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Bitcoin technical analysis

  • #1,081
  • Jan 7, 2014 12:30am Jan 7, 2014 12:30am
Quoting XTrade
Venzen, Chonchy and others, as my semi preffered FX broker I had NO CHOICE BUT TO EXPOSE THE TRUTH HERE from your useful posts. Thanks Chonchy. I hope you don't mind me using your chart. and then a REAL chart. SUCH F&^*(ING BS - this is EXACTLY why I REFUSE TO USE MT4 ANY MORE posted a few minutes ago to FXCM - I am really let down by this btw.............. http://www.forexfactory.com/showthre...54#post7193854

BTW - i didn't see chonchy's chart in that post - you're welcome to use mine, of course, and I doubt chonchy will mind you using his - he generally comes online about 4 hours from now...
cryptocurrency everytime
  • #1,082
  • Jan 7, 2014 12:54am Jan 7, 2014 12:54am
Quoting XTrade
V - My buddy, GREAT POSt!. I too want to get LONG bitcoin. Yet, from a trading standpoint I have to wait for either a "breakout - resistance top broken tested then UP" or a "support pullback failure - support broken" I am adding the extra words for the noobs because I like to help them learn and give back to the community here as you have eloquently done so. In any case... ALL PMs are showing signs of bottoming. Damn even the fundamentals are lining up with techs again and that is a GREAT sign. Look a Palladium, went up with gold on the rise, corrected,...
Wow, a lot to discuss, but this $1000 price level now is equivalent to a starting block. I cannot see the future clearly most days because of a disturbance in the Force but I do see Bitcoin $2,250 this month or next - easily - and Ianticipate $5,000 will be a significant psych level. Most valuations forecast $10,000 this year and then it gets silly with predictions of $40,000 and $100,000 - which, well... let's not get ahead of ourselves with excitement! But as a coder and longtime Open Source developer as well as trader (with a modest insight into economics) I have no doubt $10,000 will be achieved this year. Bitcoin is a simple yet critical innovation. Cryptographic currency was going to replace fiat at some point - and here it is - at the base of it's adoption wave.

Not only is it going to be an online currency of formidable and pervasive adoption (low fees, encrypted transaction, public record) - the opposite of everything that has made the creditcard antiquated in the online retail space - this cryptographic token allows you to store value and move it anywhere - with the password stored in YOUR head only. In this sense it beats Gold for security and portability. I am not commenting on Gold's intrinsic value to our civilization - I am saying the perceived and practical value will be reflected in their prices - if JP "effing" Morgan and the LME will only allow the market to unfold by supply and demand. There is no guarantee they will and I can imagine a scenario where Bitcoin (or its successors) usurp Gold's function in the market. I like Gold and Buddha willing I will always own some but Bitcoin is far more useful to me - especially in relation to the MIB and their tax claws.

Yes, no internet or no electricity and Bitcoin is of no value - in fact a massive loss to the owner - but under those global blackout circumstances... what will have value? a Gold coin?

me: "1Oz Gold for a barrel of water... c'mon, I swear it's real Gold!"
waterbearer: "hmpf! real Gold! Give me your woman instead!"
cryptocurrency everytime
  • #1,083
  • Jan 7, 2014 1:09am Jan 7, 2014 1:09am
Quoting Ozes
{quote} So he was saying it is good to just buy and sell bitcoin on the main site because you are actually holding something?

In a way. Xtrade is my good friend and he comes from a precious metals background. He (just like myself and most traders) is annoyed by the current dispensation whereby we retail traders (small fish) share the water (and feeding time) with the banks (big fish and sharks) who are playing dirty by manipulating the price and then profiting from our (retailers') losses. This example extends to the precoius metals market where trading a metal does not mean you own it for the time of your trade and can therefore opt to take ownership of the physical substance.

Bitcoin is not under somebody's control - it is a decentralised cryptocurrency with no central exchange. Owning actual Bitcoins in your wallet means you can cash them out for USD or spend them online or at a retailer with a Bitcoin point of sale. Trading the Bitcoin chart via MT4, as i discussed before, does not mean you own the Bitcoins you are trading - that's Xtrade's point - you want to own some (as you would own Gold). However if you are trading for profit then a buy-and-hold strategy with actual Bitcoins bought via the exchange is wasteful, since you're missing the opportunity to short sell the corrections.
cryptocurrency everytime
  • #1,084
  • Jan 7, 2014 1:09am Jan 7, 2014 1:09am
Great Post venzen.

