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Bitcoin technical analysis

  • #3,321
  • Apr 25, 2014 7:06am Apr 25, 2014 7:06am
Quoting KiwiOz
{quote} Interesting choice..Hirocoin & Execoin.......How much computer power would I use if I allowed my computer to "mine" these coins..
They're meant for GPU mining so you can get yourself an Nvidia GFX 750Ti or a AMD R9 290 and make about 25 EXE per day or 5 Hirocoin per day.

I'm constrained in that I live in more or less permanent 40 degree heat and have a poor internet connection, else I would be mining like crazy, but what I do instead is to rent a few servers online (e.g. Digitial Ocean) and put their CPUs to work - not as much income but a way to mine nonetheless. The CPU power adds up to about 4 x 1.6Ghz which earns me 4 EXE a day and 0.06 Hirocoin a day.

Clearly a graphics card would be more profitable
cryptocurrency everytime
  • #3,322
  • Apr 25, 2014 7:10am Apr 25, 2014 7:10am
Quoting KiwiOz
{quote} And where is the best place to buy these coins to populate a wallet.? Thanks in advance. I really getting into the thought of cryptocurrencies dominating the world.
Execoin is on Cryptsy.com and a few others - check their website at http://execoin.net

Hirocoin, i'm not sure, i just mine them and hope i chose right
cryptocurrency everytime
  • #3,323
  • Apr 25, 2014 7:29am Apr 25, 2014 7:29am
wave 3 target 548 - 339.79) * 1.618 + 438.05 = 774.9 (thats where the so called "wave d" is)

market hits that resistance ceiling and will move sideways for some time then get an explosive extended wave 5
  • #3,324
  • Apr 25, 2014 7:32am Apr 25, 2014 7:32am
Quoting venzen
{quote} Execoin is on Cryptsy.com and a few others - check their website at http://execoin.net Hirocoin, i'm not sure, i just mine them and hope i chose right
Thanks mate..I have Nvidea Geforce Gt635M & Intel HD graphics 4000 in my computer.???????????
Money Makes Money
  • #3,325
  • Apr 25, 2014 7:42am Apr 25, 2014 7:42am
kingtour, did you survive this drop? hope you're not leveraged! wave 3 is in progress
  • #3,326
  • Apr 25, 2014 7:52am Apr 25, 2014 7:52am
BTC-e H1

indicators are making green and blue dots to indicate oversold divergence, but the yellow arrows and highlighted trendlines show a zone between 425 and 400 where price would have "achieved" something or hit a Fib to justify reversal upwards.

Following reversal back up to potentially 470 - the lower targets can then be considered to wave v.

Although wave v is shown in the near future due to space constraints on the chart, it would fit better for decline to make an ending diagonal to the wave v low around a date in mid-May.

Of course, any minute that the bright blue upper TL of the decline gets breached, I will switch to a bullish bias and look for 680 then 840.

edit: ooh! (the shame of it!) my label A is in the wrong place! (why me lord?!) it should be at the low one wave prior...

Attached Image (click to enlarge)
Click to Enlarge Name: BTCe_19h42_25Apr2014.png Size: 201 KB
cryptocurrency everytime
  • #3,327
  • Apr 25, 2014 7:52am Apr 25, 2014 7:52am
Quoting emptymind
wave 3 target 548 - 339.79) * 1.618 + 438.05 = 774.9 (thats where the so called "wave d" is) market hits that resistance ceiling and will move sideways for some time then get an explosive wave 5... extended multiple levels of infinity
Market moved much faster than I thought. I think 2 out of 4 possibilities(5-2 or 4-C) we discussed are gone. One is fully filled now like you discussed. Another one is still an option(going to 260USD)

But look at how similar the two bottom is! I feel it too similar to be true.

