Bitcoin technical analysis | Page 68 | Crypto Craft

Options

Go to
Permalinks
Print Thread

Related Instruments

BTC/USD

Similar Threads

Bitcoin-Family math and technical analysis 21 replies

Bitcoin Analysis 22 replies

Fundamental Analysis, Technical Analysis Or Graph Analysis? 28 replies

Attachments: Bitcoin technical analysis
Exit Attachments

Bitcoin technical analysis

  • #1,341
  • Jan 12, 2014 5:29pm Jan 12, 2014 5:29pm
Quoting dcramer16
{quote} that I haven't touched! I have 2 choices, I can put my money in my banks savings account and earn 0.02% interest, or take a chance on bitcoin/litecoin and make a much better investment. I think it's a safe bet I can make money this way, even with no experience or knowledge, just about any idiot can make some good money doing this! LOL
See, I am an Elliott Wave guy. I follow the psychology of market participants.

And exactly with what you said (marked above in red) all the bubble crashes in the past started.........

Bitcoin was a done deal, when it was in the sub 10cent area. Pity was, I first read about Bitcoin in an article from Robert Prechter.

Would I have done what he advised to that time, I would be now filthy rich LOL

At that time you would have got for 1000 USD around 14.000 BTC


But when prices are sooooo low, nobody is interested, and when Prices have gained 1.5 Mio % in a few years, all people think it is a safe bet

With that being said: take care, man
  • #1,342
  • Jan 12, 2014 5:41pm Jan 12, 2014 5:41pm
Quoting infinitus
{quote} See, I am an Elliott Wave guy. I follow the psychology of market participants. And exactly with what you said (marked above in red) all the bubble crashes in the past started......... Bitcoin was a done deal, when it was in the sub 10cent area. Pity was, I first read about Bitcoin in an article from Robert Prechter. Would I have done what he advised to that time, I would be now filthy rich LOL At that time you would have got for 1000 USD around 14.000 BTC But when prices are sooooo low, nobody is interested,...
So are you saying you think the train has left the station and that the highs we're seeing these days are about as high as it's going to get?
  • #1,343
  • Jan 12, 2014 5:44pm Jan 12, 2014 5:44pm
No Gap. Price ended where it started. Targeting 785 for now. Btc-e charts.
Attached Image (click to enlarge)
Click to Enlarge Name: btcusdm30.png Size: 39 KB
Money Makes Money
  • #1,344
  • Jan 12, 2014 5:51pm Jan 12, 2014 5:51pm
Quoting dcramer16
{quote} So are you saying you think the train has left the station and that the highs we're seeing these days are about as high as it's going to get?

No, may go higher, MAYBE much higher, but MAY go much lower beforehand.


Ask yourself the question: when would my pain set in, when price starts to drop seriously? 200? 100? 50?

Out of my view, when the answer is 50, you may be safe........ (that is the worst case EW scenario for me now)
  • #1,345
  • Jan 12, 2014 5:57pm Jan 12, 2014 5:57pm
Quoting infinitus
{quote} No, may go higher, MAYBE much higher, but MAY go much lower beforehand. Ask yourself the question: when would my pain set in, when price starts to drop seriously? 200? 100? 50? Out of my view, when the answer is 50, you may be safe........ (that is the worst case EW scenario for me now)

I'm not arguing with you, I agree with you. I bet we do see a drop again, we will probably see many drops. But as far as me, I'm not looking to get rich by next week. I think the overall trend for 2014 will see rises, and MAYBE large rises. If we get a large drop I won't sell, I'll hold onto it until it (hopefully) comes back up. You know what they say when it comes to investing. Never place more into it than you can afford to lose. And that's my attitude towards it, I treat it like gambling, expect to lose it (after all if you don't put in more than you can afford to lose), and be pleasantly surprised if you get a bunch back.
  • #1,346
  • Jan 12, 2014 5:57pm Jan 12, 2014 5:57pm
But then again, I am a newb to all this
  • #1,347
  • Jan 12, 2014 6:00pm Jan 12, 2014 6:00pm
Quoting dcramer16
{quote} I'm not arguing with you, I agree with you. I bet we do see a drop again, we will probably see many drops. But as far as me, I'm not looking to get rich by next week. I think the overall trend for 2014 will see rises, and MAYBE large rises. If we get a large drop I won't sell, I'll hold onto it until it (hopefully) comes back up. You know what they say when it comes to investing. Never place more into it than you can afford to lose. And that's my attitude towards it, I treat it like gambling, expect to lose it (after all if you don't put...