IN ALL REALITY ONCE THE MULTI BILLION DOLLAR ONLINE / OFFLINE PORNOGRAPHY INDUSTRY ADOPTS "BITCOIN" IT COULD EASILY SEE 10k.

Porno has the most money to spend on technology, certainly more than the FBI! or NATO!

Porno is a multibillion dollar industry worldwide, that has struggled due to hacking and the internet, yet is ALWAYS on the FOREFRONT of technology,
similar to drug cartels. They do it then the feds try and catch up... Oh well.

If the US would be more like Holland than we would have FAR less problems here... But nooo.... too much money in tying people up in court and other BS,
FINALLY they are starting to realize Every PETTY marijuana charge COSTS THEM MORE IN MAN HOURS than it pays out.... The DWIs is where they make racket.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,085
  • Jan 7, 2014 1:12am Jan 7, 2014 1:12am
Quoting venzen
{quote} In a way. Xtrade is my good friend and he comes from a precious metals background. He (just like myself and most traders) is annoyed by the current dispensation whereby we retail traders (small fish) share the water (and feeding time) with the banks (big fish and sharks) who are playing dirty by manipulating the price and then profiting from our (retailers') losses. This example extends to the precoius metals market where trading a metal does not mean you own it for the time of your trade and can therefore opt to take ownership of the physical...
That makes more sense... i am making my way through the school right now... is it harder to trade in pips because of the volitily and movement the other exchanges EU/USD move alot slowwer... wondering how the difference was since its trading more like a commodity and not a currency
  • #1,086
  • Jan 7, 2014 1:20am Jan 7, 2014 1:20am
.....I'm sorry guys and gals but I'm at the hospital with my wife Mayda, this morning she wake up with a pain in the side of the stomach, we run to the hospital and it was a kidney stone, she is being here twice with this stones, and they are big, this one is 5 and 1/2 mm, they are going to put a stain in the morning because is so big is not coming out easy, well she is confident is going to go out before the doctor gets here, we will see, but I think the stain is the only way, so thanks a lot to all for the birthday wishes and talk to you soon because is hard to write on the dark here in the room so I don't wake her up............

...... Thanks Dana for all, you have a great year also, my mentor........we have a new trader here that needs your mentoring Sir. so take him under your wings, next chance or course you have coming, if you can........

.......talk to you guys and gals from home.....
The Chonchy
  • #1,087
  • Jan 7, 2014 1:23am Jan 7, 2014 1:23am
Hi V-

Yes, that's the basic point. Gold is a tangible, holdable, asset, - where as bitcoins are tangible, becoming useable, yet not something you put in the proverbial "bank" WHICH IS PRECISELY the reason to LOOK FOR LONGS NOW on pullback before the damn FED AND USGOVERNMENT RUIN ALL TRADING of bitcoin. Cause NO shit - They are gonna want a piece of the pie.

Who will facilitate this need? Who else? Global banks and Wall Street! Wouldn't be surprised if GSACHS is long BTC from inception....

Oh well, Beat em, join em briefly and play the same game together and at best apart especially from what they spew out into the media.
This will create great trading skill! as an independent.


As Venzen mentioned, I am from a Gold and Silver, and even Copper background. I love HOLDING the METALS I buy, even if they are in plastic "coating" that is - like a sleeve.... Not a blip on the screen LOL ....
In any case the point sort of is an old saying I picked up on a used to be great gold forum. "IF YOU DON'T HOLD IT - YOU DON'T OWN IT"
Similar to my blackout or electrical grid disaster.

Not saying put all your money in gold or bitcoin, yet DIVERSIFY. Shit even buy life insurance and play the damn lotto from time to time for a buck or two...
Best ad tagline "you never know" LOL sure you could win - Yet, at this point your money would indeed be better spend ON BITCOINS on pullback or Silver PHYSICAL bullion / Gold..... and do buy some copper, the incentive is it's so heavy after u accumulate enough you DO NOT move it. Thus stacking Hundreds, upon hundreds. if done right.....


