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Bitcoin technical analysis

  • #2,041
  • Feb 3, 2014 7:06am Feb 3, 2014 7:06am
Quoting KiwiOz
A rather quiet weekend compared to the previous three according to the volume indicator. emptymind..Your count is looking feasible. {image} {image}
It does look that way..I would like it to go way down to buy in at a reasonable price but it is strange given sll the hype surrounding Bitcoin.
Money Makes Money
  • #2,042
  • Feb 3, 2014 7:09am Feb 3, 2014 7:09am
Thanks for the accolades on my BRILLIANT article... I know, I know... it's an amazing piece of power writing straight from the source

Actually, the process of writing it and finally publishing was more like passing a kidney stone (i think)... the next one will be easier

KO and OM keeping the bearish perspective firmly in focus... let's see what this current zigzagging is all about, hey?
cryptocurrency everytime
  • #2,043
  • Feb 3, 2014 4:38pm Feb 3, 2014 4:38pm
Quoting KiwiOz
{quote} It does look that way..I would like it to go way down to buy in at a reasonable price but it is strange given sll the hype surrounding Bitcoin.
I agree, it is strange, considering all the positive news that's been coming out. Seems like it takes 10 really super positive news stories to make it go up about $5, and one slightly bad news story based on rumors that will make it drop $100. Frustrating to say the least!
  • #2,044
  • Feb 3, 2014 4:41pm Feb 3, 2014 4:41pm
I'm still invested in Litecoin. Venzen recommended I keep only Bitcoin but I'm still waiting for a price to do the change over, at least 50/50. A price that doesn't lose me money. I forget the exact date, but I've been waiting somewhere since January 7th to do this. I bought in at $24.50 thinking it was about to skyrocket. Since then it has been hovering around 20-21. But at least it's staying low, it allows me to continue buying in at low prices, assuming it goes up from here........
  • #2,045
  • Feb 3, 2014 6:36pm Feb 3, 2014 6:36pm
Quoting dcramer16
{quote} I agree, it is strange, considering all the positive news that's been coming out. Seems like it takes 10 really super positive news stories to make it go up about $5, and one slightly bad news story based on rumors that will make it drop $100. Frustrating to say the least!
The whole thing is strange. Btc/Usd, Ltc/Usd, Ltc/Btc all going down in unison.??? In fact the charts are almost identical.? Even Nmc/Btc looks similar.
Money Makes Money
  • #2,046
  • Edited 7:07pm Feb 3, 2014 6:50pm | Edited 7:07pm
Quoting KiwiOz
{quote} The whole thing is strange. Btc/Usd, Ltc/Usd, Ltc/Btc all going down in unison.??? In fact the charts are almost identical.? Even Nmc/Btc looks similar.
They always do so. That's why altcoin are no threat to bitcoin. They are intertwine.
Classically, when BTC goes up altcoin owner sell them to profit of btc, meanwhile people who are already in btc sell to buy altcoin in multiple their profit. So it stagnate. Then the closer to the top the more people take their profit into altcoin to multiple again. Bringing the alcoin closer to their own top with a certain delay. Then when fear override all market, people stick with fiat. Causing the correction. The later who went into altcoin being the first to sell. Causing a symmetric down-move. while in downtrend, people into atcoin sell more because the main BTC is going down and they want to buy those cheap and famous BTC. It all flows naturally.

Out of this well regulated valse, the bottom line is : btc always rises first, then after it slow down altcoin follows with steeper and faster rise to compensate. And when BTC falls, altcoin will fall faster.

As for EW, when BTC is in wave 1 and 5 usually altcoins are doing their best.

EDIT : also, as mentioned previously by Venzen, the correction seemed incomplete on Mtgox last week, so it would appears gox is responsible for the actual down move. In spirit they are still leading the market, so other exchange seem to have extended the correction from last week, their is not much left to retrace on stamp/btc-e mostly due to the week-end stagnation you mentioned earlier Kiwioz.
LTC/BTC is a very good chart to watch to confirm BTC/USD PA.
  • #2,047
  • Feb 3, 2014 7:05pm Feb 3, 2014 7:05pm
Quoting lady_luck
{quote} They always do so. That's why altcoin are no threat to bitcoin. They are intertwine. Classically, when BTC goes up altcoin owner sell to profit from btc, meanwhile people in btc sell to buy altcoin in multiple their profit. So it stagnate. Then the closer to the top the more people take their profit into altcoin to multiple again. Bringing the alcoin closer to their own top with a certain delay. Then when fear override all market, people stick with fiat. Causing the correction. The later who went into altcoin being the first to sell. Causing...
Thanks L_L. I think I will rename you Lady_Knowledge.......
Money Makes Money
  • #2,048
  • Feb 3, 2014 7:16pm Feb 3, 2014 7:16pm
Also interesting that only I think 4 or 5 brokers have got in on the Whatever coin trading. Quite a few are trading Binaries BS. But not on the forex or CFDs.
I would like a lot more to get involved as the charges are outrageous. Btc-e's commission is terrible. Take Gold for instance with a 40 or 50 point spread. Btc-E's is equivalent to a 400 point spread.
Money Makes Money
  • #2,049
  • Feb 3, 2014 8:56pm Feb 3, 2014 8:56pm
Quoting dcramer16
I'm still invested in Litecoin. Venzen recommended I keep only Bitcoin but I'm still waiting for a price to do the change over, at least 50/50. A price that doesn't lose me money. I forget the exact date, but I've been waiting somewhere since January 7th to do this. I bought in at $24.50 thinking it was about to skyrocket. Since then it has been hovering around 20-21. But at least it's staying low, it allows me to continue buying in at low prices, assuming it goes up from here........