  • #1,348
  • Jan 12, 2014 9:24pm Jan 12, 2014 9:24pm
Quoting dcramer16
I don't trade in bitcoin, I trade in litecoin. I take $800 a month out of my paycheck for savings.
hi dcramer and welcome!

You don't have to know much to post here - look at me - educated fool of the highest calibre yet I post every day! Joking... feel free to contribute ideas and ask questions, we're a motley gang with each of us having different methods of analysis and trade but the common thread is that we see the point of cryptocurrency and it's future role in society. Great to hear you have read the entire thread - so you have some idea of the themes and topics that we have been dealing with here.

Your method of buying low and selling high is a valid trading method. With this kind of approach one can make the mistake of buying too high, yet since you are buying in every month, by the principle of averaging you will not "lose" anything in the longrun. As you yourself are aware from being close to LTC and BTC for a long time: these cryptocurrencies have not had mainstream interest. In fact the majority of people have either been aware of Bitcoin as some kind of drug/geek currency or they have been wishing it to crash into oblivion and erase from memory. Mainstream participation is yet to occur. Being the most logical choice for online retail and as a functional value store, sub-$1000 BTCUSD will soon seem as fantastical as sub-$100 BTC. You know, when mobile phones first came out people were like: "It's a fad for dandies. Ok I see the point for businessmen... but who wants to carry a phone around all day long!?". Soon a world without cryptocurrency will seem strange and ineffective.

I own some LTC and as we see it follows BTC up and down. Being a BTC derivative LTC will probably always play 2nd fiddle to BTC but I expect LTC will find it's own role and markets in time. In my opinion, BTC and LTC make for good investments - seeing that they have yet to attain their proper valuation AND the fact that there will be an initial over-valuation. $5,000?, $10,000? for a BTC? Who knows... As for me, I am a sinner who does not expect forgiveness, but I am not a financial advisor! Yet it doesn't take much brain minerals to see a surge in prices as cryptocurrency assumes its predestined place in the order of things.

If you're with BTC-e, there is a higher risk/reward buying (and selling) mechanism available via their MT4 offering. Feel free to ask if this interests you.
cryptocurrency everytime
  • #1,349
  • Jan 12, 2014 9:35pm Jan 12, 2014 9:35pm
Quoting infinitus
not that someone says I only provide negative articles about BTC http://www.zerohedge.com/news/2014-0...-new-york-city

hi infinitus!

and good day to you from a misty Thailand morning.

These ATMs accept fiat in exchange for BTC. What I hope to see soon is an ATM that accepts BTC and dispenses fiat. For me that makes more sense: fiat is for the street - spending at the market, a taxi, buying sweeties, or paying those who do not yet (or won't) accept BTC- e.g. the landlady. BTC is for me to spend in the retail store and online. (Visa and Mastercard must be totally hacked off!) Yet, I guess the origin (paycheck) and destination (taxman) for most people remains fiat and hence the parasitic banking middleman retains his stranglehold so these ATMs present an visible and easily accessible BTC exchange - although only one-way (fiat->BTC) for the time being.
cryptocurrency everytime
  • #1,350
  • Jan 12, 2014 9:36pm Jan 12, 2014 9:36pm
Is Bitcoin not important to the Forex manipulators yet.?? Noticed on Friday when major spikes occurred on all forex pairs, Bitcoin never even blinked. Makes it a safer pair to trade despite the horrendous spreads with brokers charging both commissions & spreads also.??????
There is also no correlation of price levels between brokers.??
Despite the price differentials, atrocious spreads & commissions, Bitcoin & Litecoin are comparably easy to trade with good price patterns to read.
I just wish a few more forex brokers would start providing it to bring them all in ti line.
Money Makes Money
  • #1,351
  • Jan 12, 2014 10:01pm Jan 12, 2014 10:01pm
Quoting infinitus
{quote} No, may go higher, MAYBE much higher, but MAY go much lower beforehand. Ask yourself the question: when would my pain set in, when price starts to drop seriously? 200? 100? 50? Out of my view, when the answer is 50, you may be safe........ (that is the worst case EW scenario for me now)