ADD-- Yeah a few bucks on lotto here and there is a waste, yet i suppose fun, PERSONALLY I would rather save ALL the Greenbacks and buy a SILVER BAR each week.
Damn you just made spot + spread on a one ounce bar from 18+xx to 20.xxx - so already even! Bitcoins HAVE HUGE ENOURMOUS EVEN GARGANTUAN performance opportunity - especially as what I call the iPHONE AGE- gets older. They would LOVE some BTC!!!!!! And damn, but it in the BTC bank, hedge, trade, profit!


Quoting venzen
{quote} In a way. Xtrade is my good friend and he comes from a precious metals background. He (just like myself and most traders) is annoyed by the current dispensation whereby we retail traders (small fish) share the water (and feeding time) with the banks (big fish and sharks) who are playing dirty by manipulating the price and then profiting from our (retailers') losses. This example extends to the precoius metals market where trading a metal does not mean you own it for the time of your trade and can therefore opt to take ownership of the physical...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,088
  • Jan 7, 2014 1:28am Jan 7, 2014 1:28am
Quoting XTrade
I too want to get LONG bitcoin. Yet, from a trading standpoint I have to wait for either a "breakout - resistance top broken tested then UP" or a "support pullback failure - support broken"
Xtrade, those criteria of yours i quoted above - they're about to be met. $1000 is the psych level and former resistance for BTCUSD charts from BTC-e and Bitstamp exchanges. MtGox exchange's chart resistance is higher at $1,200 because they're the more busy and liquid exchange.

What we've been wondering about lately is "Where is the big money?" Despite massive interest and investment and new ETFs popping up every other day - there is no sign of large players anywhere - and the exchange orderbooks are open and the public ledger (see blockchain.info) of ALL Bitcoin transactions is transparent:

http://ubuntuone.com/3pKODfI0S2pS6gTFUDL3mb

Basically that rally in from Nov-Dec was what got the public and big business attention and they were not participants - that was an early adopter wave - so imagine what's coming next... but where are they?

PMs - I'm onboard - one more low and i'm in - this will most likely coincide with a blast-off in Bitcoin in the coming weeks.
cryptocurrency everytime
  • #1,089
  • Jan 7, 2014 1:36am Jan 7, 2014 1:36am
....I'm still alive and still lock in profits to see where is this going, not adding more lots at this time because is hard to do it from here at the hospital, can't concentrate, nurses coming in one after the other, pretty ones? yes, you bet, but I only have eyes for my Maydy, lol......price should hit the ema blue 5 and bounce up again, but is not sure, panic or news can make it break down......sorry I can be more specific from here......but every chart still up so up should go still....a retest of 1000 is a must I believe

Attached Image (click to enlarge)
Click to Enlarge Name: btcusddaily.png Size: 35 KB
The Chonchy
  • #1,090
  • Jan 7, 2014 1:36am Jan 7, 2014 1:36am
Quoting chonchy
.....I'm sorry guys and gals but I'm at the hospital with my wife Mayda, this morning she wake up with a pain in the side of the stomach, we run to the hospital and it was a kidney stone, she is being here twice with this stones, and they are big, this one is 5 and 1/2 mm, they are going to put a stain in the morning because is so big is not coming out easy, well she is confident is going to go out before the doctor gets here, we will see, but I think the stain is the only way, so thanks a lot to all for the birthday wishes and talk to you soon...

chonchy, i saw your message now and am replying immediately. All the strength to your wife and you and your family. These things happen unexpectedly and cause great distress. I hope the operation is quick and successful and your dear wife feels better soon and back to her smiling loving self!
cryptocurrency everytime
  • #1,091
  • Jan 7, 2014 1:41am Jan 7, 2014 1:41am
....4Hours is the only one I see stuck betwing a rock and a hard place but choco ema 30 should hold it...

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdh4.png Size: 31 KB
The Chonchy
  • #1,092
  • Jan 7, 2014 1:43am Jan 7, 2014 1:43am
Quoting chonchy
....I'm still alive and still lock in profits to see where is this going, not adding more lots at this time because is hard to do it from here at the hospital, can't concentrate, nurses coming in one after the other, pretty ones? yes, you bet, but I only have eyes for my Maydy, lol......price should hit the ema blue 5 and bounce up again, but is not sure, panic or news can make it break down......sorry I can be more specific from here......but every chart still up so up should go still....a retest of 1000 is a must I believe {image}

Seems like we're near a top here - perhaps one more attempt over $1000 and then a deeper pullback?

for you and your wife:

