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Bitcoin technical analysis

  • #3,801
  • May 19, 2014 10:28am May 19, 2014 10:28am
all the hurst channels show we are near the bottom of the channel so i find it hard to believe all of you are predicting a strong move down...... the charts show total opposite action... i dont know what charts you're looking at!

the daily is nearly breakout of the downtrend... a lot of bullish PA going so i don't know why all of you are predicting down trend ?

ltc doesnt lead. mislead is more like it
  • #3,802
  • Edited 3:29pm May 19, 2014 11:52am | Edited 3:29pm
time is running out! you are being squuuuuuuuuuuuueeeeeeeeeeeezed by time.

  1. 64 days
  2. 9 weeks (rounded down)


Inserted Video
  • #3,803
  • May 20, 2014 12:48am May 20, 2014 12:48am
Quoting emptymind
time is running out! you are being squuuuuuuuuuuuueeeeeeeeeeeezed by time. 64 days 9 weeks (rounded down) http://www.youtube.com/watch?v=YkADj0TPrJA
very good!

here's a clip from the "making of..." that song (KO, mind your Magnetic Monkey doesn't fright)

Inserted Video
cryptocurrency everytime
  • #3,804
  • May 20, 2014 12:55am May 20, 2014 12:55am
Bitstamp H1

Attached Image (click to enlarge)
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cryptocurrency everytime
  • #3,805
  • May 20, 2014 1:01am May 20, 2014 1:01am
Quoting emptymind
all the hurst channels show we are near the bottom of the channel so i find it hard to believe all of you are predicting a strong move down...... the charts show total opposite action... i dont know what charts you're looking at! the daily is nearly breakout of the downtrend... a lot of bullish PA going so i don't know why all of you are predicting down trend ? ltc doesnt lead. mislead is more like it

BTC acts like a political currency (just like the EURO) and so technical analysis is not as important as the fundamentals, especially if one is just looking at the charts and expecting some signal from a candlestick!

BTC has just taken a big knock from most Asian governments who are "progressively outlawing" BTC, and most banks will not touch BTC. If you trade BTC on the trend, just make sure you're confident of the S&R levels.

Happy Trading!
  • #3,806
  • May 20, 2014 2:01am May 20, 2014 2:01am
Nice pump n dump. Anyone know what caused it.??
Money Makes Money
  • #3,807
  • May 20, 2014 2:29am May 20, 2014 2:29am
Quoting Taffy
{quote} BTC acts like a political currency (just like the EURO) and so technical analysis is not as important as the fundamentals, especially if one is just looking at the charts and expecting some signal from a candlestick! BTC has just taken a big knock from most Asian governments who are "progressively outlawing" BTC, and most banks will not touch BTC. If you trade BTC on the trend, just make sure you're confident of the S&R levels. Happy Trading!
Taffy,

thanks for posting. The fundamentals vs sentiment vs technical issue is open to debate. Very few, if any, of us apply candle stick analysis. But technical analysis applies strongly to Bitcoin as you'll see from reading the pages in this thread.

Political currency - yes - in that regulation is the main perceived threat. "Perceived" because Bitcoin exists outside of regulation, so it's only a matter of Bitcoin investors' ingrained expectation that some authority should approve or certify Bitcoin somehow. The Euro, on the other hand, belongs to a central bank. So a fundamental distinction exists in this regard.

PBoC decrees on Bitcoin is, in each case, related to the Chinese exchange sector, where - as you know - China is experiencing a liquidity crisis. Having leakage into decentralized digital currency is therefore disruptive and Chinese authorities clearly understand the threat posed by Bitcoin - so its wise for them to progressively ban cryptocurrency.

Singapore (a financial services economy and gateway for ASEAN wealth) has embraced Bitcoin - encouraging the widespread use of BTC and allowing citizens to pay taxes in the currency!

You're welcome to post analysis BTW
cryptocurrency everytime
  • #3,808
  • May 20, 2014 2:31am May 20, 2014 2:31am
Quoting KiwiOz
Nice pump n dump. Anyone know what caused it.??
no idea, seems like buyers pushed it to the upper TL and then took profit on failure to break out...
cryptocurrency everytime
  • #3,809
  • May 20, 2014 3:20am May 20, 2014 3:20am
The bulls are in that great African river De Nial...