Good you're also in Litecoin - I believe it will come into it's own as Bitcoin adoption grows... my advice to stick with Bitcoin was based on the view that it's easier to focus on one instrument, rather than jumping around between many, until you have more trading experience. But with BTC and LTC moving together as they do, there is no harm - actually it's a good way to spread your risk.
cryptocurrency everytime
  • #2,050
  • Feb 3, 2014 9:04pm Feb 3, 2014 9:04pm
Quoting KiwiOz
Also interesting that only I think 4 or 5 brokers have got in on the Whatever coin trading. Quite a few are trading Binaries BS. But not on the forex or CFDs. I would like a lot more to get involved as the charges are outrageous. Btc-e's commission is terrible. Take Gold for instance with a 40 or 50 point spread. Btc-E's is equivalent to a 400 point spread.

agree, those binary options are almost pointless considering the fees and the minimal reward they offer... besides... options are mostly used as insurance premiums (hedges) against trades on the actual cash chart so those brokers are just cashing in on the fad at minimum risk to themselves...

BTC-e does have an outrageous fee, but once one transfers into their MT4 account there are no fees and only the spread to factor in. I am still on the lookout for an exchange or broker who offers higher leverage. BTC-e MT4 has max 3x leverage but I'm wanting to pump more adrenaline at higher risk for more reward
cryptocurrency everytime
  • #2,051
  • Feb 3, 2014 11:46pm Feb 3, 2014 11:46pm
.......so sorry but still buzzy with the house remodeling, hello to all and good luck to all, BTC is out of sync and that is why is ranging but it looks like is looking for a sync up, dow jones fail and euro is falling so btc should go up soon with gold and silver.......good luck to all, my tulip dye with the dust in the house,

Two Las Vegas casinos, the D Las Vegas Casino Hotel and Golden Gate Hotel & Casino, have announced they are accepting bitcoins!
The locations will use BitPay to process the payments, which are made via tablets and phones. The Golden Gate, built in 1906, is the oldest casino in Las Vegas. The brand likes to style itself as a technology innovator and claims to have been the first casino to install a telephone, in 1907.

The casinos' embrace of Bitcoin comes after retailer Overstock announced it was accepting the currency for transactions during last year's holiday season.
The Chonchy
  • #2,052
  • Feb 3, 2014 11:52pm Feb 3, 2014 11:52pm
Quoting venzen
Bitcoins and Beads: Debunking the Notion of Intrinsic Value http://www.cryptocoinsnews.com/2014/...s-trade-beads/
wow what a nice piece of writing, venzen, congrats........
venzen

open source developer and researcher/explorer. keen interest in cryptocurrency and the implosion of fractal reserve banking.venzen02/02/2014
hehe, it’s also fun to check someone’s understanding of what “intrinsic” means by asking them “what about it’s extrinsic value?”
The Chonchy
  • #2,053
  • Feb 4, 2014 2:42am Feb 4, 2014 2:42am
Quoting chonchy
{quote} wow what a nice piece of writing, venzen, congrats........ venzen open source developer and researcher/explorer. keen interest in cryptocurrency and the implosion of fractal reserve banking.venzen02/02/2014 hehe, it’s also fun to check someone’s understanding of what “intrinsic” means by asking them “what about it’s extrinsic value?”

Chonchero! Good to see you again

Thanks for making a fuss about my article, I will write more and look forward to it but this thread is where the real action is for me - just enjoy analysing and chatting with everyone here so much: we're still only at the beginning of cryptocurrency and the foot of the profit mountain

sorry to hear about the tulip dying from the dust - but i'll take it as a good omen for Bitcoin!
cryptocurrency everytime
  • #2,054
  • Feb 4, 2014 7:18am Feb 4, 2014 7:18am
Buying n selling bitcoins. Can I buy a bitcoin for $801 on Bitstamp, then sell it on MTGox for $920. ??
Also. Why would anyone buy bitcoins on MTGox when they can be bought cheaper on Bitstamp.??

Am I missing something here or am I just dumb.?? Probably just dumb..
Money Makes Money
  • #2,055
  • Feb 4, 2014 8:12am Feb 4, 2014 8:12am
Quoting KiwiOz
Buying n selling bitcoins. Can I buy a bitcoin for $801 on Bitstamp, then sell it on MTGox for $920. ?? Also. Why would anyone buy bitcoins on MTGox when they can be bought cheaper on Bitstamp.?? Am I missing something here or am I just dumb.?? Probably just dumb..
KO, this is exactly the thing: buy low, sell high. Arbitrage between the different exchange rates is a game in itself.

