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Bitcoin technical analysis

  • #901
  • Jan 3, 2014 12:19am Jan 3, 2014 12:19am
Quoting chonchy
{quote} venzen, thanks for everything, Happy New Year to you too, my friend, I manage to put money into MT4 but it looks like the minimum requirement here is more than on the regular BTC-e platform, so I need to deposit more in my wallet but for me here in US is a mess, any ideas?
hi chonchy! i'm on a small boat going to the mainland.. difficult to type on this phone and some waves today... anyway, lets try,

glad you got MT4 funded. i initially put $13 in mine as a test. leverage 1:1. buy/sell at marlet or with a limit/stop order which is good. min transaction 0.01 like you say and earn 0.01 usd per pip. buy/sell 0.1 earns 0.1usd/pip; buy/sell 1btc earns 1usd, etc. if you have orders open they consume margin so be aware of that. can open positions in opposite directions for margin of 1 pos. good.

gotta go. more later
cryptocurrency everytime
  • #902
  • Jan 3, 2014 2:24am Jan 3, 2014 2:24am
Quoting venzen
{quote} hi chonchy! i'm on a small boat going to the mainland.. difficult to type on this phone and some waves today... anyway, lets try, glad you got MT4 funded. i initially put $13 in mine as a test. leverage 1:1. buy/sell at marlet or with a limit/stop order which is good. min transaction 0.01 like you say and earn 0.01 usd per pip. buy/sell 0.1 earns 0.1usd/pip; buy/sell 1btc earns 1usd, etc. if you have orders open they consume margin so be aware of that. can open positions in opposite directions for margin of 1 pos. good. gotta go. more later...

Roger that venzen, thanks for all, have a good trip to main land, Happy New Year.......
The Chonchy
  • #903
  • Jan 3, 2014 3:18am Jan 3, 2014 3:18am
Quoting mfoste1
Anyone tried exchange arb with BTC yet?

hi mfoste1,

I've not tried arbitrage but i understand it is very profitable with cryptocurrencies because of the low liquidity in general and the difference in market share between the exchanges. So, if monitoring, say, MtGox - a large price drop there may only start appearing in the other exchanges (BTC-e and Bitstamp) after a few seconds or even minutes, so it is possible to preempt moves. Another thing i read about is traders playing the different coins and their relative exchange rates against oneanother.

These are jobs that are perfect for algorithms to do and I am going to look into it as soon as I have more time.

If you're able to code some, here's a platform for arbitrating the different cryptocurrency exchanges:

https://github.com/maxme/bitcoin-arbitrage
cryptocurrency everytime
  • #904
  • Jan 3, 2014 3:30am Jan 3, 2014 3:30am
Quoting chonchy
{quote} Roger that venzen, thanks for all, have a good trip to main land, Happy New Year.......

I'm back - two boats and a scooter ride later. Now I am going to set myself up to monitor the chart and catch that top!

I've stopped putting my Bitcoin income into MtGox and am now dumping everything in BTC-e. The leverage and ability to short will bring much more profit than holding actual cryptocoins in the long run. Near the top I will sell all BTC for USD and then fund my MT4 account and go short for whatever downside is coming. However, I'm not expecting a new low - I think we are already in the beginning waves of the new trend up... whatever happens, a correction is due and whatever low prints we will have to see.

Happy New Year to you and your family too!
cryptocurrency everytime
  • #905
  • Jan 3, 2014 3:42am Jan 3, 2014 3:42am
General Notice

I mentioned in a previous post that I had built an altcoin - just as an experiment. I am mining the initial genesisblock right now and it will yield 50 coins when the mining is complete. Lot's of fun. But one person can only have so much fun with his own unknown currency and then the thrill fades away.

I have an idea. Is anybody here interested in creating a FFcoin for experimentation and fun? We mine it amongst ourselves and then distribute the profits as we wish. Of course it'll be worthless but we'll learn a lot and get hands-on with cryptocurrency.

I know how to alter the source code and compile into workable programs, but my handicap is that I have no access to an internet based server where the daemon can run to keep the coin "alive" for mining and wallet transactions.

Post if you're interested!
cryptocurrency everytime
  • #906
  • Jan 3, 2014 4:49am Jan 3, 2014 4:49am
It's interesting, what are the spec of your coin ?
I've seen places where you can rent a server for $5/month.

