Bitcoin technical analysis

that is the move I need!!!!!

JPMorgan files patent for payment system that sounds exactly like Bitcoin (but makes no mention of Bitcoin)
http://blogs.barrons.com/focusonfund...n/?mod=BOLBlog

that was the b wave rally (abc up)... crash alert! c wave soon

can some body that understand this chart, explain it to me, please, because I don't get it.......I think the move is more like this and is already done, is just like a 1,2,3 pattern, away from support and it did work well, but is over now, targets are meet and 100% fibo could be the last and then away from resistance on the way down, look for the same pattern, a,b,c, then d is your target...........

Why China’s Central Bank Took the Regulatory Lead on Bitcoin
http://www.thecorner.eu/financial-ma...bitcoin/33865/

summary:
- scared of threat to Yuan if Bitcoin allowed to circulate in the financial sphere
- would overstep their authority if they outright ban it
- acknowledge Bitcoin as a legitimate financial instrument


I'm wondering what it will mean for a Gold-backed Yuan should crypto-currency render the Gold-standard irrelevant? PBoC would have bought so many hundred tons of Gold for nothing? Back fiat with crypto-currency instead? On the streets and in the villages people still require physical money to transact, so crypto-currency can back but not replace fiat... guess there's space for both, but the implications aren't good for Gold!

morning chonchy,

in EW terms there are 5 price patterns:

motive (trending):
impulse & diagonal => internally these have 5 subwaves

corrective:
triangle, zigzag and a flat (skew zigzag) => internally, the traingle has 5 overlapping subwaves; zigzag and flat have 3 internal subwaves


Looking at the chart I think the move from the high to below $600 was a flat (3 subwaves). I would label that wave 'A'. Which means this move up from the lows is wave 'B'. But up from the low we have 5 waves - which don't overlap - so it's not a triangle. So that leaves 2 options: if we look at it a certain way it can be counted as 3 waves - a flat - or if it is indeed 5 waves, it may be the first wave of a larger 5 waves up!

Let's see where it corrects to - that will gve us clues as to the context. if PA consolidates around $1000 we should be going higher. If it falls away from $1000 then we have to wait to see in how many waves and to which level. Every $100 price increment to the downside is a buying opportunity for me. But i would like to know if we're going below $500 because I would leave all the shopping until then!

There is a lot of buzz about Bitcoin now, but every now and again some authority says something which scares participants and these create the "crashes" but IMO the longer term trend is up. The banks are also suddenly in the crypto-currency space, so their statements also have an effect.

Thanks venzen for that extensive explanation of the Elliot waves, and for put it in lay man terms to me, I appreciate it........

BTCUSD EW analysis

Judging from media coverage, positive sentiment and public acceptance seems to imply that Bitcoin should sky-rocket right now. However, the fundamentals are murky, since there are a lot of regulatory statements being made at national level (China, Switzerland and Korea in the past week) as well as some contention being created by JPMorgan in particular who has filed patent for a "Bitcoin Killer" [their emphasis, not mine].

Beyond all that is the price chart itself which can tell us the truth if we decypher it correctly! BTCUSD is hovering just over $1000 at the moment and it appears as if the advance from the recent low around $580 may want to push higher. One thing is for sure: there is much more positive sentiment surrounding Bitcoin nowadays and there should be a lot of eager buyers out there. Buying could be seen to accelerate as price climbed above $900 and even above $1000 the number of buy orders were growing fast - particularly above $1050. However, profit taking brought PA back to $990 and now there is some visible indecision around the $1000 level. Despite the wider public's titilation at the suddenly popular meme of "Bitcoin" and the imminent herd-driven bull stampede, the main attitude I see is Caution - it's volatile; it's Tulip mania, they're going to regulate it; it's not a real currency, yet; etc. The price is very sensitive to news because the mood surrounding Bitcoin is positive (bullish) but the fear of government and banks is negative (bearish).

The following medium term (H6) chart shows a possible count to date. I have not assigned a wave degree yet, but if I must then I would probably opt for a Primary degree. My prefered count shows a top is in for wave 1 and that we could expect a last corrective wave to complete wave 2 to the downside. It is unclear whether the current correction is over (and we are in the initial stages of an advance already) or whether the large swings since the top above $1200 ar subwaves of a triangle wanting to complete down below $500. Such an outcome would be a brilliant buying opportunity but it cannot be ruled out that the lows are behind us - we will have to see what PA does here around $1000 in order to gather more eveidence.

http://ubuntuone.com/4283lHFfW8iYjLEKy7d0a2

This M15 chart shows more details of the price action around the recent all-time high. Firstly note the rounded shape of the topping formation. Secondly, note the "double top" chart formation. It is a matter of interpretation where we place the actual top and the price high - they may not be the same. The manifestation of an ending diagonal near the first high, leads me to believe that the second high was a B-wave top. The visible correction from there and down to below $600 is a 3 wave structure and the subsequent advance to $1050 can also be counted as a 3 wave flat structure to the upside. Is BTCUSD a triangle as labeled on the chart? If yes, then the final leg of the triangle will go find support around $450 as projected.

