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Bitcoin technical analysis

  • #4,581
  • Sep 5, 2016 11:32am Sep 5, 2016 11:32am
Posting the 4hr chart that I used to open a long position at the juncture where price crossed over its 4hr 200MA while MACD advanced through its zero line.

The trade plan is similar to that described by @andoseg2 in the previous post:

1) moderate quarter position size with a $10 stop loss
2) anticipate a primary target at $680 which is a multi-year pivot
3) this is believed to be a subwave of a larger wave of advance, so reversal from $680 should return price to the vicinity of $600 and consolidate into the next wave of advance to a new high.

Entry can be safely made at the current $600 (Bitstamp) according to the trade parameters listed above.

Bitstamp 4hr candle chart

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cryptocurrency everytime
  • #4,582
  • Sep 5, 2016 9:41pm Sep 5, 2016 9:41pm
Hello Venzen, Hello andoseg2, nice to see you here, nice charts and comments as always, good luck....
The Chonchy
  • #4,583
  • Sep 8, 2016 4:22am Sep 8, 2016 4:22am
Quoting andoseg2
{quote} Update : Demand increase , are they indeed taking control of the trend ? {image} {image} {image}

Update : buyers found at first support , that's even more good because permited us for a tight stoploss high reward trade .
Trage triggered, one should cover by closing half and moving SL up with few pips to cover trade costs.


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Quoting chonchy
Hello Venzen, Hello andoseg2, nice to see you here, nice charts and comments as always, good luck....
Thank's chonchy
Money moves the market, not an indicator.
  • #4,584
  • Sep 12, 2016 3:12am Sep 12, 2016 3:12am
Quoting andoseg2
{quote} Update : buyers found at first support , that's even more good because permited us for a tight stoploss high reward trade . Trage triggered, one should cover by closing half and moving SL up with few pips to cover trade costs. {image} {quote} Thank's chonchy
Update :

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Money moves the market, not an indicator.
  • #4,585
  • Sep 13, 2016 12:25am Sep 13, 2016 12:25am
andoseg2, i agree. upward continuation. Good wave size developing
cryptocurrency everytime
  • #4,586
  • Sep 16, 2016 2:43am Sep 16, 2016 2:43am
Quoting andoseg2
{quote} Update : {image}

Update :

A more aggresive entry reveal wich will bring us a tight stoploss . Buyers remain above $604

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Quoting venzen
andoseg2, i agree. upward continuation. Good wave size developing

Yes, it seem this month we may have a strong bullish move if they keep above $604 and push up
Money moves the market, not an indicator.
  • #4,587
  • Sep 18, 2016 10:24pm Sep 18, 2016 10:24pm
Do you have a favorite broker to trade BTC? I'm looking for one... =)
Live stream trading: youtube . com/user/th3b0y/live
  • #4,588
  • Oct 8, 2016 1:21pm Oct 8, 2016 1:21pm
Quoting andoseg2
{quote} Don't be so sure. I expect a new up move soon. I'm stalking it.| {image}

Update :

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Money moves the market, not an indicator.
  • #4,589
  • Oct 8, 2016 1:43pm Oct 8, 2016 1:43pm
Quoting venzen
Bitcoin Technical Analysis This thread is dedicated to technical analysis of the various Bitcoin and crypto-currency pairs. My own prefered method is Elliott Wave analysis combined with Fibonacci relationships in price action as a means of understanding past action and forecasting future price behaviour. However, analysis amd discussions in this thread are not restricted to these methods. With the general "newness" of crypto-currencies and the amount of hype surrounding them - and Bitcoin specifically - this thread will serve both as a knowledge...
Isn't the spread extraordinarily high on crypto currencies?
  • #4,590
  • Oct 9, 2016 12:18am Oct 9, 2016 12:18am
Quoting jonander50
{quote} Isn't the spread extraordinarily high on crypto currencies?
Yes, especially when volatility rises, but it also depends which exchange/broker's price you're watching, since the more liquid exchanges have more orders around price.

