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 https://mtgox.com. A couple retail brokers provide BTC alternative contracts, but CFDs are generally unavailable except through smaller start-up brokers.

Official website: http://bitcoin.org/en/

Charts: http://bitcoincharts.com/charts

Infographic: http://www.totaltrader.com.au/11891/...tion-standard/

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.

Brokers

Personally I utilize the https://mtgox.com 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.