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Bitcoin technical analysis

  • #4,081
  • Jun 10, 2014 7:19am Jun 10, 2014 7:19am
Quoting KiwiOz
{quote} Hi venzen....Still targeting 555.... {image}
Hi KiwiOz,

Bitcoin's got me on a rollercoaster - one minute analysis looks down, the next it's "What if this thing makes another blast up before correcting?"

I don't know what to expect but anxiously wait for BTC to take ANY direction!
cryptocurrency everytime
  • #4,082
  • Jun 10, 2014 7:27am Jun 10, 2014 7:27am
Quoting dswk
{quote} Agreed. Not a lot of change since then but targeting zone 550 at least. i will reevaluate if we broke higher price before this target (> 675). All prices from BTC-e. {image}
hi dswk,

some meticulous analysis there... what's bothering me visually about this wave up is that it looks incomplete to the upside - just like the previous wave looked incomplete to the down...

does any change to that gartley butterfly perhaps find a target nearer 700 or perhaps 800/850 ?

I'm not zealous about any direction now - there's something strange in the chart - i'm just wondering how it's going to resolve all the indicator imbalances... either it must drop and make a significant low from here; or it must do some more distance upwards so it can show us a familiar chart pattern or wave formation...
cryptocurrency everytime
  • #4,083
  • Edited 6:18pm Jun 10, 2014 11:54am | Edited 6:18pm
Quoting venzen
{quote} Hi KiwiOz, Bitcoin's got me on a rollercoaster - one minute analysis looks down, the next it's "What if this thing makes another blast up before correcting?" I don't know what to expect but anxiously wait for BTC to take ANY direction!
Hello,
I can see why you said wave 4 a few days ago, you were right it does look like a triangle. This is taking too long for my smaller 1/2.
I think if 655 break it should go up. 640 having the same significance for the downside.
This chart has more of a bullish bias at the moment. If this is really impulse wave 1 of the advance, I'm thinking 820 and then 525.

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


Since wave 1 was very sideway, if it move north, then it should happen soon and close to the apex of the blue triangle and wave 5 would then move within the second channel.
Same observation also mean, wave 4 could still be sharper, (i.e. if 640 break first) and reach the bottom TL of the lowest channel.

There is something I noticed on NXT chart, saw it again on LTC and now on BTC. When fib are measured from the low of wave 2, the top of wave 3 tend to be around 1.382 of wave 1. But that level happen to be exactly the 1.6 extension from the origin to top of wave 1. Kinda funny isn't it ?

Assuming these level means wave 3 didn't extend, wave 5 could be around .6 to 1 of wave 1 to 3. Or fib 1.382 on my chart.
I drew some S/R line, and pivots from different TF as potential targets.
For I, 950 is unlikely but not to be excluded. So is 480 for II.
  • #4,084
  • Jun 10, 2014 11:15pm Jun 10, 2014 11:15pm
Quoting lady_luck
{quote} Hello, I can see why you said wave 4 a few days ago, you were right it does look like a triangle. This is taking too long for my smaller 1/2. I think if 655 break it should go up. 640 having the same significance for the downside. This chart has more of a bullish bias at the moment. If this is really impulse wave 1 of the advance, I'm thinking 820 and then 525. {image} Since wave 1 was very sideway, if it move north, then it should happen soon and close to the apex of the blue triangle and wave 5 would then move within the second channel....
The Bitcoin chart is amazing... I like your chart and this seems to be the way things are going. I won't be surprized if price spikes above 700 in a classic exaggerated B-wave fake-out before turning down again.
cryptocurrency everytime
  • #4,085
  • Jun 11, 2014 1:12am Jun 11, 2014 1:12am
Yahoo Finance just added a Bitcoin chart.