Attached Image (click to enlarge)
Click to Enlarge Name: BS20140425.jpg Size: 68 KB
  • #3,328
  • Apr 25, 2014 7:56am Apr 25, 2014 7:56am
Quoting emptymind
kingtour, did you survive this drop? hope you're not leveraged! wave 3 is in progress
Thanks for asking, I am fine and I was expecting this 0.618 retracement as second count. I cut off all leverage positions when the drop starts and have moved all BTC to cold storage. The problem is that I dare not load more position with leverage now - I do feel fear when it is possibly a bottom.
  • #3,329
  • Apr 25, 2014 8:08am Apr 25, 2014 8:08am
My first count, AB bottom completes:

Attached Image (click to enlarge)
Click to Enlarge Name: HUOBI20140425.jpg Size: 66 KB


The alternative count is simply treat the abc of B as 123 of a new impulse wave down.
  • #3,330
  • Apr 25, 2014 8:08am Apr 25, 2014 8:08am
Quoting KiwiOz
{quote} Thanks mate..I have Nvidea Geforce Gt635M & Intel HD graphics 4000 in my computer.???????????
Maybe the GT635 can do it, now you need to check out the "Mining" section on the Execoin website - you will have to download a special mining software app called CGminer (or perhaps SGminer) from them, as well as a Execoin wallet and then point your miner at my pool http://p2pool.bihthai.net:9173

Learning the ins and outs of mining is another story, but take my one piece of advice: don't push your hardware, it's better to under-utilize it's capacity at 75-80% than try to max it's power.
By forcing the GPU you'll end up burning more electricity; generating more heat, thereby causing more errors and in the end degrading the quality of your mining shares.
cryptocurrency everytime
  • #3,331
  • Apr 25, 2014 8:19am Apr 25, 2014 8:19am
Quoting kingtour
{quote} Market moved much faster than I thought. I think 2 out of 4 possibilities(5-2 or 4-C) we discussed are gone. One is fully filled now like you discussed. Another one is still an option(going to 260USD) But look at how similar the two bottom is! I feel it too similar to be true. {image}
hi kingtour, i've looked at that same wave 1 for several months and have committed it to memory: It is 5 waves up

however, the prior wave here (that you have circled) is only 3 waves so a better comparison might be to the same 3 wave correction a few months ago?

Of course, neither comparisons are decisive, and it's good to see that both are a possibility. So a neutral stance now might be the most sensible thing. I'd say our task now is not to try and guess if the trend is presently up or down, but to devise tactics of what to do, if:

1) lower lows print (one would want to buy aggressively)

2) price does a blast upwards - what would be the confirmation level/count that signals the downtrend is over?

3) continued sideways - there is no rule or imperative that prevents Bitcoin from moving sideways in disjointed trade for another year (ok, that's exaggerated, but plausible)
cryptocurrency everytime
  • #3,332
  • Apr 25, 2014 8:21am Apr 25, 2014 8:21am
Quoting kingtour
{quote} Thanks for asking, I am fine and I was expecting this 0.618 retracement as second count. I cut off all leverage positions when the drop starts and have moved all BTC to cold storage. The problem is that I dare not load more position with leverage now - I do feel fear when it is possibly a bottom.
glad you're ok! since the bigger picture isn't a triangle because the so called "wave e" spiked when it shouldn't go below "wave c".... i came up with this triple correction......... as you can see wave Z is the end of the triple correction
Attached Image (click to enlarge)
Click to Enlarge Name: up1.png Size: 11 KB
  • #3,333
  • Apr 25, 2014 8:23am Apr 25, 2014 8:23am
Quoting venzen
{quote} Maybe the GT635 can do it, now you need to check out the "Mining" section on the Execoin website - you will have to download a special mining software app called CGminer (or perhaps SGminer) from them, as well as a Execoin wallet and then point your miner at my pool http://p2pool.bihthai.net:9173 Learning the ins and outs of mining is another story, but take my one piece of advice: don't push your hardware, it's better to under-utilize it's capacity at 75-80% than try to max it's power. By forcing the GPU you'll end up burning...
Thanks mate. I will look into it........Cheers.
Money Makes Money
  • #3,334
  • Apr 25, 2014 8:25am Apr 25, 2014 8:25am
Quoting kingtour
{quote} Market moved much faster than I thought. I think 2 out of 4 possibilities(5-2 or 4-C) we discussed are gone. One is fully filled now like you discussed. Another one is still an option(going to 260USD) But look at how similar the two bottom is! I feel it too similar to be true. {image}
You may have missed one.
Attached Image (click to enlarge)
Click to Enlarge Name: download.png Size: 72 KB
Money Makes Money
  • #3,335
  • Apr 25, 2014 8:25am Apr 25, 2014 8:25am
Quoting KiwiOz
{quote} Yes, That's exactly as I see it. Talking about lucky. How unlucky is L_L to be sleeping through all this. I often lament sleeping through the US sessions with Forex but crypto trading often has good moves outside of US trading hours......... I'm thinking seriously of trading only Crypto's. (making more on Ltc/Usd actually)
Good morning

