As promised, here tonight's Technical BTC Update. Now that this gets regular, I am almost feeling guilty that I went out for dinner and just got back late... (unfortunately they did not take BTC). Maybe BTC donation from you can help :-)
Overall, our forecast from the past updates is on track.
Analysis Oct 22 (chart see attached pdf)
1. Long term outlook
BTC/USD continue the rally, with higher highs and lower lows. The uptrend is intact. Hence, as long as prices do not break below 0.06, we are in a longterm uptrend. (no change from the previous 2 updates).
Volume trends (see organde dots) are also confirming accumulation and support the uptrend.
2. Short term update
The short term triangle (green converging lines in chart) is continuing to form almost in textbook style (see theory part 1 on page 2). Look how prices turned down at 0.108 today as they touched the downward sloping triangle line.
A breakout above the triangle converging lines would give upside potential towards the equal distance target measured from the Apex at 0.10 + (0.13 - 0.06). This means the next bigger target is 0.17 $ if a breakout of the triangle to the upside occurs. Further, but less difficult resistance will be at the all time high of 0.13.
Based on the development of the triangle formation, I am raising the support level to 0.097 (which also equals past 48 hours low). At least, prices should come down again to the 0.101 area in the next 24-48h
1. 0.097
2. Major long term support remains in the 0.065 to 0.060 area.
Next update Monday.
Topic: Bitcoin Forecast, Bitcoin Speculation & Bitcoin Technical Analysis. Up or DOWN? - page 158. (Read 540272 times)
October 22, 2010, 06:14:14 PM
October 22, 2010, 01:20:20 PM
Waiting for the update.
October 20, 2010, 04:56:48 PM
Here is tonight's Technical Bitcoin Forecast Update.
Overall, our bitcoin forecast from Monday is on track.
Analysis Oct 20 (chart see attached pdf)
1. Long term outlook
BTC/USD are in a clear rally mode, with higher highs and lower lows. The uptrend is intact. Hence, as long as prices do not break below 0.06, we are in a longterm uptrend.
2. Short term update
The short term triangle (green converging lines in chart) is continuing to form. A breakout above the triangle converging lines would give upside potential towards the equal distance target measured from the Apex at 0.10 + (0.13 - 0.06). This means the next bigger target is 0.17 $ if a breakout of the triangle to the upside occurs. Further, but less difficult resistance will be at the all time high of 0.13
Today, I am narrowing down the support levels highlighted on Monday. There are 2 key short term support levels for the bitcoin forecast.
1. 0.094 (previous all time high from summer) and an area where we saw some bounces in the last 10 trading days.
2. 0.086 (current triangle upward sloping line)
3. Major long term supports remains in the 0.065 to 0.060 area.
Next update Friday.
Overall, our bitcoin forecast from Monday is on track.
Analysis Oct 20 (chart see attached pdf)
1. Long term outlook
BTC/USD are in a clear rally mode, with higher highs and lower lows. The uptrend is intact. Hence, as long as prices do not break below 0.06, we are in a longterm uptrend.
2. Short term update
The short term triangle (green converging lines in chart) is continuing to form. A breakout above the triangle converging lines would give upside potential towards the equal distance target measured from the Apex at 0.10 + (0.13 - 0.06). This means the next bigger target is 0.17 $ if a breakout of the triangle to the upside occurs. Further, but less difficult resistance will be at the all time high of 0.13
Today, I am narrowing down the support levels highlighted on Monday. There are 2 key short term support levels for the bitcoin forecast.
1. 0.094 (previous all time high from summer) and an area where we saw some bounces in the last 10 trading days.
2. 0.086 (current triangle upward sloping line)
3. Major long term supports remains in the 0.065 to 0.060 area.
Next update Friday.
October 18, 2010, 02:07:12 PM
BTC/RUB is confirming the trend with a new all time high today around 2.45 RUB
October 18, 2010, 01:20:33 PM
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