Bitcoin technical analysis

This guy only want bitcoins.......

http://rt.com/news/house-for-sale-bitcoins-781/

BTC gets real for some of them......


http://online.wsj.com/news/articles/...79721277783300

http://mashable.com/2013/03/22/house-bitcoins/

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very good radio show at the video that explain a few things in details..........

take it easy with the language around here - this is a speculative instrument and it goes up and down. It does so in a manner that some think is exaggerated but so does GBPUSD in my opinion - or some EM currencies like USDZAR.

We know from QE that most money in existence is only an electronic entry, so what's the difference really? In one view, everything going round in these markets are derivatives and the whole house of cards is builidng up to a massive failure. In such a scenario it doesn't really matter if the Bitcoin is a crypto-currency or compressed bat guano - the chart is tradeable and highly lucrative.

In or out - up to each individual, but i understand there is a lot of negative press and some people feel insecure when presented with a currency that is not government issue yet equally a figment. This is what Bitcoin does - it shows us the emperor has no clothes - and many mainstream dependents get wobble-mind which produces angry thoughts about the upsetter: Bitcoin - which is voluntary and not forced on anyone.

Did I mention that it feels great being a bitcoin millionaire?

very good! and welcome to the wonderful world of Bitcoin!

1mBTC, eh?

http://ubuntuone.com/4lQImDjATtrNCd0QV1Eohq

Wow venzen you hit the nail in the head........

Exactly.

the notion of embedded timeless value is a security blanket. It's as if we are face-to-face with the reality of "perceived value". QE can do that. Or being stuck in Kathmandu with only a Visa card. Or trying to barter a bar of gold for a life-vest on the Titanic. You said it: value is contextual and relative to the parties involved. Bitcoin has joined the global pool of "things" and cannot be wished or regulated out of existence. See how well that strategy worked with Marijuana!

I think the reaction we're seeing from a lot of people is either jealousy or envy -> resentment for missing the boat and not really understanding the nature of this upstart "currency" made of thin air. Thing is, none of us here are Bitcoin experts or have large holdings, so the anger is being misdirected and we have to enjoy the rough with the smooth

.....Well Venzen I put it in BTC-e and sold high and bought low a few times and now is 14 366 mBTC's venzen..........so it is in deed a wonderful word of Bitcoin! I only need a drop to 500 to buy all and hold to 2000, lol

I couldn't say it bether my self, this guy deserves a medal, if he would just slow down a bit.........

Trading conventional currencies piggybacks on fluctuations arising due to trade in goods and services, investment flows, and relative state of economies. Perceptions are constantly validated by statistical data. Negative economic news will keep appreciation of a currency in check.

These controls are absent in BTC trading. It reacts only to political risks.

A good mean of exchange should provide certain price stability. Currently BTC cannot provide it. It is reverse of Zimbabwe dollar. Normal currency relationships do not fluctuate such percentages. Inflation in major currencies is non-existent. Even gold is in a down trend. Nothing is actually priced in BTC which is similar to many troubled economies where merchandise is priced in USD or EUR even if paid by local currency.

You can defend BTC as much as you wish. It used to be a payment instrument. It is no longer one. It became a tulip bulb first.

Gold is going down because JPMorgan sales paper money or naked short it and gets fined millions of dollars everyday, but is like a guy going to a meeting where he is going to make a million dollars, and its late, so speeding to the meeting gets a speeding ticket of 200 dollars, who cares if by getting early to this meeting he is making a million dollars, JPMorgan gets fined 100 million dollars for short saling every day the gold and then behind the scenes they go and buy billions of physical gold with fiat money printed by the feds and given to them a very low interest rates, so who cares if they get a ticket if they are buying all the gold in the world, when dollar and all fiat currencies collapse, who owns the gold? exactly....... them, and then with that gold as a gold standard or gold based currency they still control the game, is all in the plans since 1913, is all preplan.......

and that nothing is priced in bitcoin is not true, all is priced in bitcoins for this bitcoin entusiasts world or community, and its growing fast, at a peace of 1000 % every few months......but to each its own......

and I don't defend it, I just trade it and make money with it, then change it for the fiat dollars that I can't print (only the feds can print) and buy things with the fiat dollars, until now, it all may change later and if I don't have bitcoins I maybe in trouble, do you have some bitcoins? well go get some now at 1100 dolars...... but is ok, it maybe 2000 dollars tomorrow......... or 3000......venzen have it in the beginning of the thread......1000, 2000 or 3000, well one down two to go.........

