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Bitcoin technical analysis

  • #4,141
  • Edited 8:27am Jun 16, 2014 6:34am | Edited 8:27am
Ok, so 560 resistance worked. As I saw yesterday ~300 BTC getting sold i thought price would not stand. Bought some at 550, but as always, sold too early LOL
So i made some counts, but i don't really know if it's right.
I hope images can be seen.
BTC/USD BTCE
http://s13.postimg.org/o70frgxrb/12345.jpg
6/15/2014------------------------00:00----------------------6/16/2014-----------------1:00 PM

BTC/USD BTCE
http://s13.postimg.org/x3b7veodj/12345_A.jpg
Sorry for all the little numbers, i'm sure it's not the right way, i'm still here
http://www.sentitrade.com/blog-en/wp...liott-wave.png

  • #4,142
  • Jun 16, 2014 7:14am Jun 16, 2014 7:14am
Quoting gjgjg
{quote} He ignored me too! I'm flattered to be 'categorized' with KO in anyone's eyes; I take it as a compliment, thanks emptymind Edit: oh wait, he's ignoring 83 others too, guess Im not so special!
Sad fact of life..Anyone holding actual bitcoins does not want to hear anything portraying the possibility of bitcoin price falls. Many would have bought at prices higher than they are now & are reluctant to sell at a loss. They are living on a prayer. Which may or may not be answered.
Unfortunately there are still many tales of woe concerning bitcoin & very few positives. Bitcoin is a long long way away from being adopted as an alternative currency to the status quo. It may even take an occurrance such as a Country switching to bitcoin as it's currency to trigger the "to the moon" scenario.????
Of notice is that most Altcoins are faring worse than bitcoin. LTC is a very good bear trade at present.
Money Makes Money
  • #4,143
  • Jun 16, 2014 7:39am Jun 16, 2014 7:39am
Quoting Additional
Ok, so 560 resistance worked. As I saw yesterday ~300 BTC getting sold i thought price would not stand. Bought some at 550, but as always, sold too early LOL So i made some counts, but i don't really know if it's right. I hope images can be seen. {image} {image} Sorry for all the little numbers, i'm sure it's not the right way, i'm still here {image}
... and so you are.

Please read the thread rules. Everyone is welcome to contribute, no-one should press issues.

When you post a chart, be sure that the dates/times on the x-axis are visible and that the instrument or exchange is mentioned. This helps everyone know what you're talking about and when.
cryptocurrency everytime
  • #4,144
  • Jun 16, 2014 8:18am Jun 16, 2014 8:18am
Quoting venzen
{quote} ... and so you are. Please read the thread rules. Everyone is welcome to contribute, no-one should press issues. When you post a chart, be sure that the dates/times on the x-axis are visible and that the instrument or exchange is mentioned. This helps everyone know what you're talking about and when.
Sorry, i will from now on refrain myself from posting until i have something useful to say. I' ll keep on learnin'
  • #4,145
  • Edited 10:13am Jun 16, 2014 8:33am | Edited 10:13am
Quoting KiwiOz
{quote} Hi venzen...Lol. don't worry about emptymind.
Hello KO,
Yeah I saw my own ignore early June, didn't want to say anything, childs gonna be child.
Do you have to scroll thru the whole thread to ignore everyone, or is it just a one click thing ?
Sounds like such a drag !


Quoting tostaky06
Empty mind fall in the darkside of the force cause of the Ecstasy of gold bitcoin. I will call him the uggly Venzen the bad and KiwiOz the good
Hello Tostaky,
I guess that makes me the blonde can-can dancer in the saloon

Quoting Additional
Sorry for all the little numbers, i'm sure it's not the right way, i'm still here {image}
Hello Additional,
On your 5min chart, when their is a corrective wave, and their is only 3 subwave, you can label them abc instead of 123.
Despite the EW rules, on BTC it's very rare to see an extended wave 1 (longer than wave 3 and wave 5).
And as an other note, in most cases wave 2 correct deeper than wave 4, but wave 4 takes longer to finish.
The two most common corrective pattern you will see are either ABC or 3-3-5. Or a triangle ABCDE 3-3-3-3-3.
Keep on practicing and posting it's the best way, and don't hesitate asking question
Here is a pretty good resource : http://elliottwavepredictions.com/wave-notes/



Quoting venzen
{quote} lady_luck, You make a lot of interesting points in this post! How does the PA till now fit with your view? Do you think the current decline is over with this strong move up to 600?
Hello Venzen,
So far so good, it's a perfect fit, both targets area for iv and v were hit, now waiting to see how we'll get to 630.
I don't regret jumping in front of the train

edit :
From a bullish perspective, the parallel channel has been holding until now. No serious invalidation has happened.
Although, it's possible wave c isn't finished yet, if so we would see an immediate retest of the bottom black trend line, a break out at that point will guarantee lower low at around 480.
If the support lines hold, the immediate targets area is around the fib .236 or just above and below 650.
A further retest of the TL is to be expected later on, if PA turn into a larger ABC or an ABCDE. If this alternative were to be a success it would bring us down below the fib .764 territory or around 460.