However, consider this: a trader buys at BTC-e and transfers the coins to Gox where they can be sold for an immediate profit, now the fiat is in their Gox account - can they get it out? - apparently not... Gox are blocking withdrawals and are apparently doing a go-slow on processing the customer "validation" required to withdraw... I've been waiting for almost a year!

I regularly recite all of Al Swearengen's best curses and put them on Gox!

http://31.media.tumblr.com/tumblr_m6...7bgko1_500.jpg
cryptocurrency everytime
  • #2,056
  • Feb 4, 2014 2:56pm Feb 4, 2014 2:56pm
Quoting venzen
{quote} KO, this is exactly the thing: buy low, sell high. Arbitrage between the different exchange rates is a game in itself. However, consider this: a trader buys at BTC-e and transfers the coins to Gox where they can be sold for an immediate profit, now the fiat is in their Gox account - can they get it out? - apparently not... Gox are blocking withdrawals and are apparently doing a go-slow on processing the customer "validation" required to withdraw... I've been waiting for almost a year! I regularly recite all of Al Swearengen's best curses...
Almost a year!! That's scary. Right now the money I'm investing into btc/ltc is the money I'm setting aside for a vacation in June 2015. I figured it'd be better putting my vacation savings into coins rather than letting it sit in a savings account for very low interest. My plan is, a couple months before my vacation, convert all my coins to bitcoin, transfer them to coinbase, sell them, and take out the money. Anyone know if my plan is flawed? I'd be supper pizzed off if I went to take out my money for my vacation, then find out it was going to take me a year to get the money out!!!!
  • #2,057
  • Edited 3:18pm Feb 4, 2014 3:08pm | Edited 3:18pm
Quoting dcramer16
{quote} Almost a year!! That's scary. Right now the money I'm investing into btc/ltc is the money I'm setting aside for a vacation in June 2015. I figured it'd be better putting my vacation savings into coins rather than letting it sit in a savings account for very low interest. My plan is, a couple months before my vacation, convert all my coins to bitcoin, transfer them to coinbase, sell them, and take out the money. Anyone know if my plan is flawed? I'd be supper pizzed off if I went to take out my money for my vacation, then find out it was...
As long as you own coins you have multiple option to withdraw. From websites with specific bank transfer option, to localbitcoin (a sort of bitcoin craigslist offering worldwide way of payment) and directly from exchanges.
Some my take longer or be more complicated than other. So do it little by little, different places.
You talking vacation so the amount shouldn't be a problem, it's all about how you wanna get your cash.
Also, during the previous month, keep an eye on the BTC trend to have any idea of the best time to cash. Or set up an exit strategy where you sell your coin slowly.
Like every-time price increases of xx% i withdraw XX% amount.
Which will also allow you to have cash to catch a low, then you can even set-up a re-investment strategy, if prices crashes xx% below my previous sell price, I buy back xx% of the xx coins I sold.

Vacation or not, you mentioned before a target of being 50/50 in BTC and LTC, i'd say it's always good to also divide that into having a 75/25 (or whatever works for you) between coin that you can use to day trade and coin that you won't touch until xx condition happen.
  • #2,058
  • Feb 4, 2014 3:35pm Feb 4, 2014 3:35pm
Quoting lady_luck
{quote} As long as you own coins you have multiple option to withdraw. From websites with specific bank transfer option, to localbitcoin (a sort of bitcoin craigslist offering worldwide way of payment) and directly from exchanges. Some my take longer or be more complicated than other. So do it little by little, different places. You talking vacation so the amount shouldn't be a problem, it's all about how you wanna get your cash. Also, during the previous month, keep an eye on the BTC trend to have any idea of the best time to cash. Or set up an...
Thanks Lady Luck! You brought up a bunch of ideas that I've never even thought of before. Great answer, thank you!
  • #2,059
  • Feb 4, 2014 4:26pm Feb 4, 2014 4:26pm
....Hello traders, hope all are fine and your families as well, sorry for not posting so much this house remodeling is killing me, if I don't get out of the computer they fill it with dust, and not the kind of dust that do any good to the computer.......

I see a bounce here to the north at the red ema 100, not significantly because we are not in sync but it will go up a bit........

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The Chonchy
  • #2,060
  • Feb 4, 2014 7:42pm Feb 4, 2014 7:42pm
Quoting venzen
{quote} KO, this is exactly the thing: buy low, sell high. Arbitrage between the different exchange rates is a game in itself. However, consider this: a trader buys at BTC-e and transfers the coins to Gox where they can be sold for an immediate profit, now the fiat is in their Gox account - can they get it out? - apparently not... Gox are blocking withdrawals and are apparently doing a go-slow on processing the customer "validation" required to withdraw... I've been waiting for almost a year! I regularly recite all of Al Swearengen's best curses...
Cheers....I'd be pissed off too..........
Money Makes Money
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