in my view, and i say this as someone who has viewed the MtGox chart and orderbook all day for about 9 month, a drop below $500 will dip into the demand zone. It is a possibility - i would look a fool saying it's IMpossible - because we don't know what may happen. Yet dipping below $100 is impossible by virtue of the orderbook being loaded with rocketfuel buy orders from $300 down. There is just too much institutional interest (and money) at those levels. OK perhaps they cancel those orders due to an exogenous event, but I envision there is a twilight zone where greed for lower lows is overpowered by fear of not buying at the bottom. As you remarked about Gold, I think Bitcoin holders have a greed for lower lows (to buy in at bargain prices) and advances unfold parabolicaly as people pile in out of fear of missing "The Big One".

Oh, on the Gold count on elliottwavereboot: Because Gold operates by the same dynamic (fear of missing out on the upside) I think it's feasible that the wave up from 2000 is B wave bubble. Now that we have portable, encrypted value storage in cryptocurrency, it's as if Gold has become a relic. It's good for jewelry and circuitboards and certainly some people will always feel an orgasmic rush from looking at a stack of bullion, but Gold has no business being valued over $1000/oz. That wave up from 2000 is in my view all paper anyway, since as urban myth has it, China has been buying Gold by a national number one campaign to horde - stepping up the campaign in 2012 and 2013 - yet the Gold price declined for the entire period. So there is a disconnect and by the bubble in the chart price should return to $200 which is fair value i guess. As the author of the blog points out, this forecast only works if you count the chart in Cycle degree, because Grand Galactic Superduper Cycle has this going to who knows where

Attached Image
cryptocurrency everytime
  • #1,352
  • Jan 12, 2014 10:36pm Jan 12, 2014 10:36pm
Quoting KiwiOz
Is Bitcoin not important to the Forex manipulators yet.?? Noticed on Friday when major spikes occurred on all forex pairs, Bitcoin never even blinked. Makes it a safer pair to trade despite the horrendous spreads with brokers charging both commissions & spreads also.?????? There is also no correlation of price levels between brokers.?? Despite the price differentials, atrocious spreads & commissions, Bitcoin & Litecoin are comparably easy to trade with good price patterns to read. I just wish a few more forex brokers would start providing it to...

KO, it's true what you say: the spreads are treacherous and there are differences (and price change lag) between exchanges. And the positives you point out are why I chose this as my primary instrument to trade. On forex manipulation... well that topic is complex, because as legend has it, we retailers are only in the forex market as providers of liquidity, right? and the Money Makers (banks) herd us and feed from the benefit of our presence. So trading forex is a dual game for the retailer: we have to analyse the chart but also bring into reckoning the intentions of the big players. And we know that for a fact from trading Gold

With BTC pairs there is no actual connection to the forex market. So for example, (and excuse me if i'm telling you something you already understand - but responding to your verbatim question) EURUSD - if the USD dips, the pair will correspondingly rise - because the EUR is a component of the Dollar Basket and because the EURUSD chart reflects the exchange rate. But BTCUSD is simply an exchange valuation - not a globally applicable exchange rate. So the USD could drop 1000 pips and BTCUSD will remain unchanged.Each exchange is an entity unto itself and they have no connection or correlation to oneanother - it's all sincere action driven by the participants (BTC buyers/sellers). This is imposed by the decentralized design of Bitcoin - there cannot be a central authority that pegs the price or decrees open and close calibration prices.

