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Bitcoin technical analysis

  • #381
  • Dec 6, 2013 5:56am Dec 6, 2013 5:56am
Quoting chonchy
{quote} rite on........ ..........I went long on 940 on BTC-e and plan to hold on to go over 1000 in the next few days, we will see, stop at 900......buy and hold strategy, the old fashion way of investing, can you do that with any other instrument?
It has form some kind of resistance a little under 1000 and is holding..........
The Chonchy
  • #382
  • Dec 6, 2013 6:05am Dec 6, 2013 6:05am
Yes hold it! don't sell now. the worst is behind you
  • #383
  • Dec 6, 2013 6:13am Dec 6, 2013 6:13am
Quoting LoveAbove
Yes hold it! don't sell now. the worst is behind you
thanks LoveAbove I appreciate it...........
The Chonchy
  • #384
  • Dec 6, 2013 11:26am Dec 6, 2013 11:26am
hi all,

A quick data dump for a round-up of the week. Unexpected news from China, some news of adoption spreading, oh, and suddenly BoA are big fans and forecast Bitcoin $1,300! Can't beat 'em join 'em, eh?

(news links courtesy of vest007 at Rugatu,com)

06-12-2013: Bitcoin value tumbles after Chinese bank ban
http://www.itpro.co.uk/security/2117...inese-bank-ban
06-12-2013: BofA ML sets $1,300 target on Bitcoin
http://www.fundweb.co.uk/news-and-an...004115.article
06-12-2013: In the Murky World of Bitcoin, Fraud Is Quicker Than the Law
http://www.cnbc.com/id/101252210
06-12-2013: Bank of America report: Bitcoin can become a major means of payment
http://siliconangle.com/blog/2013/12...ns-of-payment/
06-12-2013: Bitcon Is Used By Tesla Motors Inc (NASDAQ:TSLA); Facebook Inc (NASDAQ:FB) Advertising A Successful Initiative
http://www.consensuspress.com/bitcon...iative/252996/
06-12-2013: Ouya games console starts accepting Bitcoin payments for games
http://www.wired.co.uk/news/archive/...6/ouya-bitcoin
06-12-2013: Bank Of America Recognises Benefits Of Bitcoin
http://www.techweekeurope.co.uk/news...bitcoin-133625
06-12-2013: University in Cyprus Receives First Tuition Payment in Bitcoin
http://www.coindesk.com/cyprus-unive...tcoin-payment/
06-12-2013: Bitcoin Tesla: Electronic Currency Pays for Electric Car
http://www.autoevolution.com/news/bi...car-72622.html
06-12-2013: Bitcoin a major currency? Bank of America thinks so
http://www.bizjournals.com/jacksonvi...y-bank-of.html
06-12-2013: Bitcoin bashed in China and France: what that means for the crypto-currency
http://www.csmonitor.com/Business/20...currency-video
cryptocurrency everytime
  • #385
  • Dec 6, 2013 11:59am Dec 6, 2013 11:59am
Quoting venzen
hi all, A quick data dump for a round-up of the week. Unexpected news from China, some news of adoption spreading, oh, and suddenly BoA are big fans and forecast Bitcoin $1,300! Can't beat 'em join 'em, eh? (news links courtesy of vest007 at Rugatu,com) 06-12-2013: Bitcoin value tumbles after Chinese bank ban http://www.itpro.co.uk/security/2117...inese-bank-ban 06-12-2013: BofA ML sets $1,300 target on Bitcoin http://www.fundweb.co.uk/news-and-an...004115.article...
in deed my friend, in deed, thanks for that complete info on the week in review..........I got stoped out at 900 lost 40 points oh well we can't win them al can we...
The Chonchy
  • #386
  • Dec 6, 2013 1:31pm Dec 6, 2013 1:31pm
Quoting chonchy
{quote} in deed my friend, in deed, thanks for that complete info on the week in review..........I got stoped out at 900 lost 40 points oh well we can't win them al can we...

