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Bitcoin technical analysis

  • #2,241
  • Feb 12, 2014 12:11am Feb 12, 2014 12:11am
Quoting KiwiOz
{quote} Regardless of "news" etc etc etc "Technically" if bitcoin is to follow technical paths on the charts another drop to around 600 is called for. If you own bitcoins or just trade them forex style, Do not be alarmed. It is just a normal correction before the next leg up which should be around 1100 for wave 3 & 1300 for wave 5. Nothing is ever in concrete so one step at a time.
Hate to be the poor SOB watching my bitcoin values halved in two months.
When the facts change I change my mind, what do you do sir
  • #2,242
  • Feb 12, 2014 2:06am Feb 12, 2014 2:06am
Quoting chonchy
{quote} .....Thanks infinitus, I'm all better now, thanks......I have to stop eating and drinking disorderly and exercising more......
Oh-oh, sounds like: no sex, no drugs, no Rock and Roll
  • #2,243
  • Feb 12, 2014 2:12am Feb 12, 2014 2:12am
Quoting KiwiOz
{quote} Regardless of "news" etc etc etc "Technically" if bitcoin is to follow technical paths on the charts another drop to around 600 is called for. If you own bitcoins or just trade them forex style, Do not be alarmed. It is just a normal correction before the next leg up which should be around 1100 for wave 3 & 1300 for wave 5. Nothing is ever in concrete so one step at a time.

OK. Now it gets interesting. As I said, nothing is set in concrete............Price has now had a double touch at 632. Question now is will it continue the retrace to around 590 or even 540 or is it over & time to head North....Lady_Luck, I can now see where you got 815 from. I can see the next target North as 750 followed by 860 IF we move North now.
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Money Makes Money
  • #2,244
  • Feb 12, 2014 2:14am Feb 12, 2014 2:14am
Quoting infinitus
{quote} Oh-oh, sounds like: no sex, no drugs, no Rock and Roll
NO ROCK n ROLL. Aaaaagggghhh That stuffs saturday night for me .......
Money Makes Money
  • #2,245
  • Feb 12, 2014 4:39am Feb 12, 2014 4:39am
The Future of Bitcoin in China - Bobby Lee (BTC CHina) interview
http://www.cryptocoinsnews.com/2014/...#comment-17444

Interesting talk - he speaks out against MtGox and also reveals some interesting facts about the status of BTC in Hong Kong and China.
cryptocurrency everytime
  • #2,246
  • Feb 12, 2014 4:42am Feb 12, 2014 4:42am
Quoting Pip Anon
{quote} Hate to be the poor SOB watching my bitcoin values halved in two months.
When price goes down you mustn't watch, you must short!
cryptocurrency everytime
  • #2,247
  • Feb 12, 2014 4:48am Feb 12, 2014 4:48am
Quoting Pip Anon
{quote} Bitstamp got hit, but I know there have been several other smaller ones were hackers stole bitcoins (it may have been out of wallets). The whole network is so confusing, it's hard to follow for me lol. They were hit with a DOS attack, they say funds weren't at risk
The DDoS of Tuesday is just a denial of service attack - there is no accompanying theft. The issue is that a longstanding transaction encoding issue was being overlooked by some exchanges when they developed their exchange Bitcoin wallets (self-hosted bank accounts) - so when MtGox announced (foolishly) that this was a "Flaw" in the Bitcoin Protocol, some script kiddies decided it's a good vulnerability to try and push the price down via DDoS. Scoundrels...

But I think the price is going down anyway. Nothing to do specifically with Gox or the Bitcoin code or the DDoS... it's simply just that time of the wave cycle - look at KiwiOz's chart target projections they're much lower than current levels and that is where price will go - even if some good news were to come out....
cryptocurrency everytime
  • #2,248
  • Feb 12, 2014 7:00am Feb 12, 2014 7:00am
Quoting KiwiOz
{quote} OK. Now it gets interesting. As I said, nothing is set in concrete............Price has now had a double touch at 632. Question now is will it continue the retrace to around 590 or even 540 or is it over & time to head North....Lady_Luck, I can now see where you got 815 from. I can see the next target North as 750 followed by 860 IF we move North now. {image}
wave 2 can trade sideways for some time if market wants to... usually wave 3 is 161.8% of wave 1 so if the low is in place my target for wave 3 is (720-530)*1.618+631.58=939 bitstamp........... close to your blue line 860 target
  • #2,249
  • Feb 12, 2014 7:16am Feb 12, 2014 7:16am
Quoting emptymind
{quote} wave 2 can trade sideways for some time if market wants to... usually wave 3 is 161.8% of wave 1 so if the low is in place my target for wave 3 is (720-530)*1.618+631.58=939 bitstamp........... close to your blue line 860 target

Sounds good to me. Great thread this. Everyone helpful with ideas, information & suggestions
Money Makes Money
  • #2,250
  • Feb 12, 2014 7:43am Feb 12, 2014 7:43am
Quoting venzen
The Future of Bitcoin in China - Bobby Lee (BTC CHina) interview http://www.cryptocoinsnews.com/2014/...#comment-17444 Interesting talk - he speaks out against MtGox and also reveals some interesting facts about the status of BTC in Hong Kong and China.
Thanks for this interesting link.

