Topic: Bitcoin Forecast, Bitcoin Speculation & Bitcoin Technical Analysis. Up or DOWN? - page 149. (Read 540250 times)

LOVE IT :-)

I'd buy bitsleep in bulk.

BitSleep, the new distributed sleep currency, coming soon!

Thanks for the information, I will look into it and look forward to your further analysis. I appreciate what you're doing!

Certainly. Let me quickly respond, giving you a couple of links.

1) For an overview of almost all common technical analysis methods, I recommend the book:
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)

http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661/ref=sr_1_1?s=books&ie=UTF8&qid=1294141681&sr=1-1

When you search more about technical analysis on google, I am sure you find more.
i.e.
http://www.investopedia.com/university/technical/



2) For Elliott Wave analysis, see elliottwave.com
I recommend the book:
http://www.elliottwave.com/books/ewp/default.aspx?code=WPMS&articleid=0


In one of my next analysis , I will try to explain a bit more. At the same time, please recognize that I do this on top of a 12h / 5d job for free (except some donations). Although I would like to do more, I physically can't do it unless someone enables me to not need sleep any more...

S3052, would it be possible to break down these analyses/charts for someone without specific knowledge in this area, or at least provide a link to some information that would help me to understand them?

Thanks.

+1

faith-backed, pfft.

People gotta lose this "backed" mentality imo. Gold is not backed, it IS gold. Bitcoin is not backed, it IS bitcoin. And bitcoin has a higher value density

For your info:
I am also active on forexfactory http://www.forexfactory.com/showthread.php?p=4280291#post4280291


and we got an interesting comment from one member:

http://www.forexfactory.com/showpost.php?p=4280020&postcount=58

Welcome in an exciting year for Bitcoins. I wish you a great, happy and healthy year 2011.
Tonight I want to particularly thank tcatm for the great charting website, which enabled a true stepchange in BTC market analysis and I am sure you all use and tell your friends who are interested to follow BTCs.

http://bitcoincharts.com/charts/

Now to tonight's Technical BTC Update, the first in 2011 (charts can be found here: http://mtgox.com/blog/?p=153).


Our forecast remains fully on track . The trend is UP since the Dec 7 low. Prices have strongly moved higher on rising volume and hit 0.30 $ (up more than 600% over the past 5 months).

Only if the big support around 0.17-0.20 is breached again materially, further declines are possible towards 0.1 - 0.14 $.

Otherwise the longterm rally is intact.
Analysis
1. Long term outlook
We are in an almost textbook-type rally. Prices are on their way towards 0.35 $ (stronger resistance) and then 0.50 $ (all time high, very weak resistance as trading volume at the peak was negligable, see Nov 7 peak chart, 2nd chart in this post). Upside almost seems unlimited if markets continue to be that strong and further funds will be inflowing. I will update on price targets when we get beyond the 0.50 $ high. We are currently in a third of a third wave up which typically surprise on the upside, and in turn it is dangerous to bet on the downside.


2. Short term update

Forecast also fully on track on a short term basis. Upper short term resistance of 0.25-0.26 has just been cleared. The dark pool ASK at 0.25 has been evaporated. Prices will likely move towards 0.35 once psychological resistance at 0.30 $ is taken out. Expect this resistance to be minor.

Next regular update Wednesday, Jan 5th.

Your S3052

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@S3052

I have sent you a PM, please check.

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please don't forget to vote on the sentiment question.

thanks

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Brief update as I am travelling:

RALLY is on track. Next target 0.28-0.29 $.

More to come latest Sunday.

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I am away from my computer  and will not be able to issue tonights update in full.
I will make up for that tomorrow.

In short, the upside discussed Wednesday has not yet materialized, because the consolidation continued .
at the same time , selling volume is low which shows some bullish divergence.
if some serious buyers step in, the upside can materialize quickly.