bad lucky chonchy... wait for the sell-off (profit taking) to finish and when we see confirmation of the return of the uptrend we get in long to 1440!
cryptocurrency everytime
  • #387
  • Dec 6, 2013 1:55pm Dec 6, 2013 1:55pm
Quoting dr_who
Why do you think TA is going to work with Bitcoin ? There is no evidence for it working longterm with much more liquid markets. Can you predict that China will outlaw BTC (like they did yesterday) ? Can you predict what legislation may be passed by other governments ? Can you predict when one big holder offloads ? Of course not. TA is a wet dream that has no evidence behind it whatsoever. Gurus come and go. Some are clever and adapt and change and survive. Some even prosper. Is that to do with TA or the fact that by chance some will do well ? I...

dr_who, you make some pointed remarks and raise some valid issues. At this stage, the glass is either half empty or half full. I'm interested to see which way destiny will swing for Bitcoin and crypto-currency. Maybe they'll nail it down with legislation or maybe they'll just have to accept the reduction in earnings like the record companies inevitably did?

As for technical analysis, well, you seem not to be a fan, but i don't question the concept. It's application may not be equal across the playing field but support and resistance and the principles of wave development are hard-coded in market participants behaviour - it's a matter of counting the waves and the events that fullfill them eventually transpire. At the same time, it's not like one should agonise over supply, demand and Fib levels - but merely have a few basic technical tools in the box for when a H&S shows up or a wave extends its trend. Good luck to all off us.

Government pull the plug on Bitcoin? I see where you're coming from, but such action will be about as effective as criminalizing marijuana. The genie is out the bottle, as they say.
cryptocurrency everytime
  • #388
  • Dec 6, 2013 2:09pm Dec 6, 2013 2:09pm
Hi Vensen

You gambling your heart out in the BItcoins now

I normally jump into every stink thing on the net goes tits up in no time

Keep thinking it should run out of steam

But mean while it has grown huge

My young son is a computer geek an they are all trying to crack the magic codes etc

I got my hands full in YEN pairs at the moment

Have a good week end
  • #389
  • Dec 6, 2013 2:33pm Dec 6, 2013 2:33pm
Quoting dr_who
Why do you think TA is going to work with Bitcoin ? There is no evidence for it working longterm with much more liquid markets. Can you predict that China will outlaw BTC (like they did yesterday) ? Can you predict what legislation may be passed by other governments ? Can you predict when one big holder offloads ? Of course not. TA is a wet dream that has no evidence behind it whatsoever. Gurus come and go. Some are clever and adapt and change and survive. Some even prosper. Is that to do with TA or the fact that by chance some will do well ? I...
What a joke of a post; the coins market is so new that TA works MUCH BETTER than mature markets because the traders haven't caught on yet.
Don't have an ego. Always question yourself and your ability.
  • #390
  • Dec 6, 2013 2:35pm Dec 6, 2013 2:35pm
Evidence #1 - Chart posted october 25th, 2013 in this thread:
Attached Image (click to enlarge)
Click to Enlarge Name: 25oct13btc.png Size: 61 KB
Don't have an ego. Always question yourself and your ability.
  • #391
  • Dec 6, 2013 2:37pm Dec 6, 2013 2:37pm
And the follow-up November 7th, 2013... maybe you're not looking at the right TA tools:
Attached Image (click to enlarge)
Click to Enlarge Name: 7nov13btc.png Size: 69 KB
Don't have an ego. Always question yourself and your ability.
  • #392
  • Dec 6, 2013 3:41pm Dec 6, 2013 3:41pm
hahaha...love the title of this thread..."technical analysis"...hahah...good luck gents!
  • #393
  • Edited 11:08pm Dec 6, 2013 10:02pm | Edited 11:08pm
Quoting FlashCall
hahaha...love the title of this thread..."technical analysis"...hahah...good luck gents!

thanks FlashCall! The world laughs with you!

