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Bitcoin technical analysis

  • #2,061
  • Feb 4, 2014 7:42pm Feb 4, 2014 7:42pm
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...
Only flaw I can see is if price goes down & stays down.........
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  • #2,062
  • Feb 4, 2014 8:29pm Feb 4, 2014 8:29pm
Quoting KiwiOz
{quote} Only flaw I can see is if price goes down & stays down.........
Yes, that's definitely something I've considered, a lot here lately. All this positive news that's coming out and the price staying stagnant kinda has me a little worried.
  • #2,063
  • Feb 4, 2014 10:02pm Feb 4, 2014 10:02pm
Quoting dcramer16
{quote} Yes, that's definitely something I've considered, a lot here lately. All this positive news that's coming out and the price staying stagnant kinda has me a little worried.
Yes I would like to think I will buy some sort of alt coins eventually, but would like to buy a lot lower.
Making a few $$ trading them will do for now.
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  • #2,064
  • Feb 5, 2014 2:26am Feb 5, 2014 2:26am
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venzen, what happened to your dow outlook... little icon
  • #2,065
  • Feb 5, 2014 6:39am Feb 5, 2014 6:39am
Hello,

Dcramer16, during sideways price action, a good analogy would be to consider good news, as pillar building up under the price-line and preventing it from falling,.
It's kinda there, pilling up, trying to bring confidence. But the price stagnation is there, weighting heavy on them. Fragile it is, and it only take a bit of wind to crumble, but the pillar are there. Try to see it metaphorically as building a bridge.
To me price change opinion public which bring news.
At the moment the opinion public is almost at the lowest because of the news not impacting the price, so it's good to see that despite the opinion prices are not so affected.
2015 is far away, don't stress.

Kiwioz, what altcoins are you considering ?
Except of LTC, I honestly don't see any worth anything. Last weeks, we had fedorahcoin (reddit tipping coin) and kittehcoin (something about funny cats ) going up over140% but those two are honestly worthless.
Also, I saw, you asked why buying on mtgox, when it's lower on bitsamp, well people also except btc to go higher for what they pay more for. Stamp had a very bearish reputation in the past.
Playing the discrepancy between exchange is a dangerous game, as Venzen said, you can get cash stuck or see the spread going the other way around before you can finish. Usually if their is 15% difference, after the fee, the risk and all I mentioned, you'll end up with 5% and a good week of work and stress sending multiple id proof and stuff. Not worth it in my opinion.
  • #2,066
  • Feb 5, 2014 7:44am Feb 5, 2014 7:44am
hi all,

I'm just dropping a post to say i'm here and reading the posts (sometimes 12 hours later) but very busy and not really in the mind to post analysis. For me it's still base building before a spectacular launch so not much to add from my point of view. Just getting some other things out the way before the fast-pace action starts in the coming weeks... Not saying there won't be any dips below 780 even 760 ... if this is a first wave up then we'd expect a deep retrace to near 750 in wave 2. The bearish scenario also still stands as a possibility... way outside possibility but bulls be careful...
cryptocurrency everytime
  • #2,067
  • Feb 5, 2014 8:17pm Feb 5, 2014 8:17pm
Gotta love it!! Makin' money whilst sleeping..
T'would appear we are on the down leg to where it will be nice to buy BTC or LTC...
I wonder......If BTC & LTC continue to be the main two altcoins. Will LTC increase in value alongside Btc. I mean is it possible Ltc will one day be worth as much as Btc.??

I see the volume has picked up in the last 24 Hrs. Any Ideas why.?
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  • #2,068
  • Feb 5, 2014 8:38pm Feb 5, 2014 8:38pm
Attached Image


there was no wxy...

3 of 3 PA no doubt about it

expecting 261.8% of wave 1............. target for 3 of 3 = 634
  • #2,069
  • Feb 5, 2014 8:50pm Feb 5, 2014 8:50pm
Quoting emptymind
{image} there was no wxy... 3 of 3 PA no doubt about it expecting 261.8% of wave 1............. target for 3 of 3 = 634
Sounds good to me...I've got it coming in at 695 at present with 570 still on the horizon after a decent pullback..
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  • #2,070
  • Feb 5, 2014 10:47pm Feb 5, 2014 10:47pm
Gox dropped through the floorboards while i was sleeping... it could make a massive emptymind C wave like in the April correction, or, as I prefer to think hit a Fib bottom at 755 and regain altitude to 900 in a matter of days. My reason for thinking this is that the April correction (left of chart) and the Nov/Dec correction are of different degrees - the April correction being one degree larger. However, this does not rule out a similar pattern. BTC-e seem to have less downdraft at the moment with downside targets of 50% (700) and 62% (630) of the mid-Dec wave 1.