Also here is a little story for the Tulipeople, I recently moved country, was a bit stuck with my Mastercard and ridiculous withdraw limit, even quiet hard to find an atm, international bank transfer being slow or impossible without going to the bank (very helpful when in an other country), not even speaking about the fee for solution such as WU or Paypal, so yeah for the first time I've used bitcoin to get cash, and to perform an instant bank transfer in a country where I have no account myself. All instant, without hassle, and all together ending up spending less than with any of the other option. So sure, it does involve fiat, but may be in a few years it wont even be necessary.

And for the chart 818 on bitstamp, so yeah it might well overshoot to 864 most-likely since China still lagging far behind the 5000cny mark.
  • #907
  • Jan 3, 2014 5:36am Jan 3, 2014 5:36am
BTCUSD M15 (BTC-e)

The top is in reach and in the count below should see apullback to 790 before a final push to 816.

Continuation beyond 816 may be in an extended 5th wave to the 860 region (thanks lady_luck!)

http://ubuntuone.com/7Uv8WyE8YlaGHmHtHHvCvo
cryptocurrency everytime
  • #908
  • Jan 3, 2014 5:51am Jan 3, 2014 5:51am
Quoting lady_luck
It's interesting, what are the spec of your coin ? I've seen places where you can rent a server for $5/month. Also here is a little story for the Tulipeople, I recently moved country, was a bit stuck with my Mastercard and ridiculous withdraw limit, even quiet hard to find an atm, international bank transfer being slow or impossible without going to the bank (very helpful when in an other country), not even speaking about the fee for solution such as WU or Paypal, so yeah for the first time I've used bitcoin to get cash, and to perform an instant...

I just saw your post after I posted the chart...

That's an encouraging story about your payment solution. We know these things happen and it is exactly how Bitcoin is useful. Looking at in in that context it is simply the good idea its creators sold it as. A lot of hype and distrust and sowing of bad information - but in a simple effective way Bitcoin is a brilliant solution to the complications created by most fiat handlers.

If we design a coin here then it should be something simple but with a twist. What the twist will be I don't know - we can get creative. I was thinking about the features of a coin like NameCoin or ZeroCoin - not exactly the same but something that extends the coin's function beyond just another altcoin. You see what I mean?

It should be easily mined (by us) so we can use scrypt encryption like Litecoin instead of SHA256 like Bitcoin. We can choose to make the coin plentiful (lots of payout on mining) or very scarce - up to the consensus. And we can experiment and see what happens - it is not actually that difficult to build and create - but to think of a creative coin is the challenge
cryptocurrency everytime
  • #909
  • Jan 3, 2014 5:59am Jan 3, 2014 5:59am
Datacoin is an other interesting one. I use to like namecoin, but something wasn't that well thought about it, I remember someone that bought pretty much all the domain name back then with something like $50.
I'll try to get my head around a few different idea. It's a nice challenge
  • #910
  • Jan 3, 2014 6:11am Jan 3, 2014 6:11am
Quoting lady_luck
Datacoin is an other interesting one. I use to like namecoin, but something wasn't that well thought about it, I remember someone that bought pretty much all the domain name back then with something like $50. I'll try to get my head around a few different idea. It's a nice challenge

glad you like the idea.

strangely - and i didn't want to introduce any negativity - but something about NameCoin has always been "wrong" for me - perhaps it's the charging for being able to send anonymous messages - or perhaps that their website offers no Linux tools whilst the entire Bitcoin developer culture is Open Source.. anyway... i notice the chat window in BTC-e is full of NMC buzz - but i don't see that coin surviving the initial cryptocurrency fashion phase...

What we can do is to mine plenty of FFcoin (or whatever we call it) and give it away in raffles and silly awards - all in the name of fun. But if there is a useful aspect to the coin (on FF, or in the thread at least) then there may be some unexpected surprise down the line. Even if it's just a token amongst thread members and our friends - that's better than a slap on the head with a fish

edit: i'll have a look at Datacoin.
cryptocurrency everytime
  • #911
  • Jan 3, 2014 6:21am Jan 3, 2014 6:21am
Quoting lady_luck
.... And for the chart 818 on bitstamp, so yeah it might well overshoot to 864 most-likely since China still lagging far behind the 5000cny mark.
Just added BTCCNY (BTC China) to my feeds - this one is important to watch - although some regulatory obstacles, there are still a lot of Bitcoins in Chinese hands being traded, right?
cryptocurrency everytime
  • #912
  • Jan 3, 2014 6:28am Jan 3, 2014 6:28am
BTCCNY (BTCChina) M15

wonder why is the MACD not diverging? Seems there are more waves to the upside needed...

