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Bitcoin technical analysis

  • #3,881
  • May 25, 2014 1:03am May 25, 2014 1:03am
Ready or Not - i had to be ready... 542 BTCe was a switching point

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cryptocurrency everytime
  • #3,882
  • May 25, 2014 1:22am May 25, 2014 1:22am
anyone else getting a major urge to sell around 570 BTCe ?

quick quick! its coming right up!
cryptocurrency everytime
  • #3,883
  • May 25, 2014 1:48am May 25, 2014 1:48am
Finaly something is happening a gain. Sucks to be all in, want to buy more when I get some more cash in end of june... Keep up the chart works! I'm just still mining tough. Thinking about switching to DarkCoin mining soon.

-s-
BTC FTW
  • #3,884
  • Edited 9:28am May 25, 2014 7:13am | Edited 9:28am
Quoting venzen
anyone else getting a major urge to sell around 570 BTCe ? quick quick! its coming right up!
Did you see how "wave 4" went exactly in the 505 area we were mentioning about 2days ago ?
And since we are still within the diagonal, so to me 545 and then 610 or 630 on btce are my following target for the top of this wave.
And it's seems more and more like an ED...
  • #3,885
  • May 25, 2014 5:47pm May 25, 2014 5:47pm
Quoting lady_luck
{quote} Did you see how "wave 4" went exactly in the 505 area we were mentioning about 2days ago ? And since we are still within the diagonal, so to me 545 and then 610 or 630 on btce are my following target for the top of this wave. And it's seems more and more like an ED...
Hi L_L. Yes an ED that may be far from over. This may go to 600 but to me it is still a retracement. 600 then down to end the Ed at under 300.
meanwhile from a traders perspective this is great. Much better than the piddly sideways movements we have had to endure for the past few weeks. trading this up n down n up n down is much more lucrative than just buying & holding.
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Money Makes Money
  • #3,886
  • May 25, 2014 5:56pm May 25, 2014 5:56pm
Quoting venzen
anyone else getting a major urge to sell around 570 BTCe ? quick quick! its coming right up!
Most assuredly. Even if there is another rally to 600>????? I see 526 first.
Money Makes Money
  • #3,887
  • May 25, 2014 6:47pm May 25, 2014 6:47pm
Quoting KiwiOz
{quote} trading this up n down n up n down is much more lucrative than just buying & holding. {image}
having said that, Bitcoin trading is not as lucrative as forex when you take into account the outlay required. I have 500:1 leverage on my forex account yet I can only get 3:1 on Bitcoin trading. Stinks.
Money Makes Money
  • #3,888
  • May 25, 2014 6:49pm May 25, 2014 6:49pm
This may be why Bitcoin may never see 1000 again.???
http://www.cryptocoinsnews.com/news/...ice/2014/05/25
Money Makes Money
  • #3,889
  • May 25, 2014 8:21pm May 25, 2014 8:21pm
Quoting KiwiOz
This may be why Bitcoin may never see 1000 again.??? http://www.cryptocoinsnews.com/news/...ice/2014/05/25
Interesting article by Kyle...

I'm not sure what I think about the allegation that bots "artificially hiked the price... OK, so the bots were real, but the other exchanges' price went to similar heights in terms of their price charts and the wave counts are consistent with principle.... hmmm

Also, what a lot of this allegation is based on is the idea of "artificial" price floors (like the example contracting triangle in the article), but that structure can be seen in all markets and charts.

I reckon bots are a reality in the market now - i had a bot running 24/7 on my MtGox account and it was crude yet profitable- but to what extent will human market participants allow the bots to take price in any direction before they collectively (and even subconsciously) trade the other way? Or even join the fun.
cryptocurrency everytime
  • #3,890
  • May 25, 2014 8:47pm May 25, 2014 8:47pm
Quoting KiwiOz
{quote} Hi L_L. Yes an ED that may be far from over. This may go to 600 but to me it is still a retracement. 600 then down to end the Ed at under 300. meanwhile from a traders perspective this is great. Much better than the piddly sideways movements we have had to endure for the past few weeks. trading this up n down n up n down is much more lucrative than just buying & holding. {image}
i'd expect the PA from 560-600 will be an ending diagonal and then either a complex correction (possibly wave 4) or a reversal to the 300s.