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cryptocurrency everytime
  • #3,810
  • May 20, 2014 3:41am May 20, 2014 3:41am
Quoting venzen
The bulls are in that great African river De Nial... {image}
Money Makes Money
  • #3,811
  • May 20, 2014 6:03am May 20, 2014 6:03am
Quoting venzen
{quote} no idea, seems like buyers pushed it to the upper TL and then took profit on failure to break out...
Might be some extra activity from localbitcoins coming back online
http://newsbtc.com/2014/05/19/follow...eturns-normal/
the only thing that stands out to me news wize
  • #3,812
  • May 20, 2014 8:52am May 20, 2014 8:52am
breakout (daily)
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  • #3,813
  • May 20, 2014 9:00am May 20, 2014 9:00am
Quoting venzen
{quote} very good! here's a clip from the "making of..." that song (KO, mind your Magnetic Monkey doesn't fright) http://www.youtube.com/watch?v=TnzFRV1LwIo
haha.. actually, i posted that song in anticipation of the breakout ..."waiting for this moment..."
  • #3,814
  • May 20, 2014 9:14am May 20, 2014 9:14am
hourly
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  • #3,815
  • May 20, 2014 9:25am May 20, 2014 9:25am
Quoting Taffy
{quote} BTC acts like a political currency (just like the EURO) and so technical analysis is not as important as the fundamentals, especially if one is just looking at the charts and expecting some signal from a candlestick! BTC has just taken a big knock from most Asian governments who are "progressively outlawing" BTC, and most banks will not touch BTC. If you trade BTC on the trend, just make sure you're confident of the S&R levels. Happy Trading!
Hi, check this article it's worth reading... http://bitcoinmagazine.com/13072/dec...-independence/
  • #3,816
  • May 20, 2014 9:35am May 20, 2014 9:35am
Quoting emptymind
{quote} Hi, check this article it's worth reading... http://bitcoinmagazine.com/13072/dec...-independence/
emptymind, thanks for posting this
cryptocurrency everytime
  • #3,817
  • Edited 10:49am May 20, 2014 9:42am | Edited 10:49am
This PA is horrendous... to me it's defintely advance in a correction and will come crashing down even it it goes to $700 $580 $10,000,

If BTC-e passes 455, then the immediate targets I can find by Fib extension of the first wave up since 5th May are 470, 510 and 550.

I'm not altering my trade plan until PA gives more clues. - B wave no the friend me!
cryptocurrency everytime
  • #3,818
  • Edited 11:18am May 20, 2014 11:07am | Edited 11:18am
BTC-e H4

i didn't post this chart with it's Bitstamp companion chart earlier today - this one has labels which explains the current exhuberant upmove - correction confused for a rally...

Indicators are overbought in every timeframe from 5min to daily. Divergence is compound and pervasive. I expected the downtrend to be staggered and gradual, but this reckless move up means the drop will be a real shocker... the current PA up from 440 should be wiped out by a single hourly candle.

The purple target at 220 is the lowest this wave 5 could go if the count is to remain valid (wave 3 cannot be the shortest). The red target at 140 is possible only on a spike down - but it will be an anomaly like the previous spike to 102.

Attached Image (click to enlarge)
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cryptocurrency everytime
  • #3,819
  • May 20, 2014 11:52am May 20, 2014 11:52am
Bitstamp 4 hour chart

We'll have to wait for KO to confirm I did these right.

Attached Image (click to enlarge)
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cryptocurrency everytime
  • #3,820
  • May 20, 2014 12:07pm May 20, 2014 12:07pm
i just want to say that a cash market (bitstamp) carries more weight than a leveraged market (btce)
example, in the "real" world, if there is conflicting signals or counts you take the spx cash market over the e-mini

i also have more faith in cycles more than trying to decipher elliott wave counts.... 9 weeks to peak sounds right for a phase transition duration. if you look in the past there have been 11, 10 and 9 week moves
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