Gox Daily (log scale)

https://www.tradingview.com/x/oeQSYCNu/
cryptocurrency everytime
  • #2,071
  • Feb 5, 2014 10:56pm Feb 5, 2014 10:56pm
Whats the betting this bottoms out tomorrow around 760 then goes back to 780 over the weekend. Be a good place to load more shorts on Monday.......
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  • #2,072
  • Feb 5, 2014 11:06pm Feb 5, 2014 11:06pm
Quoting KiwiOz
Gotta love it!! Makin' money whilst sleeping.. T'would appear we are on the down leg to where it will be nice to buy BTC or LTC... I wonder......If BTC & LTC continue to be the main two altcoins. Will LTC increase in value alongside Btc. I mean is it possible Ltc will one day be worth as much as Btc.?? I see the volume has picked up in the last 24 Hrs. Any Ideas why.? {image}
hi KiwiOz,

i'm just speculating but based on the price history so far I think LTC should continue to track BTC. The main thing that could throw them out of sync is if either's encryption becomes compromised - BTC is SHA256 based and LTC based on scrypt.

LTC is a clone of the Bitcoin code and it's main differences are the encryption standard and the fact that more LTC will ultimately be issued (84mil vs BTC 21mil). Oh, and LTC transactions are quicker (because it's transaction blocks are smaller and therefore processed faster). Given the fact that LTC is less scarce I think the market won't value it at the same price as BTC...
cryptocurrency everytime
  • #2,073
  • Feb 5, 2014 11:33pm Feb 5, 2014 11:33pm
Quoting venzen
{quote} hi KiwiOz, i'm just speculating but based on the price history so far I think LTC should continue to track BTC. The main thing that could throw them out of sync is if either's encryption becomes compromised - BTC is SHA256 based and LTC based on scrypt. LTC is a clone of the Bitcoin code and it's main differences are the encryption standard and the fact that more LTC will ultimately be issued (84mil vs BTC 21mil). Oh, and LTC transactions are quicker (because it's transaction blocks are smaller and therefore processed faster). Given the...
Interesting times ahead
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  • #2,074
  • Feb 5, 2014 11:48pm Feb 5, 2014 11:48pm
Leaping Lizzards, people! What's going to happen when Europe joins in an hour and then the Americas later? Do you guys think they'll panic sell or see the new lows as a buying opp?
cryptocurrency everytime
  • #2,075
  • Feb 6, 2014 1:17am Feb 6, 2014 1:17am
Quoting venzen
Leaping Lizzards, people! What's going to happen when Europe joins in an hour and then the Americas later? Do you guys think they'll panic sell or see the new lows as a buying opp?
Ho ho. The train has left the station & the track is down hill. The train has no brakes & only the undulating track will allow moments of hesitation........
Money Makes Money
  • #2,076
  • Feb 6, 2014 4:38am Feb 6, 2014 4:38am
Quoting KiwiOz
Whats the betting this bottoms out tomorrow around 760 then goes back to 780 over the weekend. Be a good place to load more shorts on Monday.......
Hmmm couldn't wait for the weekend. Been there & done that already.......Next major speed bump at 748. Then 720.
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  • #2,077
  • Feb 6, 2014 5:42am Feb 6, 2014 5:42am
Hi Chonchy. How are you seeing it.?
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  • #2,078
  • Feb 6, 2014 6:21am Feb 6, 2014 6:21am
Quoting venzen
Gox dropped through the floorboards while i was sleeping... it could make a massive emptymind C wave like in the April correction, or, as I prefer to think hit a Fib bottom at 755 and regain altitude to 900 in a matter of days. My reason for thinking this is that the April correction (left of chart) and the Nov/Dec correction are of different degrees - the April correction being one degree larger. However, this does not rule out a similar pattern. BTC-e seem to have less downdraft at the moment with downside targets of 50% (700) and 62% (630) of...
as you said gox dropped harder because it's a cash market while traders on btc-e short covering as price drops so slows down the crash

i see what you mean regarding different degrees ...im assuming it's a C wave unless the market tells us otherwise and invalidates my count......... if you see any triangles in this correction then it's not a wave 2 because wave 2 doesn't allow triangles from what i understand
  • #2,079
  • Feb 6, 2014 6:32am Feb 6, 2014 6:32am
Quoting emptymind
{quote} as you said gox dropped harder because it's a cash market while traders on btc-e short covering as price drops so slows down the crash i see what you mean regarding different degrees ...im assuming it's a C wave unless the market tells us otherwise and invalidates my count......... if you see any triangles in this correction then it's not a wave 2 because wave 2 doesn't allow triangles from what i understand
Good morning everyone,
Can you not short on gox with plus500 ?
I'll attribute the difference in amplitude to gox having a few issue (again and always) and a different wave on jan26th.
  • #2,080
  • Feb 6, 2014 6:38am Feb 6, 2014 6:38am
Hey O'brainy ones......Whats your take on the dodgecoin......... Dodgy....... A puppy..... or a wolf disguised as the Queens corgi
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