http://welovecreative.files.wordpres...iremedium1.jpg
cryptocurrency everytime
  • #394
  • Dec 6, 2013 10:06pm Dec 6, 2013 10:06pm
Train wreck is nearing..............
The More You Learn, The More You Earn.....
  • #395
  • Dec 6, 2013 10:21pm Dec 6, 2013 10:21pm
untill some country adopts bitcoins as its official currency, this is all just game coins to me.

no intrinsic value in real.
Trend chaser !!!
  • #396
  • Edited 10:51pm Dec 6, 2013 10:38pm | Edited 10:51pm
Quoting RamsesII
And the follow-up November 7th, 2013... maybe you're not looking at the right TA tools: {image}

hi Ramses!

Good to see ya! Great charts and love to see the EW unfold as you have it there.

You know, it's funny, because disruptive tech like Bitcoin rocks the boat, it polarizes people into 'nationalistic' camps - us vs them. So all kind of nastiness start showing on the part of the detractors: sneers, mockery, etc. And here this thread is the lone forum for discussing Bitcoin in a fiat playing field. So it sure draws strong opinion. I did't want pointless slapstick, so i specifically put 'technical analysis' in the thread name. But some Ludites see the word "Bitcoin" and their monkey is like: " WTF!? I'll piss on their Shitcoin! " ... and now some other FF members see "Bitcoin" and "technical" in the same phrase and their monkey just projectile vomits...

It shows a great foolishness when a person strongly and publicly announces their ignorance - like walking into a geologists' meeting and saying "Your rocks are all worthless and good luck thinking you can measure the lay of the land and know what lies beneath!"

I must say, it's a strange sensation being spoken down to - in a trader's forum - for using technical analysis. I just look at it like this: there are very few things to get hung up about in this life and Bitcoin isn't one of them. And people spewing their disapproval over whatever topic just remind me to find that calm, centred place where i can focus and observe from - that's good for trading. But believe me... sometimes... i would just love to spend a round or two with these potty mouths in the boxing ring!

Lot's of analysis to do this weekend. I suspect the BTC is in a triangle prior to hitting bottom and will post later.
cryptocurrency everytime
  • #397
  • Dec 6, 2013 10:54pm Dec 6, 2013 10:54pm
Quoting forexalien
Train wreck is nearing..............

hi Alien!

I think BTC should find support around $450-$500 where demand will just overwhelm profit taking. How's EJ looking to you? I don't think a reversal to the downside is likely in the coming months... but i can't find a hook to jump in long either at this stage of trend!
cryptocurrency everytime
  • #398
  • Dec 6, 2013 11:01pm Dec 6, 2013 11:01pm
Quoting eliteincome
Hi Vensen You gambling your heart out in the BItcoins now I normally jump into every stink thing on the net goes tits up in no time Keep thinking it should run out of steam But mean while it has grown huge My young son is a computer geek an they are all trying to crack the magic codes etc I got my hands full in YEN pairs at the moment Have a good week end
Hiya Elite,

Good to hear from you and glad you're spanking those Yen pairs for profit.

Tell you what, man, I think this Bitcoin thing is gonna explode! The other day I had a deep thought about the internet - about how big it is - few people actually realise - and the Bitcoin is inside of the internet, right? - so that means the Bitcoin is massive!
cryptocurrency everytime
  • #399
  • Dec 6, 2013 11:21pm Dec 6, 2013 11:21pm
http://ubuntuone.com/1JuuaIn23KZxkqroaHPeB3http://ubuntuone.com/2DroUCJfVj8dF9BQWt7hU8http://ubuntuone.com/4s0zjKhtGP5KQg4uNCVToO
cryptocurrency everytime
  • #400
  • Dec 7, 2013 12:40am Dec 7, 2013 12:40am
Quoting RamsesII
{quote} What a joke of a post; the coins market is so new that TA works MUCH BETTER than mature markets because the traders haven't caught on yet.
The Chonchy
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