China are the world's greatest (not necessarily most successful) speculators, they really do take speculation to a new level. I have friends that trade there that have told me some hair-raising stories. 2014 certainly looks set to be interesting especially when those Chinese consumers come back into the picture

Here is a link that is quite interesting to see just how much China buying is going on even at these reduced levels :

http://www.fiatleak.com/
  • #2,251
  • Feb 12, 2014 10:31am Feb 12, 2014 10:31am
Quoting venzen
{quote} The DDoS of Tuesday is just a denial of service attack - there is no accompanying theft. The issue is that a longstanding transaction encoding issue was being overlooked by some exchanges when they developed their exchange Bitcoin wallets (self-hosted bank accounts) - so when MtGox announced (foolishly) that this was a "Flaw" in the Bitcoin Protocol, some script kiddies decided it's a good vulnerability to try and push the price down via DDoS. Scoundrels... But I think the price is going down anyway. Nothing to do specifically with Gox or...
Well Im not sure about you, but when I want to withdraw my money I want to withdraw my money.
When the facts change I change my mind, what do you do sir
  • #2,252
  • Edited 12:17pm Feb 12, 2014 11:59am | Edited 12:17pm
Quoting Pip Anon
{quote} Well Im not sure about you, but when I want to withdraw my money I want to withdraw my money.
There is many other options to withdraw your money -withdraw your money.
Take it from a poor SOB that saw this instrument increase 100x in year , as Venzen and KO said, all this is very natural.
Good trading to you.
  • #2,253
  • Feb 12, 2014 12:46pm Feb 12, 2014 12:46pm
Quoting lady_luck
{quote} There is many other options to withdraw your money -withdraw your money. Take it from a poor SOB that saw this instrument increase 100x in year , as Venzen and KO said, all this is very natural. Good trading to you.
Yea and it was also halved in value from the highs. Rather trade pogs and pokemon cards
When the facts change I change my mind, what do you do sir
  • #2,254
  • Feb 12, 2014 4:10pm Feb 12, 2014 4:10pm
Hello, it doesnt look now for btc.
That bug created a lot of confusion the market and panic selling , btc-e hit 102$ ! I bet someone thought that the protocol was violated, so he dumped it all in one go.

Its unbeliveble, unless this gets attention on the part of the devs and they fix it soon then we could hang on for longer, but if not, i dont see any meaningful rally to 1100$ or higher.
  • #2,255
  • Feb 13, 2014 2:46am Feb 13, 2014 2:46am
Slowly but surely...........
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  • #2,256
  • Feb 13, 2014 3:07am Feb 13, 2014 3:07am
The http://www.fiatleak.com/ site is amazing. Bitcoins are pouring into China by the bucket full.
Money Makes Money
  • #2,257
  • Feb 13, 2014 6:34am Feb 13, 2014 6:34am
Feb/10 Low on BTCE was 102.

ĦBig difference!
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  • #2,258
  • Feb 13, 2014 11:30am Feb 13, 2014 11:30am
Right now the thing that concerns me the most is the fact that consumer confidence is at an all time low. Doesn't matter that these "flaws" have been know for years. Doesn't matter that these "flaws" are not really significant. What matters is the media is always ready for reasons to slam bitcoin, they are doing so, and the average Joe who doesn't know any better will not trust bitcoin. Just when people seemed like they were starting to get more and more interested in bitcoin, now the media is scaring the crap out of them. We can thank Gox for all of this, may they burn in hell! A lot of people are scared right now. I'm not one of them, yet. I'm still $1000 in the red, but all I need is for Ltc to come up to $21.75 and I break even, that's not bad, and I think my chances are high it will come up that much in the next month or two. I think my chances are extremely high it will come up that much this year. But the fact remains, bitcoin has suffered a major blow due to the actions of Gox, and we aren't going to see as huge an increase this year as what we were all thinking. Again, burn in hell Gox!!
  • #2,259
  • Feb 13, 2014 11:33am Feb 13, 2014 11:33am
Do to market issues (the difficulty that investors have in turning Bitcoins into hard currency), does technical analysis work when applied to bitcoin?

Also, Forex News has started to do a daily article on bitcoin trading including technical analysis.
  • #2,260
  • Feb 13, 2014 2:50pm Feb 13, 2014 2:50pm
Quoting Marc Prosser
Do to market issues (the difficulty that investors have in turning Bitcoins into hard currency), does technical analysis work when applied to bitcoin? Also, Forex News has started to do a daily article on bitcoin trading including technical analysis.
Hello,
Things is, bitcoin are not meant to be turned into hard currency, the current lack of user force us to to so, until a system allowing BTC to be processed by non-btc users is developed.

Quoting dcramer16
I'm still $1000 in the red, but all I need is for Ltc to come up to $21.75 and I break even, that's not bad, and I think my chances are high it will come up that much in the next month or two. I think my chances are extremely high it will come up that much this year. But the fact remains, bitcoin has suffered a major blow due to the actions of Gox, and we aren't going to see as huge an increase this year as what we were all thinking.
I don't wanna be that one, so this time i'll present two case scenario.
First the Infinitus one : BTC has entered a bear market and is going toward $50, then we might as well sell now at a lost. And come back in a year
Second, those feeling you mentioned are similar as mine after april, I was thinking exactly what you just said and then november happened, then hold because you might do more than break even.

Personally I mentioned here in december, there was three scenario possible, slow and long bearmarket,strong rally in february, or sideways and rally in june. Depending on the wave degree. Likely-hood of the last one being the highest.

Quoting KiwiOz
Slowly but surely..........
Is the blue line under the rhombus equivalent to the .61 fib or is it a demark line?
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