Bitcoin technical analysis
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  1. #1
    Bitcoin Technical Analysis

    This thread is dedied to technical analysis of their different Bitcoin and crypto-currency pairs. My own method is Elliott Wave analysis together with Fibonacci relationships in price action as a way of understanding past action and predicting price behaviour. However, analysis amd talks in this thread are not restricted to those methods.

    With the overall newness of crypto-currencies and the quantity of hype surrounding these - and Bitcoin specifically - that thread will function equally as a knowledge exchange as well as a repository for solid technical analysis of the fast evolving crypto-currency market.

    Short introduction to Bitcoin

    Bitcoin is the most famous of a range of crypto-currencies presently in circulation. The currency (forex: BTC) is an electronic value token that is accounted for by a decentralized peer-to-peer system comprised of it's consumers - both buyers and vendors. The same algorithm which encrypts and transports BTC round the system is responsible for a slow release mechanism a maximum of 21mil BTC will be published in the course of a mere over a century. The logic behind the release egy is to guarantee in an emulation of sources such as Gold. Within an extention of the simile, Bitcoins come into existence through a procedure called mining.

    BTC has obtained a lot of media attention after the crash of its own speculative bubble in April 2013. Similarly, press attention has focussed by some Bitcoin exchanges on cases of non-compliance with US financial regulations.

    BTC buying and selling is possible through several exchanges, the largest (by daily quantity) of whom is currently A couple retail brokers provide BTC alternative contracts, but CFDs are generally unavailable except through smaller start-up brokers.

    Official website:



    Bitcoin price history

    Bitcoin started trading in 0.04USD at 2009 and achieved an unprecedented expansion of more than 5,000 percent in 3 years before crashing in April 2013.

    From April to June 2013, BTCUSD has merged around the120.00 price level.


    Personally I utilize the and their API which gives me direct access to the most significant BTCUSD market with no intervening broker. Mt.Gox charges 0.6 percent on all BTC purchases (no fees for selling). Some brokers give long/short contracts and binary options but these don't suit my current trading egy using Bitcoin. Mt.Gox isalso, unfortunately, likely to price feed disruption and their order platform may lag severely during market frenzies. For this reason I prefer to not engage during busy times, putting my orders and places during periods.

    Forum Rules

    Surprizingly, the ribbon topic generates a reasonable amount of emotion and often leads to dicussion involving polarized opinions. To stop wildfires and maintain a professional tone in this thread, the following ground-rules will apply to guests and members posting here:This thread is present for combined technical analysis of Bitcoin and crypto-currency price charts. Posts may veer from it for the sake of knowledge sharing and should respect the thread topic. Predictions and predictions should be accompanied by a chart or technical item illuing your statement. Racist, sexist, homophobic or another sort of hate-speech will not be tolerated or condoned in this thread. Language does not serve the purposes or tone of a public forumyou should select your words and bear others in your mind when posting. In the ribbon creator/moderator's discretion members and guests may be asked to edit their posts. Swearing or derogatory language is unacceptable and the writer of these will not be guarded in the forexintuitive Moderators. Objectively or disruptive posters that are negative will soon be blocked from submitting without discussion. I, , have say-so that is complete up to the previous word and that is closing.
    Limitation of Liability
    The analysis and wave counts within this thread are personal interpretations and therefore are speculative. As per ordinary sense, please don't construe any information given (or indied) as a trading recommendation. The poster will not be responsible for any losses that you incur as a result.

  2. #2
    Quote Originally Posted by ;
    quote I was talking about that yesterday and have a pending waiting I could see it on pepperstone and axitrader charts
    I have assessed the Pepperstone and ThinkMarkets data and they both show a gap, but they stop trading over the weekend. The difference does not be shown by the information. I have enclosed a clean candlestick chart.

  3. #3
    Quote Originally Posted by ;
    quote Welcome Primadonna! Check the forum rules (my regular first reply). Interesting decent point and comments . As @mineinaa also mentions, we're now entering a resistance area (potentially demand zone) under 70 and might have to see 50/55 analyzed as a previous non and 'psych' level. Strange how the media have neglected to comment on the highs. I think when we start seeing posts about names expressing negativity and Bitcoin gloom as well as Bitcoin collapse, and the contrarian buy signal will seem!
    Hello .
    Yes, in case you find those 'bitcoin demotivationals' and price is falling then its becase dumb money is exiting the market, a fantastic buy prospect.
    You would love to trade with dumb people, its sure a triumph on the long run.

  4. #4
    This is my count for BTCUSD.

    Price action appears to be in an ongoing correction of this April top, reverting to an average around 120.00. If the correction is near conclusion, then we could anticipate up any wave to trace out a quick five wave impulse to the preceding correction highs around 160-170. Anything else would mean a correction which could last several months.

    The purple bar in the 60-80 price range is the level of the 2nd wave of this extended 5th that made the April top. Accordingly, the correction has already touched this baseline and by rights the correction might be over, hence my choice count. As drawn in blue, if BTC make an up burst, this might be a wave that is 3rd that is speculative. In my own mind, BTC displays features of the commodity asset class which tends to swing wildly with no advancement that is perceivable.

    However, for today I wait to see what price will. When the indiors show any divergence on new price lows I shall start a place and add to it if price make lower highs. The Mt.Gox orderbook indies a huge concentration of Buy orders below 20.00 therefore I do not expect price to stay below 50.00 for over a couple of minutes. My initial target for the upthrust is the preceding correction high of 167.00 - the 50% fib retracement of this crash. In the event the sideways action continues then it is a matter of letting the indiors dictate activities to robot!

  5. #5

  6. #6
    Quote Originally Posted by ;
    Hi gl with the thread
    Hey Luis! Thank you and best wishes to you also - your input here is welcome

  7. #7
    Anything that may eliminate half it's worth in 1 day is useless.

  8. #8
    Quote Originally Posted by ;
    Anything which may eliminate half of it's worth in 1 day is worthless.
    Yuri, I know your scepticism, but remember the bigger picture: after massive rallies (speculative bubbles) almost all market instruments have at any stage previously dropped half (or even more) of their worth in a crash. This is price development and is known as the wave in Elliott Wave terminology. Such occurrences are found in many currency pairs, the indices (Dow, FTSE, etc) and commodities. As a trader it is your job to apply TA to extreme price movements and get out with profit if there are warning signs of a correction.

    What we see in the Bitcoin chart, in my view, is an advantage in early growth and with enormous upside potential. There are some dangers, such as banning in the united states, or cryptographic code breaking, but until these become issues, Bitcoin signifies a fantastic instrument to trade - and simple - that the BTCUSD price action plays out just like a textbook indior lesson probably since the Bitcoin market is young and there is no central bank meddling.

    Welcome and please browse the Forum Rules on Page 1

  9. #9
    But I do not know your optimism. After a tool rips off 80 percent of the investors the fanatic believe it will go up.

    If it is a textbooks drama, sell at 50% backtest and do not return.

  10. #10
    I dropped my money just. This was a wave to me. Easy commerce and to spot. I think of bitcoin. Something can make it to crash. Unless there's the setup then I stay out. If price drops below $80 USD I may return in. However, for now . .

    I've noticed that price is respecting snare bars around the 4 hour chart.

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