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Bitcoin technical analysis

  • #2,601
  • Mar 28, 2014 7:23am Mar 28, 2014 7:23am
Quoting kingtour
{quote} Don't feel too confused. On HUOBI the upper line is at 3720 now, and the upper line and lower line of the triangle intersects soon at 3620. There will be an answer soon. For LTCUSD I don't think it's a triangle. Starting from Feb 25 is a five wave up (Ignore spike on Mar 5). Sometimes Triangle's 4D-4E may be actually 5-1 and 5-2.
Hello everyone

I guess now we'd have to either redraw the triangle or put Huobi with Btc-e and others exchanges were their isn't such a clear triangle.
Bitstamp and LTC/USD still make complete sens for a wave 4 tho .
What's your idea ?
  • #2,602
  • Mar 28, 2014 10:22am Mar 28, 2014 10:22am
Quoting lady_luck
{quote} Hello everyone I guess now we'd have to either redraw the triangle or put Huobi with Btc-e and others exchanges were their isn't such a clear triangle. Bitstamp and LTC/USD still make complete sens for a wave 4 tho . What's your idea ?
HUOBI is definitely no longer a triangle, I really cannot tell what is going on now.
Bitstamp and BTCE(ignoring 102) could still be a perfect triangle....

Well...I think I just repeated what you said...
  • #2,603
  • Mar 28, 2014 10:49pm Mar 28, 2014 10:49pm
Quoting kingtour
{quote} HUOBI is definitely no longer a triangle, I really cannot tell what is going on now. Bitstamp and BTCE(ignoring 102) could still be a perfect triangle.... Well...I think I just repeated what you said...
G'day Y'all......Trade carefully. Possible move back up before next drop to 425.
Money Makes Money
  • #2,604
  • Mar 28, 2014 11:16pm Mar 28, 2014 11:16pm
Quoting KiwiOz
{quote} G'day Y'all......Trade carefully. Possible move back up before next drop to 425.
Hello traders.......thanks KiwiOz......realy hope it come back up lol......big in the red, but I added now down there......so it will be easier to get out at the middle.....
The Chonchy
  • #2,605
  • Mar 28, 2014 11:19pm Mar 28, 2014 11:19pm
[quote=venzen;7368032]{quote} Choncy, careful not to get ash on the carpet while you're "mining" potcoin !
The Chonchy
  • #2,606
  • Mar 28, 2014 11:29pm Mar 28, 2014 11:29pm
Quoting chonchy
{quote} Hello traders.......thanks KiwiOz......realy hope it come back up lol......big in the red, but I added now down there......so it will be easier to get out at the middle.....
Forget all the trading myths, technical methods and No Brainer Trading systems. Look at the charts, all timeframes and all of them, no such thing can ever work ..........even a kid can tell. Also forget about pyramiding, martingaling, scaling in/out, trade what you see not you believe, and rest of similar shits. Throw away all fundamantals out of the window, they are of no use. There is only one way one makes money in this market.
The Thief of Wall Street
  • #2,607
  • Mar 29, 2014 1:12am Mar 29, 2014 1:12am
Quoting Chicky
{quote} Forget all the trading myths, technical methods and No Brainer Trading systems. Look at the charts, all timeframes and all of them, no such thing can ever work ..........even a kid can tell. Also forget about pyramiding, martingaling, scaling in/out, trade what you see not you believe, and rest of similar shits. Throw away all fundamantals out of the window, they are of no use. There is only one way one makes money in this market.
OK I'll take the bait & ask the question.
What way is the only way...........We are all waiting with baited breath.....
Money Makes Money
  • #2,608
  • Mar 29, 2014 1:47am Mar 29, 2014 1:47am
I'll bite on that hook too... what is the only way...
  • #2,609
  • Mar 29, 2014 3:29pm Mar 29, 2014 3:29pm
Quoting Chicky
{quote} There is only one way one makes money in this market.
Arghh, I really can't tell if the next word will be hookers or eat more vegetables..
Suspense !
And suspense also with the PA, it look like a little triangle in the 4h chart, i'd say there is only one more wave down. May be 413, may be your 425 KO.
Hmmm, now I really wish I knew if it was hookers or vegetable...
  • #2,610
  • Mar 29, 2014 5:41pm Mar 29, 2014 5:41pm
Quoting KiwiOz
{quote} OK I'll take the bait & ask the question. What way is the only way...........We are all waiting with baited breath.....
What market is doing right now and why. There are so many factors at play at any given point of time that market can do any thing at any time. One is doomed if relies too much on any technical or a single fundamental. Yet again there is patience, timing and risk management.
The Thief of Wall Street
  • #2,611
  • Mar 29, 2014 5:48pm Mar 29, 2014 5:48pm
Quoting lady_luck
{quote} Arghh, I really can't tell if the next word will be hookers or eat more vegetables.. Suspense ! And suspense also with the PA, it look like a little triangle in the 4h chart, i'd say there is only one more wave down. May be 413, may be your 425 KO. Hmmm, now I really wish I knew if it was hookers or vegetable...
OR vegetarian hookers..
Money Makes Money
  • #2,612
  • Mar 29, 2014 5:54pm Mar 29, 2014 5:54pm
Quoting lady_luck
{quote} Arghh, I really can't tell if the next word will be hookers or eat more vegetables.. Suspense ! And suspense also with the PA, it look like a little triangle in the 4h chart, i'd say there is only one more wave down. May be 413, may be your 425 KO. Hmmm, now I really wish I knew if it was hookers or vegetable...
How about a Wedge.??.........On the daily chart.
Attached Image (click to enlarge)
Click to Enlarge Name: btcusddaily.png Size: 41 KB
Money Makes Money
  • #2,613
  • Mar 29, 2014 7:31pm Mar 29, 2014 7:31pm
Quoting KiwiOz
{quote} How about a Wedge.??.........On the daily chart. {image}
The other after talking with Kingtour about EW and confusion, i was tooling with the idea of and ABC wave 1.
And I had a leading diagonal, relatively similar to your wedge. But I couldn't back it up with any realistic count (despite abiding the rules). And I wasn't satisfied with enough point of contact.
Only good thing I had for it, were : one, the red "A", confirmed by MACD and stochastic as the sharpest variance since the ATH. And secondly, the fact that it fit every exchanges. And last the difference of (I - B) would approximate the difference of (A - C).