http://finance.yahoo.com/q?s=BTCUSD=X
Money = Labour coupons
  • #4,086
  • Jun 11, 2014 5:39am Jun 11, 2014 5:39am
Attached Image (click to enlarge)
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  • #4,087
  • Jun 11, 2014 9:53am Jun 11, 2014 9:53am
I recently got a possible undisclosed fund to trade BTC for them. I was hoping that y'all could help me out. It looks like volatility has decrease significantly after the 18 day bull run it had and is not consolidating into a range (2H chart pic attached). What I really need help with is the fundamental part of doing the analysis. What exactly drives BTC pricing. I don't intend for this to being a shouting match really all I need is links written by reputable sources so I can study. Thanks everyone for all your help. Good trading!
  • #4,088
  • Edited 10:13am Jun 11, 2014 10:01am | Edited 10:13am
Quoting venzen
{quote} The Bitcoin chart is amazing... I like your chart and this seems to be the way things are going. I won't be surprized if price spikes above 700 in a classic exaggerated B-wave fake-out before turning down again.
Good morning everyone,

640 didn't hold, we are aiming for the lower TL.
560 is the bottom of "iv", as you pointed "iii" very well with the M15 macd. It's a good target. And just above overlapping the top of "1".
Their is a few potential targets before that, 590 being the strongest support on the way down.
I was looking for additional non-horizontal support line in this area, their isn't much. Only the "from bottom of 2" parallel channel to "top of 1 to 3" visible on yesterday daily chart.
Since this is a complete abc, from here on a continuation of the uptrend is not excluded but a larger ABC is more likely.
http://i.imgur.com/O1VI6GO.png
  • #4,089
  • Jun 11, 2014 10:49am Jun 11, 2014 10:49am
Quoting lady_luck
{quote} Good morning everyone, 640 didn't hold, we are aiming for the lower TL. 560 is the bottom of "iv", as you pointed "iii" very well with the M15 macd. It's a good target. And just above overlapping the top of "1". Their is a few potential targets before that, 590 being the strongest support on the way down. I was looking for additional non-horizontal support line in this area, their isn't much. Only the "from bottom of 2" parallel channel to "top of 1 to 3" visible on yesterday daily chart. Since this is a complete abc, from here on a continuation...
L_L, thanks for the thorough analysis! I'm expecting one or two more surprises before trend takes direction...

These links came via email earlier and I thought you'd be interested:

http://www.theargus.co.uk/business/1...ency_Nxt_Coin/
http://finance.yahoo.com/news/crypto...ntsharebuttons
http://www.coinssource.com/nxt-crypt...-0-0-released/
http://cointelegraph.com/news/111741...cryptopayments
cryptocurrency everytime
  • #4,090
  • Edited 11:23am Jun 11, 2014 11:10am | Edited 11:23am
Quoting venzen
{quote} L_L, thanks for the thorough analysis! I'm expecting one or two more surprises before trend takes direction... These links came via email earlier and I thought you'd be interested: http://www.theargus.co.uk/business/1...ency_Nxt_Coin/ http://finance.yahoo.com/news/crypto...ntsharebuttons http://www.coinssource.com/nxt-crypt...-0-0-released/...
Cool
The good store will be an interesting challenge, it virtually cannot be taken down. There was an amazing open debate on NXT forum about ethics and censorship.
So far devs' have been getting bounty for working the 2.0 function such as asset exchange, nodecoin or indirect mining pool. I'm glad to see the function 1.0 such as TXTNXT, bithaus (point of sale project out of the ripple sinking ship), localbitcoin alternatives (https://nxtforum.org/asset-exchange-...e-with-nxt-ae/) and atm are now under focus.
  • #4,091
  • Jun 11, 2014 12:10pm Jun 11, 2014 12:10pm
Quoting lady_luck
{quote} Cool The good store will be an interesting challenge, it virtually cannot be taken down. There was an amazing open debate on NXT forum about ethics and censorship. So far devs' have been getting bounty for working the 2.0 function such as asset exchange, nodecoin or indirect mining pool. I'm glad to see the function 1.0 such as TXTNXT, bithaus (point of sale project out of the ripple sinking ship), localbitcoin alternatives (https://nxtforum.org/asset-exchange-...e-with-nxt-ae/)...
NXT has clearly got a dedicated team and the coin offers many services and functions over and above just being a clone. I think it will go far while most of the other gazillion altcoins out there just fade into the mists of time.

lady_luck, excuse this messy chart, it has all the residue of the journey up still lingering. I have 2 counts on there - an alt count is in tiny red letters, but my preferred scenario be fore a drop is that price makes another run up. Maybe not all the way to B in the top righthand corner, but at least one of those spikes that reverse sharply. Perhaps we've already had that earlier today, but price is not falling away like it usually does.