The count with black arrow make more sens to me for now, but the dotted arrow are two alternative to watch for.

http://i.imgur.com/6lFj68j.png
  • #4,146
  • Jun 16, 2014 9:47am Jun 16, 2014 9:47am
Hi lady_luck,

yes, 630, and how we're going to get there... above 610 (finex) there is clear air up to 670 as far as i can see, but 600 and 700 are tough resistance
cryptocurrency everytime
  • #4,147
  • Jun 16, 2014 10:13am Jun 16, 2014 10:13am
Quoting lady_luck
Hello KO, Yeah I saw my own ignore early June, didn't want to say anything, childs gonna be child. Do you have to scroll thru the whole thread to ignore everyone, or is it just a one click thing ? Sounds like such a drag !
Since early June! You should have said something... You see our friend is posting under a different name now after ignoring all of us? Anyway, best to give some people all the rope they want... they don't know what surprize awaits them.

Back to what matters:

Tough resistance around 600 - according to my chart the pivots all run out, but that might just be because of my timezone. (Its been raining like nobody's business which, of course, means mosquitos... oh botheration...! ) The last wave down (c) was strong but it seems spent. Not sure if we're getting a triangle or a diagonal or whatnot next...

Bitfinex - messy chart but that's the story recently, i believe!

Attached Image (click to enlarge)
Click to Enlarge Name: Selection_062.png Size: 136 KB
cryptocurrency everytime
  • #4,148
  • Edited 10:47am Jun 16, 2014 10:26am | Edited 10:47am
Quoting venzen
{quote} Since early June! You should have said something... You see our friend is posting under a different name now after ignoring all of us? Anyway, best to give some people all the rope they want... they don't know what surprize awaits them. Back to what matters: Tough resistance around 600 - according to my chart the pivots all run out, but that might just be because of my timezone. (Its been raining like nobody's business which, of course, means mosquitos... oh botheration...! ) The last wave down (c) was strong but it seems spent. Not sure...
Oh really ? Under what name ? I still see the same one.
May be I should have said it, but to be honest I haven't been reading his posts for a while (without doing the ignore thing tho) I just saw it as one of those internet thing which happen so often...

EDIT : funny, I looked at your chart and at first I thought it was a daily, they look so much alike !

About the pivot, on my previous chart, I drew the resistance line around them, respectively from H4 and D1.
Often PA tend to find good resistance around bottom of 1 or top of 2.
Happened their is a H4 pivot at the bottom of 1, which is also a resistance line due to the sideway and the fib .236 confluence from the wave up and the correction.

So yes, I agree with you, 630 (if we get there) should be a good point in time to review position and tell if PA has a chance to break these resistance level.
  • #4,149
  • Jun 16, 2014 10:47am Jun 16, 2014 10:47am
Quoting lady_luck
{quote} Oh really ? Under what name ? I still see the same one. May be I should have said it, but to be honest I haven't been reading his posts for a while (without doing the ignore thing tho) I just saw it as one of those internet thing which happen so often... EDIT : funny, I looked at your chart and at first I thought it was a daily, they look so much alike ! About the pivot, on my previous chart, I drew the resistance line around them, respectively from H4 and D1. Often PA tend to find good resistance around bottom of 1 or top of 2. Happened...
My main concern now is that this structure since the low is one of these (KO was saying its a B wave earlier). hmmm.... nervous moments tonight...

