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Bitcoin technical analysis

  • #461
  • Dec 8, 2013 9:36am Dec 8, 2013 9:36am
Quoting Whimtradr
UP? {image}
Everything is what it looks like.

Inserted Video


Disclaimer: According to "my principle" bitcoin is priceless and I still wonder why it exists.
  • #462
  • Dec 8, 2013 12:29pm Dec 8, 2013 12:29pm
Quoting chonchy
venzen I still can see my money in the MT4 platform and I did all you told me, I most to do some wrong, should I contact them?

for sure, contact them with a polite email and raise the issue.
cryptocurrency everytime
  • #463
  • Dec 8, 2013 12:45pm Dec 8, 2013 12:45pm
Quoting Mingary
{quote} Bitcoin will crash way below 100, disappear and get reincarnated as a new craze that will enthrall the masses. The herd needs it the herd wants and demands to be used and abused, the herd is (financially) self detructive, always was and always will be..

hi Mingary,

yes this can happen. Just like it happened with Gold in the 80s and with the Yen this year. But I think you're not talking about a relentless downtrend on the chart - but a disappearance off of the face of the earth instead. That can indeed happen to Bitcoin. As the first crypto-currency it has some design flaws that may prove irretrievable. But Bitcoin is not the only crypto-currency and crypto-currency as a concept is not a fad that is going away. There are design documents in circulation that date back to the early 90s where both US government and private academic resources were teamed and set to designing and rolling out crypto-currency in the face of physical and security constraints inherent in paper-based / old-styled "electronic" money.

As for the herd, they're only now getting the OK from their mainstream media and banks that Bitcoin is the new "super-commodity". So before any crash to oblivion might happen - people are most likely going to behold what a 2010's bubble really looks like.
cryptocurrency everytime
  • #464
  • Dec 8, 2013 12:45pm Dec 8, 2013 12:45pm
Quoting aristotel
{quote} Yeap, kinda like bitcoin bullish flag.

cryptocurrency everytime
  • #465
  • Dec 8, 2013 12:48pm Dec 8, 2013 12:48pm
Quoting Whimtradr
UP? {image}

In my opinion, not yet.

First some sideways consolidation, a LL and then $1000 resistance should become the target.
cryptocurrency everytime
  • #466
  • Dec 8, 2013 12:49pm Dec 8, 2013 12:49pm
Quoting forexalien
{quote} Was I in time for the Train Wreck ?
erm... depends what you call a train wreck - $700 or $0 ?
cryptocurrency everytime
  • #467
  • Dec 8, 2013 12:59pm Dec 8, 2013 12:59pm
Quoting venzen
{quote} erm... depends what you call a train wreck - $700 or $0 ?
$200 -$300
The More You Learn, The More You Earn.....
  • #468
  • Dec 8, 2013 1:10pm Dec 8, 2013 1:10pm
Quoting venzen
{quote} In my opinion, not yet. First some sideways consolidation, a LL and then $1000 resistance should become the target.
she is on a triangle formation just like you said venzen......let see wish way he goes after it breaks and follow the money.......

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but this low volatility lately and this 5M chart have being great and full of oportunities for some trades........

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if you ask me I will still insist that he wants to hit that ema5 blue and continue down to the red ema100.......

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The Chonchy
  • #469
  • Dec 8, 2013 1:15pm Dec 8, 2013 1:15pm
Quoting forexalien
{quote} $200 -$300
.......It may, it may, that is my red ema 100 on the daily........remember he come from there, 250, ........250 was resistance, now it will be support, after that wil come to hit 1250 again and try to break it north, hope fully......

the chocolate ema 30 is now support for the moment if it breaks and open under, it will go to the red ema 100 with all his bumps and dumps and jumps.......that could mean a lot of money on the 5M chart.......

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The Chonchy
  • #470
  • Edited 2:03pm Dec 8, 2013 1:28pm | Edited 2:03pm
Quoting chonchy
{quote} she is on a triangle formation just like you said venzen......let see wish way he goes after it breaks and follow the money....... {image} but this low volatility lately and this 5M chart have being great and full of oportunities for some trades........ {image} if you ask me I will still insist that he wants to hit that ema5 blue and continue down to the red ema100....... {image}

To me the triangle seems to be gearing up for a breakout to the downside - the first clue will be if PA crosses the upper TL and then reverses back in and through the TL. Triangles normally occur in the 4th wave and B wave positions, so that wave down will be the last before trend turns back up. It will be a 5 wave move - hence either a swift move down or a long drawn out fight to complete 5 moves - I think it's going to be the latter. But first give the triangle some time - they always take longer than one expects!

I would trade it but bear in mind the risk is to the downside. And there is more money to be made buying actual Bitcoins at these levels (and lower if you can) and then selling them up higher. Trading the BTC-e CFD is less lucraive, unless you crank that leverage dial to a mind-bending '3'!