BTC dropping hard.

grin,

You ask intelligent questions. Briefly, to clarify my angle and dismiss any preconceptions you might have: I'm not a gold bug, not a Bit bug and I'm not foaming at the mouth about fiat - it's going to be with us for a while still. Ok, so with that out the way: The crux of your questions is about value and the idea that a volatile price can hamper a currency's function and usefulness as a token of value exchange.

Yes, the Bitcoin is volatile and it is likely to remain so while its in the speculative phase of its development. While the Bitcoin is being referred to as a crypto-currency (simply, a currency) it is actually more than that. I won't spend time writing on the intended disruptive aspects; the emulation of gold, etc - you can look into that yourself - but what i will say is that Bitcoin's major mode of functionality is as a speculative instrument. More Bitcoins are being hoarded and traded for profit than are actually circulating in goods/services trade transactions. So hence the volatility. It can best be described as a commodity and this is the part that i see you overlook in your questions quoted above: most commodities are highly volatile and can print both their monthly high and low in a single day. Bitcoin is not THAT volatile, but in it's speculative capacity it does fluctuate in pricing.

Same as, say, coffee - the wild intraday or intra-week price swings do not translate to constant relabelling at the store and consumers are mostly oblivious to the coffee market. But give somebody a 1/2 ton of coffee (or coconuts or whatever) and they become VERY interested in the market price! Similarly, the owner of a warehouse full with the takings of a bumper harvest will not sell until the price suits her. Same with oil, same with Silver, same with Bitcoin. So it's really a commodity and anyone who treats it as a currency is being naive and possibly losing large potential profits at various times during the day.

Same as bullion, two trading parties work on spot (or the London close) and the price changes day-to-day. But you don't think twice with fiat because it's hard work and inconvenient. Until you go travelling and you want to exchange valuta... then you are forced to wake up to fluctuation and exchange rates. Maybe one day Bitcoin will be a like a fiat currency in that its price will stabilize as greater uptake and more liquidity evens out the volatility.

But the Bitcoin is not "meant" to be anything predefined. It is in the wild and it has a current role which will change. Just like you cannot value your labour or skills in Gold (employer on the phone: "We'll call you, ok?") just so most people can't use palm oil or Bitcoin as a stable and accepted callibration. Unless you work in a palm plantation or mine Bitcoins. It's all relative.

I would say keep an open mind about Bitcoin. It's developing and nowhere near maturity or full exploitation, because people think it's made from scrambled electronic poop by pimply Asian computer geeks. The Bitcoin logo even looks like it comes off a Monopoly board... the average Joe and the politicians (troglodytes) and the talking heads that populate the media - they don't get it - and probably never will. They use cliches like "think outside the box" but the fact that they have been psychologically "brain-stapled" means that outside their box is another bigger box! Bitcoin is not in the realm of comprehension of the mainstream.

About 6 months ago some small software companies started offering their employees payment in Bitcoin and some took the option. They should all be millionaires for the past month. Why would a bunch of small businesses suddenly decide to do that? Whim? Or did they see (from their innovative and creative subculture) the potential of what Bitcoin is going to become?

thanks SP, i was so busy eulogizing i didn't update the chart!

edit: the drop triggered a short order and it hit my TP just below 900 (BTC-e pricing) - back to eulogizing i guess!

.......1077 was the side way move and I short it for a profit of 7 mBTC's in one hour, on btc-e, not bad, no bad at all, thanks venzen for pushing me to trade bitcoins I really need to send you some crumbs.........where is your wallet so people can donate for your info here venzen.......

went long 1 mBTC's at 860 at BTC-e......wish me luck....

how the drop trigger a short venzen? do you have an EA that detect this movements?

....Retesting the low now of 846.........my stop is 30 pips lower........take profit 920...on BTC-e that is......