Thanks for the thought I hope you all did well last night
I know, when I was in the Australian Timezone i was always waiting for 11pm and 4am for things to happen. And now that I'm almost on the New York Meridian I still have the same feel of everything exciting happening when I'm in bed.

I hope you'll get into LTC KO, it's great to play two charts at once, and you always have the LTCBTC in the middle,
  • #3,336
  • Apr 25, 2014 8:29am Apr 25, 2014 8:29am
Quoting kingtour
{quote} Market moved much faster than I thought. I think 2 out of 4 possibilities(5-2 or 4-C) we discussed are gone. One is fully filled now like you discussed. Another one is still an option(going to 260USD) But look at how similar the two bottom is! I feel it too similar to be true. {image}
good observation, kingtour... similar fractal.... i think you've found what venzen is looking for... the bitcoin DNA fractal
  • #3,337
  • Apr 25, 2014 8:56am Apr 25, 2014 8:56am
Quoting lady_luck
{quote} Good morning Thanks for the thought I hope you all did well last night I know, when I was in the Australian Timezone i was always waiting for 11pm and 4am for things to happen. And now that I'm almost on the New York Meridian I still have the same feel of everything exciting happening when I'm in bed. I hope you'll get into LTC KO, it's great to play two charts at once, and you always have the LTCBTC in the middle,
Cheers...Ltc/Btc weekly..Interesting chart. OK pockets full n off to bed..Y'All don't have toooo much fun whilst I sleep y'hear.....
Money Makes Money
  • #3,338
  • Edited 10:03am Apr 25, 2014 8:57am | Edited 10:03am
Just had a quick look and I'm missing a wave.
Could we be doing 4 of C at the moment ? And then we'd have 410 on btc-e ?

Quoting KiwiOz
{quote} Cheers...Ltc/Btc weekly..Interesting chart. OK pockets full n off to bed..Y'All don't have toooo much fun whilst I sleep y'hear.....
Don't say that We play games and all, trying to refresh the page as fast as possible to make post and people appear online
Good night

http://i.imgur.com/TezIBLE.png

From left to right, B is exactly at 0.618 of A.
Same proportion for ii of C being 0.618 to i of C.
Wave iii of C extended to 1.618 of wave i of C.
If wave iv reach 0.5 and if wave v of C = wave i of C -which would also match wave A = wave C- then my target for wave v for LTC/USD would be between 10.1 and 9.7.
Their is also support and resistance line on top of iv of C and below v of C.

note : a spike of volume (not on the chart) on wave iii of c similar to wave A.

edit : similar count applied to BTCUSD gives 410 on btc-e
  • #3,339
  • Apr 25, 2014 9:50am Apr 25, 2014 9:50am
Quoting lady_luck
Just had a quick look and I'm missing a wave. Could we be doing 4 of C at the moment ? And then we'd have 410 on btc-e ? {quote} Don't say that We play games and all, trying to refresh the page as fast as possible to make post and people appear online Good night
hi lady_luck,

410 sounds good. Then we'll see where to next.... up would be ok!
cryptocurrency everytime
  • #3,340
  • Apr 25, 2014 9:54am Apr 25, 2014 9:54am
Quoting emptymind
{quote} glad you're ok! since the bigger picture isn't a triangle because the so called "wave e" spiked when it shouldn't go below "wave c".... i came up with this triple correction......... as you can see wave Z is the end of the triple correction {image}
w-x-y-x-z ...
cryptocurrency everytime
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