https://www.tradingview.com/x/1HaSxKYK/

edit : i honestly just tried to redo the draft i made, this chart doesn't have much else for itself
  • #2,614
  • Mar 29, 2014 10:23pm Mar 29, 2014 10:23pm
Quoting lady_luck
{quote} The other after talking with Kingtour about EW and confusion, i was tooling with the idea of and ABC wave 1. And I had a leading diagonal, relatively similar to your wedge. But I couldn't back it up with any realistic count (despite abiding the rules). And I wasn't satisfied with enough point of contact. Only good thing I had for it, were : one, the red "A", confirmed by MACD and stochastic as the sharpest variance since the ATH. And secondly, the fact that it fit every exchanges. And last the difference of (I - B) would approximate the...
Yeah, I think we are on the right track no matter what we call the pattern. 400 is a gimmee & 250 is now a possibility.

Regarding Bitcoin & all Altcoins, I may be way off beam here but I think for Bitcoin to become a world wide alternative to fiat money it needs to become affordable.......If it is to become a commodity, price at any height is possible & can be likened to gold & silver etc. If it is to become a currency to purchase anything from an ice-cream to a Ferrari then affordability has to be the key. To do that it must come back in line with existing currency. (Parity or near)
I can see you all cringing but think about it. Maybe Bitcoin is just finding it's way to it's true value.
OK rip me apart. C'mon, C'mon, get the gloves out.
Having said all that. As I have said before the altcoins make for great trading.........
Money Makes Money
  • #2,615
  • Mar 29, 2014 11:19pm Mar 29, 2014 11:19pm
Quoting Chicky
{quote} What market is doing right now and why. There are so many factors at play at any given point of time that market can do any thing at any time. One is doomed if relies too much on any technical or a single fundamental. Yet again there is patience, timing and risk management.


