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Bitcoin technical analysis

  • #1,521
  • Jan 16, 2014 6:43am Jan 16, 2014 6:43am
Quoting venzen
{quote} me too, adding 0.1BTC to my long position as soon as it looks like a bottom is in. BTW - i was reading your posts all day, but not responding because I want to get a lot of writing done to earn more BTC. Price was really fighting between 835 and 845, eh? Such busy little waves makes me think we are coming to the end of this correction...
well the fibo from the overall raise is not over yet 100% to start with the stent ions ( 161% and so on )so I think a trip north is in the cards, but we can fall more from here because is going true a mayor trend line rite now crossing......
The Chonchy
  • #1,522
  • Jan 16, 2014 6:46am Jan 16, 2014 6:46am
there we go, we are falling me think, good we buy lower, so I keep sating lol........
The Chonchy
  • #1,523
  • Jan 16, 2014 6:54am Jan 16, 2014 6:54am
......stopped out, time to go to sleep, bad day for me, all night to enter and enter wrong, lol, time to watch the tulips, good day all, good luck. I need to study better the times of trading of this instrument.......
The Chonchy
  • #1,524
  • Jan 16, 2014 6:56am Jan 16, 2014 6:56am
Quoting chonchy
{quote} well the fibo from the overall raise is not over yet 100% to start with the stent ions ( 161% and so on )so I think a trip north is in the cards, but we can fall more from here because is going true a mayor trend line rite now crossing......
you could be rite my friend, you could be rite, hope you catch that bottom, I place an entrie order down there let see if I catch it sleeping, lol
The Chonchy
  • #1,525
  • Edited 7:28am Jan 16, 2014 7:16am | Edited 7:28am
Quoting chonchy
{quote} you could be rite my friend, you could be rite, hope you catch that bottom, I place an entrie order down there let see if I catch it sleeping, lol

Goodnight, chonchy.

This is tricky PA right here - you don't worry about it OK. Let it run out of it's steam and then we position when it has made up it's mind. Plenty of time. I have trend turning only 8 or 9 hours from now by drawing the triangle apex (joins at the red vertical line)

edit: everything below 1000 is just practice and getting used to the way BTC moves. It's probably a good psychological boost to have some long orders open below 1000, but the real action will start once PA gives 1000 the "last kiss goodbye" on the final pullback before heading for 1500 and higher

Attached Image (click to enlarge)
Click to Enlarge Name: Gold_Selection_16Jan14_20:16.png Size: 75 KB
cryptocurrency everytime
  • #1,526
  • Jan 16, 2014 6:49pm Jan 16, 2014 6:49pm
Guy's n Gal's. Still plotting the Tech's, but I am thinking DOWN. In fact low 600s down.......Will post chart later.........
Money Makes Money
  • #1,527
  • Jan 16, 2014 8:21pm Jan 16, 2014 8:21pm
Quoting KiwiOz
Guy's n Gal's. Still plotting the Tech's, but I am thinking DOWN. In fact low 600s down.......Will post chart later.........
I'm thinking 760 and then we will head back up.
  • #1,528
  • Jan 16, 2014 8:23pm Jan 16, 2014 8:23pm
Hey if anyone is buying bitcoins on coinbase you should sign up through this referral link so you and I will both receive $5 of BTC when you make your first trade >$100.

https://coinbase.com/?r=52c9b1624573...=referral-link
  • #1,529
  • Jan 16, 2014 8:27pm Jan 16, 2014 8:27pm
Quoting KiwiOz
Guy's n Gal's. Still plotting the Tech's, but I am thinking DOWN. In fact low 600s down.......Will post chart later.........

morning KiwiOz,

Interested in your analysis. I see this possibility too but I'm favouring completion of the larger triangle around 790-800 and then up. But I'd be interested to see your chart since it's good to make contingency plans!