Even so, the spread is much wider than that associated with the forex pairs, since bitcoin trades more like a commodity than a currency. Hence, compare to gold's spread and also factor in that bitcoin regularly moves price distances of $20-$100 a day when it rallies.

Greater risk for greater reward.
cryptocurrency everytime
  • #4,591
  • Oct 10, 2016 8:01am Oct 10, 2016 8:01am
Quoting venzen
{quote} Yes, especially when volatility rises, but it also depends which exchange/broker's price you're watching, since the more liquid exchanges have more orders around price. Even so, the spread is much wider than that associated with the forex pairs, since bitcoin trades more like a commodity than a currency. Hence, compare to gold's spread and also factor in that bitcoin regularly moves price distances of $20-$100 a day when it rallies. Greater risk for greater reward.

Nice explanation, do you recommend a broker?
  • #4,592
  • Oct 10, 2016 7:07pm Oct 10, 2016 7:07pm
Quoting jonander50
{quote} Nice explanation, do you recommend a broker?
jonander50, I would recommend OKCoin, for leveraged trade, but beware that the bitcoin exchanges are unregulated and uninsured, so traders should really only deposit funds that they are prepared to lose!
cryptocurrency everytime
  • #4,593
  • Oct 11, 2016 1:29am Oct 11, 2016 1:29am
Quoting andoseg2
{quote} Update : {image}

Update :

Aggresive entry (more risky) at H4 :

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Money moves the market, not an indicator.
  • #4,594
  • Oct 11, 2016 9:58am Oct 11, 2016 9:58am
Holy shit, you nailed it. Following this thread, cheers.
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  • #4,595
  • Oct 11, 2016 8:20pm Oct 11, 2016 8:20pm
Quoting andoseg2
{quote} Update : Aggresive entry (more risky) at H4 : {image}
Good timing and clean entry, andoseg2!

I also got an entry signal around the same time but a rapid deep correction in the OKCoin charts required a second entry. The advancing wave since the Aug low looks like it may be heading to a new 2016 high. Waiting to see what the market does at $680...
cryptocurrency everytime
  • #4,596
  • Oct 12, 2016 3:14am Oct 12, 2016 3:14am
Quoting andoseg2
{quote} Update : Aggresive entry (more risky) at H4 : {image}

Update :

Thank's venzen.

Trade triggered, one should take half (cover) and wait for the buyers to bring price up :
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Money moves the market, not an indicator.
  • #4,597
  • Oct 18, 2016 2:03am Oct 18, 2016 2:03am
Quoting andoseg2
{quote} Update : Thank's venzen. Trade triggered, one should take half (cover) and wait for the buyers to bring price up : {image}

Update :

SL should be adjusted @ $629.5 resulting in locked profit

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Money moves the market, not an indicator.
  • #4,598
  • Oct 18, 2016 3:47am Oct 18, 2016 3:47am
Quoting venzen
{quote} Good timing and clean entry, andoseg2! I also got an entry signal around the same time but a rapid deep correction in the OKCoin charts required a second entry. The advancing wave since the Aug low looks like it may be heading to a new 2016 high. Waiting to see what the market does at $680...
Possible.?? Yes.
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Combat crazy markets with crazy trading
  • #4,599
  • Oct 18, 2016 8:06am Oct 18, 2016 8:06am
I would be extra cautious till it breaks the 644$ point. A retest of the low 600es is inevitable given the history of BTC, so trade with caution!
  • #4,600
  • Oct 19, 2016 5:21am Oct 19, 2016 5:21am
Quoting andoseg2
{quote} Update : SL should be adjusted @ $629.5 resulting in locked profit {image}

Update : we were stopped out with profits locked.

Looking for another buy as long as the bullish trend remain intact. If buyers will join @ $627 pshicological Support wich coincide with prior resistance now support, then this would be the ideal entry :

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Money moves the market, not an indicator.
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