The wave structure up from 440 is really well articulated and easier to count than what i've noticed in the price chart before.
cryptocurrency everytime
  • #3,891
  • May 25, 2014 9:07pm May 25, 2014 9:07pm
Quoting KiwiOz
{quote} Most assuredly. Even if there is another rally to 600>????? I see 526 first.
KO, btw, why do you see 526 first? You mean a correction before rallying higher?
cryptocurrency everytime
  • #3,892
  • May 25, 2014 9:13pm May 25, 2014 9:13pm
Quoting venzen
{quote} KO, btw, why do you see 526 first? You mean a correction before rallying higher?
Well I did before this last little surge.
This retrace is out of steam..
Money Makes Money
  • #3,893
  • May 25, 2014 9:17pm May 25, 2014 9:17pm
Quoting venzen
{quote} i'd expect the PA from 560-600 will be an ending diagonal and then either a complex correction (possibly wave 4) or a reversal to the 300s. The wave structure up from 440 is really well articulated and easier to count than what i've noticed in the price chart before.
Agreed & may it continue that way. or is going to start staggering sideways for the next 2 or 3 weeks. I hope not. Sideways stagger lulls one into a false sense of security & it's easy to take ones eye off the ball.
Money Makes Money
  • #3,894
  • May 25, 2014 10:20pm May 25, 2014 10:20pm
Quoting KiwiOz
{quote} Well I did before this last little surge. This retrace is out of steam..
Hehe, it hit the upper TL and I woke up with that sight, first thing

I'm seeing a pattern here that counts quite easily, but the count could be wrong and we top out at the orange 1.618 extension just above 600 and reverse meaningfully - or the lower channel TL holds and we have evidence of another wave up.

If a wave 5 follows it could be the longest wave of this progression. Doesn't matter if it goes to 1000... the notion of this being up in a correction remains alive.

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cryptocurrency everytime
  • #3,895
  • May 25, 2014 10:39pm May 25, 2014 10:39pm
Quoting KiwiOz
{quote} Agreed & may it continue that way. or is going to start staggering sideways for the next 2 or 3 weeks. I hope not. Sideways stagger lulls one into a false sense of security & it's easy to take ones eye off the ball.
indeed... the long sideways areas on the chart still elude understanding. Like the one prior to this beanstalk sprouting: i cannot (from an EW perspective) figure out how it fits with what happens before it... if its an ending or a beginning. It happened between wave "a" and wave "1" again, so it's got a function (consolidation) and therefore must have a wave position and correct label. A lot of degree changes seem to happen before those long final stretches... sideways: A-B-a-b-(a)-(b) ... long flat stretch... and then suddenly A-B (whoah!) another smaller a-b... and pow! -> wave C shoots up..
cryptocurrency everytime
  • #3,896
  • May 26, 2014 12:16am May 26, 2014 12:16am
bros you shouldn't trade during a phase transition. that's when you get the most gains in the shortest amount of time. my humble advice is to hold. it was a good idea to trade during the correction but if you do trade now you risk losing your position and it will be too scary to jump back in.
  • #3,897
  • May 26, 2014 12:32am May 26, 2014 12:32am
Quoting emptymind
bros you shouldn't trade during a phase transition. that's when you get the most gains in the shortest amount of time. my humble advice is to hold. it was a good idea to trade during the correction but if you do trade now you risk losing your position and it will be too scary to jump back in.
howd'you mean, emptymind? Can you perhaps illustrate how you mean this is a phase transition?
cryptocurrency everytime
  • #3,898
  • May 26, 2014 12:41am May 26, 2014 12:41am
resistance / probable reversal zone (redbox + purple TL)

will reduce exposition now.
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  • #3,899
  • May 26, 2014 6:35am May 26, 2014 6:35am
Quoting venzen
{quote} howd'you mean, emptymind? Can you perhaps illustrate how you mean this is a phase transition?
we are due 1 more phase transition before it needs to consolidate its gains and move sideways for wave IV. i hope it's clear... nothing is new; we discussed it before...
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  • #3,900
  • May 26, 2014 7:20am May 26, 2014 7:20am
maybe you should do a survey to know who think we ve ever made the bottom
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