......agree 100% Chicky and thanks for the post, I know you meant well and I apologize for my friends here that don't know you, I know very well what you are trying to say but I got cut up there with no stops this is not an instrument I trade everyday and got cut, sorry about that, should pay more attention and I know I should know better than to trade out of focus here because new people are watching, again sorry for my martingale, won't happen again is old habits that come off once in a while, again I agree 100% again with patience and focus, that is precisely what a good old friend teach me a long time ago, and focus, time and focus, but I got cut so I'm fixing it with adding down here, truly there is not much to do for me at this time with this acc, is a very small acc, is hard for me her in the USA to get BTC so I have a small acc and I treat the stop as a whole acc, wish is a lot at 0.01 cent........but you are absolutely correct my friend and I thank you for it, come back and post here, your wisdom, I know we can all learn a thing or two from it.....love to have a trader of your caliber among us.....
The Chonchy
  • #2,616
  • Mar 29, 2014 11:21pm Mar 29, 2014 11:21pm
Quoting KiwiOz
{quote} Yeah, I think we are on the right track no matter what we call the pattern. 400 is a gimmee & 250 is now a possibility. Regarding Bitcoin & all Altcoins, I may be way off beam here but I think for Bitcoin to become a world wide alternative to fiat money it needs to become affordable.......If it is to become a commodity, price at any height is possible & can be likened to gold & silver etc. If it is to become a currency to purchase anything from an ice-cream to a Ferrari then affordability has to be the key. To do that it must come back in...
......never mind Chicky, KiwiOz he means well, old friend, very knowlegeble of the market and no hiden agendas......good friend.....he is just calling my attention because I make one of my old mistakes and I appreciate it, carry on....my bad, no adding or martingale is good, I agree, and there is people watching, he is one of the good guys....
The Chonchy
  • #2,617
  • Mar 29, 2014 11:27pm Mar 29, 2014 11:27pm
Quoting Chicky
{quote} Forget all the trading myths, technical methods and No Brainer Trading systems. Look at the charts, all timeframes and all of them, no such thing can ever work ..........even a kid can tell. Also forget about pyramiding, martingaling, scaling in/out, trade what you see not you believe, and rest of similar shits. Throw away all fundamantals out of the window, they are of no use. There is only one way one makes money in this market.
.....hit and run, I agree, focus wait for a good set up and hit it, run with what it give you, I get it, but hard to do on a daily basics, I do it, but I get cut some times and is hard to let go the profits that have being little, but I feel you Chicky, thanks a lot for your guidance, I appreciate it, God bless my friend,.............
The Chonchy
  • #2,618
  • Mar 29, 2014 11:28pm Mar 29, 2014 11:28pm
Quoting lady_luck
{quote} The other after talking with Kingtour about EW and confusion, i was tooling with the idea of and ABC wave 1. And I had a leading diagonal, relatively similar to your wedge. But I couldn't back it up with any realistic count (despite abiding the rules). And I wasn't satisfied with enough point of contact. Only good thing I had for it, were : one, the red "A", confirmed by MACD and stochastic as the sharpest variance since the ATH. And secondly, the fact that it fit every exchanges. And last the difference of (I - B) would approximate the...
....I see the wedge.....

Attached Image (click to enlarge)
Click to Enlarge Name: btcusddaily.png Size: 40 KB
The Chonchy
  • #2,619
  • Mar 29, 2014 11:31pm Mar 29, 2014 11:31pm
Quoting chonchy
{quote} ......agree 100% Chicky and thanks for the post, I know you meant well and I apologize for my friends here that don't know you, I know very well what you are trying to say but I got cut up there with no stops this is not an instrument I trade everyday and got cut, sorry about that, should pay more attention and I know I should know better than to trade out of focus here because new people are watching, again sorry for my martingale, won't happen again is old habits that come off once in a while, again I agree 100% again with patience and...
Chonchy! This is one of the best posts I have ever read on trading philosophy. Watch the video clip, it shows how to tackle this market. I learned a lot from this post.

http://www.forexfactory.com/showthre...17#post7369017
The Thief of Wall Street
  • #2,620
  • Mar 29, 2014 11:33pm Mar 29, 2014 11:33pm
...I also see a retest to the yellow line, we are oversold on the RSI but MACD said go ahead with the down and looking at all time frames like Chicky said they are all down so we are in sync for the down, maybe a pullback to get force but is all down.......423 is the next hurdle I believe.......

Attached Image (click to enlarge)
Click to Enlarge Name: btcusddaily.png Size: 40 KB
The Chonchy
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