Also, my conviction of a strong move up (after this correction is over) is in your daily chart: look at RSI - the way it is way below the lows made by prior PA lows - yet PA is not confirming those lows - this is reverse (hidden) divergence and it is a strong bullish signal - especially when accompanied by normal RSI divergence on the prior PA HHs
cryptocurrency everytime
  • #471
  • Dec 8, 2013 1:32pm Dec 8, 2013 1:32pm
Quoting forexalien
{quote} $200 -$300

good call IMO - the last wave down will be a 5 wave move and it can get there - but somehow I think BoA and Merrill Lynch will start easing in buy orders around $500. Wish they wouldn't participate but i guess it was inevitable, eh?
cryptocurrency everytime
  • #472
  • Dec 8, 2013 1:54pm Dec 8, 2013 1:54pm
right i'm out of here. Been doing news submissions re: Bitcoin all weekend, so i am feeling super-informed. My conclusion here near year end is this: Bitcoin is enjoying a lot of mainstream publicity and the nature of the publicity has changed: no longer the dirty stories about Silk Road and some small time US govt departments barking about financial crimes. Now it's Lamborgini dealerships accepting Bitcoin and Bitcoin ETF showing stellar performance and the big banks positioning and Show your Granny how to setup an online crypto-wallet. These are signs of mainstream participation - and with the mainstream comes the herd and soon you're going to hear "Bitcoin $5000" and Bitcoin on the cover of popular media. Lookout for "Is Bitcoin the New Gold?" I kid you not. Even without the herd, Bitcoin has offered some great trading opportunities this year. The next move should be a 5th wave of epic proportions. So buy your $100 worth of Bitcoins below $700 and hold until there is only good news about the darling Bitcoin from every direction. That will be the sign to sell.
cryptocurrency everytime
  • #473
  • Dec 8, 2013 3:51pm Dec 8, 2013 3:51pm
this correction doesn't feel like a wave 4. i believe wave 3 high was really at 900.98 and the actual wave 5 was at 1242.
the correction (ABC) should end near wave 4 of a lesser degree at 453.29 and start a new cycle from there.
  • #474
  • Dec 9, 2013 4:19am Dec 9, 2013 4:19am
Quoting chonchy
{quote} she is on a triangle formation just like you said venzen......let see wish way he goes after it breaks and follow the money....... {image} but this low volatility lately and this 5M chart have being great and full of oportunities for some trades........ {image} if you ask me I will still insist that he wants to hit that ema5 blue and continue down to the red ema100....... {image}
we hit the blue ema5 but there is no signs of stopping.........

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The Chonchy
  • #475
  • Dec 9, 2013 4:22am Dec 9, 2013 4:22am
Quoting chonchy
{quote} we hit the blue ema5 but there is no signs of stopping......... {image}
It is a perfect 61.8 fibo retrace of the last fall so it may bounce here, don't know yet, we will have to wait and see.......follow the money.......

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The Chonchy
  • #476
  • Dec 9, 2013 4:26am Dec 9, 2013 4:26am
Quoting chonchy
{quote} It is a perfect 61.8 fibo retrace of the last fall so it may bounce here, don't know yet, we will have to wait and see.......follow the money....... {image}
Here is a 50% retrace of the rally north........


.......And is being respecting the fibo's so I don't see a reason why no to do it this time........and then they say around here that is not an instrument to trade technically..........lol......is the only one at the moment I will say..........what do you think venzen.......

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The Chonchy
  • #477
  • Dec 9, 2013 4:35am Dec 9, 2013 4:35am
Quoting venzen
right i'm out of here. Been doing news submissions re: Bitcoin all weekend, so i am feeling super-informed. My conclusion here near year end is this: Bitcoin is enjoying a lot of mainstream publicity and the nature of the publicity has changed: no longer the dirty stories about Silk Road and some small time US govt departments barking about financial crimes. Now it's Lamborgini dealerships accepting Bitcoin and Bitcoin ETF showing stellar performance and the big banks positioning and Show your Granny how to setup an online crypto-wallet. These are...

sort of, like buy when is blood on the streets and sale at the sound of the trumpets, ah venzen?
The Chonchy
  • #478
  • Dec 9, 2013 4:41am Dec 9, 2013 4:41am
........I believe our trading range is the 551/1089 area, so buy low guys at 550/600 like venzen say, below 700, and sale high around 5000, lol........

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The Chonchy
  • #479
  • Dec 9, 2013 4:43am Dec 9, 2013 4:43am
.......Thanks for the donations guys......I really appreciate it...........

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The Chonchy
  • #480
  • Dec 9, 2013 5:24am Dec 9, 2013 5:24am
.......It looks like rejection a the 61.8 fibo here ah.......forming like a resistance there....

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The Chonchy
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