http://ubuntuone.com/51NMLkHOApzf8S8MEgNS9Z

If not a triangle - and there is some evidence in the strong RSI reverse divergence shown - then the price of a Bitcoin is about to launch to the stratosphere in a 5th wave that may very well extend (from $580) to 1.618 or 2.618 times the length of wave 3! But I'm not going to jump the gun and assume this is the case because the only way to get in on a trade like that is to wait for confirmation - given the fact that it could be highly profitable if it prints, it is worth getting in with high confidence and minimal risk. At the very least I would wait for a decisive close above $1000 on the daily and evidence of impulsive advance toward $1200, the location of the previous top. At that level we should have some profit taking and I will reassess my forecast.

Heavy Sell-off in progress - BTCUSD dropped away from $1000 like something heavy - busted through $950 and sell orders piling up below. Panic selling most likely with some "buy on the dip" buyers stepping in front of the freight train bound south.

No idea what caused this, altho uncertainty was evident above $1000. We're going to buying pastures down below

I see a channel forming on the daily and that is in deed a major concern, so I spec to visit now, after visiting 1000 like we anticipated, and not reaching 100% fibo, so this channel is respected and then a visit to the chocolate ema30 is in the cards, me think, I could be wrong but.....there is blue ema5 fisrt in this down south move, the re ema 100 is in line by the time price reach there with the lower trend line of the new forming channel, so short with a stop at the 100% level was the way to go here when it did reach 1000 when we said it......

wow super TA venzen thanks.......

....I spec a bounce here at the magenta channel line........or a slice true butter and continue down...

..........A better view ......congruence of events, red ema 100 and lower trend line= bounce up, just to get power to continue you know...

nice chart, chonchy, i think it's quite clear there: support around the low 800s and a bounce...

not sure, but i think what's going on is that the market wants to buy in lower so people don't mind to sell - as long as they feel there is a downtrend. Surely they don't want to buy in near the psych level of 1000, so when PA did not advance beyond 1000 earlier today, people took the opportunity to sell - willing sellers - as low as it will go. That is certainly my attitude. Anyone else?

the implication is that taking opportunistic longs at these levels is risky because the market wants lower prices. I'm going to let this downtrend run it's course and look for signs of increased buying lower down before getting in. Main danger: now that more and more players are entering this market, it can switch at the drop of a hat - whatever buy orders a large fund or bank dumps on the market will have an immediate effect. Additionally there are well-monied private individuals who know this is going to make them gazillionaraires and they may have no issue with increasing their 25,000 Bitcoin holdings 10x or 100x at 500 or 1000... so it's not a slow downtrend - it's tense because the market is waiting for Bitcoin to explode

This downtrend can end within days or even hours, so be ready but not too aggressive - see my forecast a few posts ago

awesome analysis venzen, awesome, you are right on the money, easy money to make on this instrument, I wish I had buy 50 000 worth of BTC two months ago......

You are the best venzen rite on the money 800 and bounce back up, this instrument is going no were but.......




unless my head I mean my house is upside down....

On Monday, I reached out to you about this story.

It involved 36 cities across 20 states "dumping" the dollar. I also warned you that this situation was developing very quickly.

Well, another city just joined the list. Vicco, Kentucky.

The situation here escalated so fast, police in Vicco are refusing to be paid their salaries in U.S. dollars.

And the mayor and city commission couldn't do anything to stop it. In fact, they had to pass legislation to allow it.

But it's not just paper money that's under siege. And it's not just happening in America. China is now abandoning their gold FAST. So no money is sacred now.

I realize this is controversial. And you might find it alarming. But you need to know what's coming next.

for 0.055 BTC is good to buy this course for the beginner.......


http://moneymorning.com/ext/bitcoin/...etting+serious)

I opened up account there but i'm in the usa how do i fund account? I'm looking at putting 1k or 2k into it.. And you can trade off mt4 platform?

yes you can trade MT4, but you need to have a wallet first, then put money into the wallet and then send the money from your wallet to BTC-e, from blockchain if you decide to open your wallet with them, you can buy BTC from inside the wallet if you a bank of America bank acc or wells fargo acc, also paypall I think you can send money to your wallet, here are some wallets......

https://xchanger.org/?ref=neopreneur


https://www.ecgate.net/

https://www.bitstamp.net/account/login/

https://www.bitstamp.net/account/register/

https://www.kraken.com/login

and for me this is the best...

https://blockchain.info/

remember your donations......... ........just kidding.......