It's surely going to become more and more evident that the large institutions (banks and funds) that are now entering the game will be manipulating the price. That's what big money does. I'm still watching those Silk Road wallets for selling activity:
https://blockchain.info/address/1Ffm...TjJJusN455paPH
https://blockchain.info/address/1F1t...Dqcw6o5GNn4xqX

yet, why would the US govt liquidate the second biggest wallet in existence when it is clearly in it's (govt) interest the retain control over this cryptocurrency that threatens its taxbase and banking system? And if Wall Street is creating all these $XXmil BTC ETFs being announced in the mainstream media, where are those transactions? They're not in the blockchain and they're not in the charts... hmmm makes me wonder...
cryptocurrency everytime
  • #1,353
  • Jan 12, 2014 10:43pm Jan 12, 2014 10:43pm
Hi,
can you suggest me any Broker...................?
  • #1,354
  • Jan 12, 2014 11:12pm Jan 12, 2014 11:12pm
I got a good laugh when you mentioned "Grand Galactic Superduper Cycle " Supercycle and Grand Supercycle degree has never been confirmed by anyone and it never has been reviewed as well. Cycle degree wave three in 1980 is the only degree that has withstood the test of time as this is when all commodities as a group first initially peaked. Gold has no problem crashing $700 at a time just like it had no problem crashing $550 from the 1980's peak.
  • #1,355
  • Jan 12, 2014 11:42pm Jan 12, 2014 11:42pm
Quoting amol123
Hi, can you suggest me any Broker...................?

hi amol123,

There are many exchanges, but only one offers a long/short selling option via MT4, namely BTC-e

http://btc-e.com

Some forex brokers also offer BTC trading but they add their own commissions and fees on top of the exchange fees; and close trade over the weekend when the BTC market is quite active and tradable for profit. So, yes, many of us here use BTC-e. For charting I would suggest tradingview.com or bitcoinwisdom.com
cryptocurrency everytime
  • #1,356
  • Jan 12, 2014 11:51pm Jan 12, 2014 11:51pm
Quoting venzen
{quote} hi amol123, There are many exchanges, but only one offers a long/short selling option via MT4, namely BTC-e http://btc-e.com Some forex brokers also offer BTC trading but they add their own commissions and fees on top of the exchange fees; and close trade over the weekend when the BTC market is quite active and tradable for profit. So, yes, many of us here use BTC-e. For charting I would suggest tradingview.com or bitcoinwisdom.com

Thank you Venzen.
  • #1,357
  • Jan 12, 2014 11:55pm Jan 12, 2014 11:55pm
BTC-e H4

Looks like the fear of additional advance has subsided and return of the hope (and greed) for lower prices (to buy MORE!)

I have 780 and then 720 as downside targets.

http://ubuntuone.com/5MmKdTB2wMMyzXSVsco5Kv
cryptocurrency everytime
  • #1,358
  • Jan 13, 2014 12:03am Jan 13, 2014 12:03am
quotes

general hammering of equities during the Asian session and the BTC exchange prices approaching watersheds at 900 (MtGox - top) and 800 (BTC-e highlighted middle; Bitstamp - lower). BTCCNY under 5,000 will draw it back to support near 4000 and BTCRUR (rouble) under 29,000 finds support near 26-28,000

This may be a test of support at current levels so I'd wait for a close below these levels before commiting.

http://ubuntuone.com/307I7tqO9CDbtU8WXbYT0v
cryptocurrency everytime
  • #1,359
  • Jan 13, 2014 12:18am Jan 13, 2014 12:18am
Hi Venzen,
i saw the e-bitcoin chart
can you plz tell me why the difference of prizes of BTCUSD in different Markets as Mt. Gox shows 914 while others....810 , camp bx 820


Thanks
  • #1,360
  • Jan 13, 2014 12:43am Jan 13, 2014 12:43am
.......Hello traders, it should bounce here......if not we are going down then a bit......
The Chonchy
26 traders viewing now