This wave up was such a drag and now the market doesn't know what to do!

Attached Image (click to enlarge)
Click to Enlarge Name: Selection_049.png Size: 100 KB
cryptocurrency everytime
  • #4,092
  • Jun 11, 2014 12:29pm Jun 11, 2014 12:29pm
Quoting venzen
{quote} NXT has clearly got a dedicated team and the coin offers many services and functions over and above just being a clone. I think it will go far while most of the other gazillion altcoins out there just fade into the mists of time. lady_luck, excuse this messy chart, it has all the residue of the journey up still lingering. I have 2 counts on there - an alt count is in tiny red letters, but my preferred scenario be fore a drop is that price makes another run up. Maybe not all the way to B in the top righthand corner, but at least one of those...
No your chart is great
Look like we have similar targets and channels, I agree with your B.
I feel like June will be a boring month.
  • #4,093
  • Jun 11, 2014 1:17pm Jun 11, 2014 1:17pm
Quoting lady_luck
{quote} No your chart is great Look like we have similar targets and channels, I agree with your B. I feel like June will be a boring month.
True, this sideways could go on for weeks - the market is clearly directionless and a range has been established - looks like one of those lulls where it takes a jolt to establish direction again.
cryptocurrency everytime
  • #4,094
  • Jun 11, 2014 5:22pm Jun 11, 2014 5:22pm
Hello everyone,

I've been trading retail FX for a while now but I have recently started to watch BTC/USD. Do any of you have any insight as to how I could use the level II access available in BTC to my advantage. I've never actually been able to watch an order book so I'm not really sure how to use it properly and I don't want to get burned obviously. Thanks for your help.
  • #4,095
  • Jun 12, 2014 8:20pm Jun 12, 2014 8:20pm
Quoting KiwiOz
{quote} Hi venzen....Still targeting 555.... {image}
560..Close enough, but is this just the start..???
Attached Image (click to enlarge)
Click to Enlarge Name: btcusddaily.png Size: 40 KB
Money Makes Money
  • #4,096
  • Jun 13, 2014 12:24am Jun 13, 2014 12:24am
Quoting KiwiOz
{quote} 560..Close enough, but is this just the start..??? {image}
Morning KO! That was "swift", wasn't it? Fantastical... let's see what's next.
cryptocurrency everytime
  • #4,097
  • Jun 13, 2014 2:10am Jun 13, 2014 2:10am
Quoting dswk
mornin' Still the same bearish pattern in D1. I've exited all my buy and all my sell. Just try to find what would be the next catalyst to a proper move. (But still think bearish as from now) {image}
....

Bitcoin Price Falls Below $600 as US Government Prepares for 30,000 BTC Selloff (from silkroad 1.0 seizure...). The sale is expected to be held on 27th June from 6 am to 6 pm EST. set you agenda/watches
Attached Image (click to enlarge)
Click to Enlarge Name: btcusd-d1-distel-enterprise.png Size: 51 KB
  • #4,098
  • Jun 13, 2014 3:49am Jun 13, 2014 3:49am
Quoting dswk
{quote} .... Bitcoin Price Falls Below $600 as US Government Prepares for 30,000 BTC Selloff (from silkroad 1.0 seizure...). The sale is expected to be held on 27th June from 6 am to 6 pm EST. set you agenda/watches {image}
Cheers mate.. Thanks for the heads up..
Money Makes Money
  • #4,099
  • Jun 13, 2014 3:50am Jun 13, 2014 3:50am
Quoting venzen
{quote} Morning KO! That was "swift", wasn't it? Fantastical... let's see what's next.
Hi Y'all.. Got my eye on 465 now..
Money Makes Money
  • #4,100
  • Jun 13, 2014 3:54am Jun 13, 2014 3:54am
Sick trap ...
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