edit: thats the April low in this chart

Attached Image
cryptocurrency everytime
  • #4,150
  • Jun 16, 2014 10:52am Jun 16, 2014 10:52am
Quoting lady_luck
{quote} Hello Additional, On your 5min chart, when their is a corrective wave, and their is only 3 subwave, you can label them abc instead of 123. Despite the EW rules, on BTC it's very rare to see an extended wave 1 (longer than wave 3 and wave 5). And as an other note, in most cases wave 2 correct deeper than wave 4, but wave 4 takes longer to finish. The two most common corrective pattern you will see are either ABC or 3-3-5. Or a triangle ABCDE 3-3-3-3-3. Keep on practicing and posting it's the best way, and don't hesitate asking question ...
Thx a lot for the explanations and the link! Bookmarked
  • #4,151
  • Jun 17, 2014 7:51am Jun 17, 2014 7:51am
Bitcoin looks to be making another move.
Attached Image (click to enlarge)
Click to Enlarge Name: btcusdh1.png Size: 44 KB
Money Makes Money
  • #4,152
  • Jun 17, 2014 7:53am Jun 17, 2014 7:53am
Ltc/Btc moving South steadily..
Attached Image (click to enlarge)
Click to Enlarge Name: ltcbtcweekly.png Size: 33 KB
Money Makes Money
  • #4,153
  • Jun 17, 2014 7:55am Jun 17, 2014 7:55am
Quoting KiwiOz
Ltc/Btc moving South steadily.. {image}
Ditto for Ltc/Usd..
Attached Image (click to enlarge)
Click to Enlarge Name: ltcusddaily.png Size: 36 KB
Money Makes Money
  • #4,154
  • Edited 10:00am Jun 17, 2014 9:35am | Edited 10:00am
Venzen, thanks for beginning this thread.

Wish I had found this thread earlier. Will need to go thru it to see how closely opinions here mirror what 98% of people think and say based on all the BS fed to us from mainstream media that is only looking at "Shock" value headlines.

My knowledge is limited. I've been spending some time for the last 6 months reading and watching and attending BTC meet up. So whatever I say is only what my experience has taught me. In plain words, I don't know crap. I do suspect that the world of currency is poised for some changes (potentially large) over the next few years.

The model BTC offers us is being watched closely by many people and various entities. I would speculate that banks, in general, are shaking in their collective boots. With the prospect of losing transaction fees and worldwide control of money, I would hope some bank CEO's are contemplating suicide. (Not really. Sorry, I used to watch mainstream media and still recovering)
  • #4,155
  • Edited 11:41am Jun 17, 2014 11:19am | Edited 11:41am
Quoting KiwiOz
Bitcoin looks to be making another move. {image}
Maybe the magic ingredient ...
http://www.imf.org/external/np/sec/pr/2014/pr14283.htm
Quote
The government implemented important reforms aimed at de-dollarizing the economy, deepening financial markets and improving public finance management (PFM)
http://www.northwestcapitalfinancial...k-june-16-2014
Quote
Russian politicians are encouraging a de-dollarization of their economy, and leaders of several Russian banks have indicated they are bypassing the U.S. dollar in their international transactions. China and Brazil are settling some of their trade with their currencies, the renminbi and the real (respectively). According to Barron’s, “The world is actively seeking an alternative to the greenback. Major nations don't want to pay the virtual toll in the cost of acquiring dollars...

U.S will finally get the inflation that they dream, but this time it will not share their debt to the world ... it will be all their dollar coming back at home because most people do not want it ... and after that ...

French were the first to warn the world ... now it's time ...
Inserted Video
  • #4,156
  • Jun 18, 2014 11:18am Jun 18, 2014 11:18am
Every day magic ingredient :

http://voiceofrussia.com/2014_06_18/...ivil-war-8030/
Quote
Putin's aide proposes anti-dollar alliance to force US to end Ukraine's civil war
  • #4,157
  • Jun 18, 2014 1:21pm Jun 18, 2014 1:21pm
Attached Image (click to enlarge)
Click to Enlarge Name: up.png Size: 44 KB
  • #4,158
  • Edited 1:57pm Jun 18, 2014 1:45pm | Edited 1:57pm
Quoting emptymind
{image}
emptymind, I don't know what you're playing at posting here after you put all of us on "ignore". Bad behaviour. Not Happy. Please explain.
cryptocurrency everytime
  • #4,159
  • Jun 18, 2014 1:56pm Jun 18, 2014 1:56pm
Hi lady_luck, so far so good with this slow advance, eh? my one complaint is that the Bitfinex swap cost is going up faster than price is!
cryptocurrency everytime
  • #4,160
  • Jun 18, 2014 2:03pm Jun 18, 2014 2:03pm
Quoting venzen
Hi lady_luck, so far so good with this slow advance, eh? my one complaint is that the Bitfinex swap cost is going up faster than price is!
Hello
Yes, I've learned it at my expenses, specifically on LTC, fees are/(were?) insane. I went away a few days ago, and had a forced closure, because of those swap cost.
Other valuable lesson learned, the value of your collateral fluctuate if they are backed by coins. I was under the impression it was automatically translated into USD. Should have checked more cautiously
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