Attached Image (click to enlarge)
Click to Enlarge Name: Gold_Selection_17Jan14_09:27.png Size: 101 KB
cryptocurrency everytime
  • #1,530
  • Jan 16, 2014 8:39pm Jan 16, 2014 8:39pm
Quoting venzen
{quote} morning KiwiOz, Interested in your analysis. I see this possibility too but I'm favouring completion of the larger triangle around 790-800 and then up. But I'd be interested to see your chart since it's good to make contingency plans! {image}
I like your prediction better Venzen. $800 then back up, driving me nuts seeing it take a dive with all the positive news out this week!
  • #1,531
  • Jan 16, 2014 9:27pm Jan 16, 2014 9:27pm
Quoting venzen
{quote} Goodnight, chonchy. This is tricky PA right here - you don't worry about it OK. Let it run out of it's steam and then we position when it has made up it's mind. Plenty of time. I have trend turning only 8 or 9 hours from now by drawing the triangle apex (joins at the red vertical line) edit: everything below 1000 is just practice and getting used to the way BTC moves. It's probably a good psychological boost to have some long orders open below 1000, but the real action will start once PA gives 1000 the "last kiss goodbye" on the final pullback...

.............Nice chart venzen, agree with all your predictions, I think 800 for now is the bottom but won't underestimate a move lower to the next hurdle.......
The Chonchy
  • #1,532
  • Edited 11:50pm Jan 16, 2014 10:58pm | Edited 11:50pm
Right, game on:

Feds ready to auction off $25 million in Silk Road Bitcoin
http://arstechnica.com/tech-policy/2...-road-bitcoin/

Quote
It will be the federal government's first-ever auction of bitcoins, and as Forbes points out, there is no legally-certified US Bitcoin exchange, so converting the stash into cash first will likely not be an option.

I'm trying to figure out how this is going affect the price. The FBI are not converting BTC to USD via an exchange but will probably auction for USD on their "Federal Auction" site instead (the default route for converting seized criminal assets from "dirty cash" to Federal profit). However, at the end of the day, the change of ownership (wallet address) would register in the blockchain but never touch any exchange - so... no effect on BTCUSD ?

here are the wallets in question:
https://blockchain.info/address/1Ffm...TjJJusN455paPH
https://blockchain.info/address/1F1t...Dqcw6o5GNn4xqX

I notice people have been making 0.0001 payments into the wallet with a note to ask for a slice of the pie
cryptocurrency everytime
  • #1,533
  • Jan 16, 2014 11:00pm Jan 16, 2014 11:00pm
Quoting venzen
{quote} morning KiwiOz, Interested in your analysis. I see this possibility too but I'm favouring completion of the larger triangle around 790-800 and then up. But I'd be interested to see your chart since it's good to make contingency plans! {image}
OK. I'm going to attack this with 2 weapons. Fib's & DeMark.
1st Fib's... History. Price shot up from nowhere to 1092. On the way a major retracement of 60%..820 back to 378.
From the top 5 waves down (3 bottoms) approx 38%, 50% & 61%. Bitcoin likes Fib's........
Then...From 412 to 983. An 84% retrace.
Now I am looking at a possible 74% retrace to 570.
This would also be a very neat ABC.
Also note my woody is drooping badly... Woodies CCI.
Daily chart showing the above.
DeMark in next post.
Attached Image (click to enlarge)
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Money Makes Money
  • #1,534
  • Jan 16, 2014 11:04pm Jan 16, 2014 11:04pm
Quoting venzen
Right, game on: Feds ready to auction off $25 million in Silk Road Bitcoin http://arstechnica.com/tech-policy/2...-road-bitcoin/ here are the wallets in question: https://blockchain.info/address/1Ffm...TjJJusN455paPH https://blockchain.info/address/1F1t...Dqcw6o5GNn4xqX I notice people have been making 0.0001 payments into the wallet with a note to ask for a slice of the pie
What does "Seized" coins mean.??
Money Makes Money
  • #1,535
  • Jan 16, 2014 11:10pm Jan 16, 2014 11:10pm
http://www.counton2.com/story/240941...llymetharrycom

http://www.cpapracticeadvisor.com/ne...ry-in-bitcoins

http://mail.aol.com/38252-111/aol-6/...wMail&partId=1
The Chonchy
  • #1,536
  • Edited Jan 17, 2014 1:00am Jan 16, 2014 11:39pm | Edited Jan 17, 2014 1:00am
don't worrie about the sale pich but the coments are interesting, a bit old for us but interesting for the newbies....

