 11:31am
Quoting chonchy
{quote} hello my friend long time no see you....... I would applaud myself but I can't because I couldn't buy when I had the chance two months ago, shame on me, but I wish I will be my self right now....... good that venzen got out with a big profit, way to go venzen.........
Hi Chonchy, good to hear from you indeed my old friend, sorry I made myself scarce for a bit, Real life commitments to blame.I hope to pick up where I left and stick around... hopefully .
About 2 years ago I almost purchased about 15 bitcoins ,they had just spiked up to 8 GBP from 6 ,after a couple of hours of unsuccessfully attempting to set up my e wallet with mt. gox and even more difficult using my card to buy them , I gave up on that idea! Its a ride I missed , and I applaud those who had the insight to buy it and hold, but just way too risky for me to jump onto this bullet train,for fear of becoming the equivalent of a bug stain on that trains windscreen.But it sure is fun to watch though, I imagine it will cause some good gain and pain .

Indeed congrats to Venzen and good job of creating this thread which I hope to follow quietly, in the background.

Happy thanksgiving to all US folk here.
Officer ... I swear to drunk I am not God
  • #235
  • Nov 28, 2013 8:40pm Nov 28, 2013 8:40pm
Quoting chonchy
{quote} ......Good analysis venzen, thanks.....Happy Thanks Giving if you are here...... {image}

Thanks for the well wishes. Give Thanks and Praise!
cryptocurrency everytime
  • #236
  • Nov 28, 2013 9:46pm Nov 28, 2013 9:46pm
Quoting Fidza
{quote} Hi Chonchy, good to hear from you indeed my old friend, sorry I made myself scarce for a bit, Real life commitments to blame.I hope to pick up where I left and stick around... hopefully . About 2 years ago I almost purchased about 15 bitcoins ,they had just spiked up to 8 GBP from 6 ,after a couple of hours of unsuccessfully attempting to set up my e wallet with mt. gox and even more difficult using my card to buy them , I gave up on that idea! Its a ride I missed , and I applaud those who had the insight to buy it and hold, but...

Hi Fidza,

There will be a significant correction in the coming weeks. However, I think the mainstream's pessimism of Bitcoin is about to be proved wrong. Even those who already own Bitcoins and are participants in the current uptrend could be surprised: it is not impossible for Bitcoin to make a correction down to $500 and then turn back up with greater momentum. The danger in this instrument is that there is relatively little liquidity and a single large order can have a large impact on price - shifting it $100 or $200 in either direction. This happened just last night with a drop from 1200 to 925 in a few minutes but prices quickly regained altitude.

The thing is to understand the nature of the Bitcoin as a speculative instrument as well as the psychology of the relatively immature market. The fact that it's a hassle to withdraw fiat from the exchanges means that money does not really leave the Bitcoin realm, but converts into and out of Bitcoin frequently, hence the fluctuations.

All that said, I believe that after the imminent correction has played out Bitcoin will quickly run up again - most likely never to fall below $1000 again. The spectre of US govt regulation has now been replaced by what China has to say and judging from the massive market participation and explosion of mining activity in China, the authorities have no qualms with it - in fact, I interpret their silence as approval. Whatever, China decrees will set the stage for Bitcoin's global prospects and it's future. So only put whatever you can afford to lose into your Bitcoin investment/trade.
cryptocurrency everytime
  • #237
  • Nov 29, 2013 12:42am Nov 29, 2013 12:42am
Quoting Fidza
{quote} Hi Chonchy, good to hear from you indeed my old friend, sorry I made myself scarce for a bit, Real life commitments to blame.I hope to pick up where I left and stick around... hopefully . About 2 years ago I almost purchased about 15 bitcoins ,they had just spiked up to 8 GBP from 6 ,after a couple of hours of unsuccessfully attempting to set up my e wallet with mt. gox and even more difficult using my card to buy them , I gave up on that idea! Its a ride I missed , and I applaud those who had the insight to buy it and hold, but...
.........All good Fidza, yeah the I miss the ride also two months ago at 70 bucks but hey we are still alive, nice to see you back, here is a pic of my grandson.......


https://scontent-a-mia.xx.fbcdn.net/...50586666_n.jpg
The Chonchy
  • #238
  • Edited 5:03am Nov 29, 2013 4:44am | Edited 5:03am
Amazing upside push - this is not an ending diagonal because there is no overlapping of waves 1 & 4 - it appears to be an extended 5th wave now in subwave 4. Judging from previous advancing waves the 5th subwave is also likely to extend. I don't want to call a target but if you can work it out and are willing to take the risk, proceed with great cauton because the sell-of from the top should be devastating - you want to get out before the drop - that's for sure!

PA right now seems to be part of subwave 4 and LLs may be due.
cryptocurrency everytime
  • #239
  • Nov 29, 2013 5:50am Nov 29, 2013 5:50am
Thanks for this thread. Good to have some skilled people looking at BTC, not just the fanbois. I'll be following this thread. Thanks again, and have a nice thanksgiving!

-s-
BTC FTW
  • #240
  • Nov 29, 2013 6:26pm Nov 29, 2013 6:26pm
Quoting venzen
Amazing upside push - this is not an ending diagonal because there is no overlapping of waves 1 & 4 - it appears to be an extended 5th wave now in subwave 4. Judging from previous advancing waves the 5th subwave is also likely to extend. I don't want to call a target but if you can work it out and are willing to take the risk, proceed with great cauton because the sell-of from the top should be devastating - you want to get out before the drop - that's for sure! PA right now seems to be part of subwave 4 and LLs may be due.
I'm not trading yet venzen, because I ddn't bought at the correct time and now I'm afraid but you are trading with Mt.Gox, correct? and don't they have stops like our normal forex platforms? that you can put a stop and forget? like stop in +1 and all that?
The Chonchy
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