Inserted Video
cryptocurrency everytime
  • #1,093
  • Jan 7, 2014 1:45am Jan 7, 2014 1:45am
......One Hour is also stuck in two ema's but notice MACD already at the 0 line for another shot up, RSI is also positioning for another up move, let see, anything can happens but my bet is range here until it breaks an ema and run, so patience......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusdh1.png Size: 34 KB
The Chonchy
  • #1,094
  • Jan 7, 2014 1:47am Jan 7, 2014 1:47am
...I know I should take profits here but what is the gain a few bucks and if it goes up all the way to 1500 or 2000 ? yes
The Chonchy
  • #1,095
  • Jan 7, 2014 1:52am Jan 7, 2014 1:52am
Quoting venzen
{quote} chonchy, i saw your message now and am replying immediately. All the strength to your wife and you and your family. These things happen unexpectedly and cause great distress. I hope the operation is quick and successful and your dear wife feels better soon and back to her smiling loving self!
.....Thanks a lot venzen, I appreciate it, some thing tells me that something greater than us put us in his path......2014 is going to be great for us, The_DoveAlliance wish me that and I respect it, so you and me are going to do great things this year........and in turn we are going to help the whole thread.......good luck to all here this year 2014......
The Chonchy
  • #1,096
  • Jan 7, 2014 1:54am Jan 7, 2014 1:54am
Quoting venzen
{quote} Seems like we're near a top here - perhaps one more attempt over $1000 and then a deeper pullback? for you and your wife: http://www.youtube.com/watch?v=xFnIwX7C8i8

Thanks a lot for that video venzen, she is sleeping now but as soon as she wake up she will heard it also, I promesse .......
The Chonchy
  • #1,097
  • Jan 7, 2014 2:01am Jan 7, 2014 2:01am
Quoting dove_alliance
{quote} Happy Birthday my friend. May this year be a better one for you then last year. We are getting to old for this stuff. God bless you Carlos.
.......Thanks a lot Dana and the same wishes to you my friend, never thought you would find me here, lol, but when people love each other they find each other, lol, I love you my old friend, all the best for you this year, I have Maydy sick with a stone, you know she suffers of that, talk to you soon, stick to this thread, only good people here, and post away, venzen love a good analysis, no matter what the instrument is, he will love your wisdom.....and experience in the markets.......so post away......and God bless you too, pray for mayda please, thanks in advance....
The Chonchy
  • #1,098
  • Jan 7, 2014 2:03am Jan 7, 2014 2:03am
Quoting chonchy
.....I'm sorry guys and gals but I'm at the hospital with my wife Mayda, this morning she wake up with a pain in the side of the stomach, we run to the hospital and it was a kidney stone, she is being here twice with this stones, and they are big, this one is 5 and 1/2 mm, they are going to put a stain in the morning because is so big is not coming out easy, well she is confident is going to go out before the doctor gets here, we will see, but I think the stain is the only way, so thanks a lot to all for the birthday wishes and talk to you soon...
Chonchy, sorry to hear about your wife . Stones are not fun. We are with you bro

Great vid Venzen
  • #1,099
  • Jan 7, 2014 2:08am Jan 7, 2014 2:08am
Quoting chonchy
{quote} .....Thanks a lot venzen, I appreciate it, some thing tells me that something greater than us put us in his path......2014 is going to be great for us, The_DoveAlliance wish me that and I respect it, so you and me are going to do great things this year........and in turn we are going to help the whole thread.......good luck to all here this year 2014......

For sure! and great to have you contributing here chonchy - let's make the best of this year and the opportunities it brings - the rough and the smooth - taking all in our stride.
cryptocurrency everytime
  • #1,100
  • Jan 7, 2014 2:10am Jan 7, 2014 2:10am
Quoting chonchy
{quote} .......Thanks a lot Dana and the same wishes to you my friend, never thought you would find me here, lol, but when people love each other they find each other, lol, I love you my old friend, all the best for you this year, I have Maydy sick with a stone, you know she suffers of that, talk to you soon, stick to this thread, only good people here, and post away, venzen love a good analysis, no matter what the instrument is, he will love your wisdom.....and experience in the markets.......so post away......and God bless you too, pray for mayda...

dove_alliance,

Welcome and a friend of chonchy is a friend to the thread. Look forward to your posts here!
cryptocurrency everytime
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