I just watched a video that I think you'll want to see.
Watch it now.
As you may know, the future of the US dollar looks very bleak.
> China has called for the end of the USD as the world's currency.
> Obamacare is destroying the United States.
> For the first time in recent history, the government is actual considering how to
default on its debt.
> The US's credit rating will be going down the drain as people start to wake up and realize that Treasury Bonds are now worthless.
But the question remains: what will replace the dollar as the world's reserve currency?
Sure, gold is a good store of wealth, but it is impractical to use as payment for guns and butter.
So, what will replace the USD for everyday use? For online transactions? For international trade?
This new digital currency. Called Bitcoin.
You may have heard about it online or in the news recently. Its value has skyrocketed 17,000% over the last two years. And many, like the author of this video believe it is just the beginning.
Jarrod Dennis, the man in this controversial vid, takes you down this intriguing rabbit hole, and reveals, what may become the world's new reserve currency.
Watch and learn.
If this doesn't get you excited, or at least peak some serious interest, I don't know what will.
It's worth a look.
David K. Miller
Managing Editor, Absolute Wealth
PS: Jarrod says that although its made incredible gains, he thinks it will continue to quadruple in value in the next 6 months. Watch why right here.
The Chonchy
  • #1,537
  • Jan 17, 2014 12:08am Jan 17, 2014 12:08am
Quoting KiwiOz
{quote} What does "Seized" coins mean.??

KO, the article is refering to the Silk Road "stash" which was a single Bitcoin wallet containing 29,655 BTC. So, as an asset gained from the "proceeds of crime" they seized it and are intending to auciton it off. That is the third biggest wallet in existence as far as I understand.
cryptocurrency everytime
  • #1,538
  • Jan 17, 2014 12:13am Jan 17, 2014 12:13am
Quoting KiwiOz
{quote} OK. I'm going to attack this with 2 weapons. Fib's & DeMark. 1st Fib's... History. Price shot up from nowhere to 1092. On the way a major retracement of 60%..820 back to 378. From the top 5 waves down (3 bottoms) approx 38%, 50% & 61%. Bitcoin likes Fib's........ Then...From 412 to 983. An 84% retrace. Now I am looking at a possible 74% retrace to 570. This would also be a very neat ABC. Also note my woody is drooping badly... Woodies CCI. Daily chart showing the above. DeMark in next post. {image}

This is totally viable and I would prefer a deep correction, but looking at the BTCUSD price history - whenever it's making these low angle meanderings - it always heads up at the moment when it looks most likely to continue lower!
cryptocurrency everytime
  • #1,539
  • Jan 17, 2014 12:58am Jan 17, 2014 12:58am
Quoting venzen
{quote} This is totally viable and I would prefer a deep correction, but looking at the BTCUSD price history - whenever it's making these low angle meanderings - it always heads up at the moment when it looks most likely to continue lower!
yep in deed is heading up all rite......and with force
The Chonchy
  • #1,540
  • Jan 17, 2014 1:03am Jan 17, 2014 1:03am
Quoting venzen
Right, game on: Feds ready to auction off $25 million in Silk Road Bitcoin http://arstechnica.com/tech-policy/2...-road-bitcoin/ {quote} I'm trying to figure out how this is going affect the price. The FBI are not converting BTC to USD via an exchange but will probably auction for USD on their "Federal Auction" site instead (the default route for converting seized criminal assets from "dirty cash" to Federal profit). However, at the end of the day, the change of ownership (wallet address)...
I just sanded 0.0001BTC for a slice of the pie please send it to me rite away, thanks in advance........
The Chonchy
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