BTCUSD seems to be topping right now - but BTCCNY says otherwise...

http://ubuntuone.com/5PWUCvvGpNCgBmdP8XRXRC
cryptocurrency everytime
  • #913
  • Jan 3, 2014 6:41am Jan 3, 2014 6:41am
BTCUSD (BTCe) M5

Down to M5 now - reverse divergence on RSI and Stochastics indicate another high

http://ubuntuone.com/5iTknlUg39VDJHtIV1c9jy
cryptocurrency everytime
  • #914
  • Jan 3, 2014 6:46am Jan 3, 2014 6:46am
Yeah I still think that China is a major thing to look at, Gox has been more independent lately but Stamp and Btc-e have been following the movements initiated by china. Also china seems to fall short in their 5th waves when all BTCUSD tend to overdo it. So that could explain why, the top is not as clear on BTC CNY.
That could also hint toward coins being move between exchanges.

Also I don't know If you had a look into it, but the way that LTC/USD is pegged to BTC/USD is interesting, amplitude apart, looking at LTC usually can help to anticipate some large move on BTC.
  • #915
  • Jan 3, 2014 7:02am Jan 3, 2014 7:02am
Quoting lady_luck
Yeah I still think that China is a major thing to look at, Gox has been more independent lately but Stamp and Btc-e have been following the movements initiated by china. Also china seems to fall short in their 5th waves when all BTCUSD tend to overdo it. So that could explain why, the top is not as clear on BTC CNY. That could also hint toward coins being move between exchanges. Also I don't know If you had a look into it, but the way that LTC/USD is pegged to BTC/USD is interesting, amplitude apart, looking at LTC usually can help to anticipate...

Interesting... LTCUSD has a lot of upside to that upper TL!

http://ubuntuone.com/2heZhC6NWqoZlHEqZjJjoI
cryptocurrency everytime
  • #916
  • Edited 8:44am Jan 3, 2014 8:22am | Edited 8:44am
Yeah, that's waht got my interest, BTC/CNY and LTC/USD both have a major upside to come, so does LTC/BTC with a target at 0.037 or 0.0395.
Usually LTC/USD is dependent of moves in China even more than BTC/USD. Wich is interesting in term of deduction of BTC/USD.
i.e. the only way for all those separate pieces of technical analysis to work out together is for BTC/USD to reach $860 on stamp and btc-e and to reach $910 on mtgox, when BTC/CNY will go to 5000CNY and LTC to $30.
Any other scenario would in my opinion be invalided by the reciprocity of the move between exchanges and pairs.
That's what I like about BTC/LTC it's a great tool to confirm BTC moves when unsure of the target.

edit : mostly because those 2 rules seem to always apply to LTC :
1) if BTC drop, LTC will drop harder
2) BTC need to rise for LTC to rise faster
  • #917
  • Jan 3, 2014 8:39am Jan 3, 2014 8:39am
another reverse divergence - another high? or is the decline underway? not clear yet.

http://ubuntuone.com/3hlyxyhZTrU2cTl3lwXU1j
cryptocurrency everytime
  • #918
  • Jan 3, 2014 8:44am Jan 3, 2014 8:44am
...........Great charts and discussions guys and gals, thanks, all though I know nothing of mining, cut me in with the FFcoin, I'm all in.......

I took the bounce on 816 like Lady_luck pointed out earlier and I'm short from there, wish me luck......
The Chonchy
  • #919
  • Jan 3, 2014 9:02am Jan 3, 2014 9:02am
Quoting chonchy
{quote} Hello mfoste1, Happy New Year, long time no see you, hope all is well with you and your family, welcome to the thread but no I don't know anything about Arb.....sorry..
Hi Carlos! All is well, thanks. How are you and your family doing? I've just recently been interested in bitcoin, lot of opportunities here in terms of trading. I'm trying to develop a machine learning system in python right now, so I need to find a way to stream live market data from the exchanges into my platform.
  • #920
  • Jan 3, 2014 9:11am Jan 3, 2014 9:11am
Quoting chonchy
...........Great charts and discussions guys and gals, thanks, all though I know nothing of mining, cut me in with the FFcoin, I'm all in....... I took the bounce on 816 like Lady_luck pointed out earlier and I'm short from there, wish me luck......

chonchy, i also opened 0.01 short from 816. leverage 1:2. Good Luck to both of us.

ok, more on the coins next week - i'll keep you informed
cryptocurrency everytime
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