BTC bounced off a long term trend traced since the beginning of this post.
Vey bullish.
We need a positive SAR to confirm the rally up to $340.
Topic: Bitcoin Technical Analysis - page 2. (Read 7448 times)
The power of the lines!
BTC bounced off a long term trend traced since the beginning of this post.
Vey bullish.
We need a positive SAR to confirm the rally up to $340.
BTC bounced off a long term trend traced since the beginning of this post.
Vey bullish.
We need a positive SAR to confirm the rally up to $340.
If you still doubt the power of Technical analysis, well, there is nothing I cans how you to make you change your mind.
Note: None of the traced lines have been changed or adjusted since the beginning of this post. Only new lines have been created and never moved.
1) So there it is, the drop to $300s on the 13th, the "big dip" called on Dec 16th and the Support lines created since the start and called for on the 17th have been spot on.
2) As I mentioned before, wait for a great time to buy Bitcoin, and this should be it. Just give it another day for price action confirmation.
What to watch:
$305 heavy support
Blue line heavy support
$320 now a resistance
$340 a huge resistance that will only break with heavy volume or else won't hold
The Bull
MACD trying to curve up.
RSI at completely oversold condition.
Stock still showing a down trend which is healthy for a rally.
Long term support completely alive.
The Bear
If the support line does not hold. We are in big big trouble.
Note: None of the traced lines have been changed or adjusted since the beginning of this post. Only new lines have been created and never moved.
1) So there it is, the drop to $300s on the 13th, the "big dip" called on Dec 16th and the Support lines created since the start and called for on the 17th have been spot on.
2) As I mentioned before, wait for a great time to buy Bitcoin, and this should be it. Just give it another day for price action confirmation.
What to watch:
$305 heavy support
Blue line heavy support
$320 now a resistance
$340 a huge resistance that will only break with heavy volume or else won't hold
The Bull
MACD trying to curve up.
RSI at completely oversold condition.
Stock still showing a down trend which is healthy for a rally.
Long term support completely alive.
The Bear
If the support line does not hold. We are in big big trouble.
As predicted, the fib line at .764 was violated so we see this price action.
BTC could test $305 or lower, but should maintain the blue line trend up.
BTC could test $305 or lower, but should maintain the blue line trend up.
BTC must hold the fib retracement of 0.764 @ $340.77 in order to move up in the near term.
The news of Microsoft beginning to accept the coin for game payments should help. I believe the coin will take a relatively big dip sometime in the next week or so. Then it will rally over the 100 MA.
Don't ever doubt the power of the lines!
cutesakura/aronnov,
Precisely, that is how pretty much any market works (buy/sell to price interaction) and without regulation like you said, well, this is what we get. A random price action and high volatility.
But regulation (centralization) is what we really want to avoid with Bitcoin. Right?
Although some kind of regulation exists within the Bitcoin universe. Satoshi, the Winklevoss brothers, among others, hold huge bags of coins. Any of them decide to drop their bags and we will see the market collapse. Why aren't they selling? Because they may be all together in this. So a small group that holds the majority of the goods is basically a controlled environment.
Trying to figure out the above is beyond any of us, we can only provide our thoughts and ideas. Which is also good, makes us smarter.
Ultimately, what I am trying to prove here is that Bitcoin does follow some of the rules of the trading market. The reason? Well, because it is traded.
Precisely, that is how pretty much any market works (buy/sell to price interaction) and without regulation like you said, well, this is what we get. A random price action and high volatility.
But regulation (centralization) is what we really want to avoid with Bitcoin. Right?
Although some kind of regulation exists within the Bitcoin universe. Satoshi, the Winklevoss brothers, among others, hold huge bags of coins. Any of them decide to drop their bags and we will see the market collapse. Why aren't they selling? Because they may be all together in this. So a small group that holds the majority of the goods is basically a controlled environment.
Trying to figure out the above is beyond any of us, we can only provide our thoughts and ideas. Which is also good, makes us smarter.
Ultimately, what I am trying to prove here is that Bitcoin does follow some of the rules of the trading market. The reason? Well, because it is traded.
I think bitcoin price depends on how the stock market fluctuated, when a lot of people who buy bitcoin in the stock market ate bitcoin exchange rates will go up, but if a lot of people who sell the bitcoin bitcoin exchange rates will go down, I hope that the collectors do not sell bitcoin that they had massively, just in moderation ... 
I think this analysis could be true but could be wrong, this happens due to no regulation on bitcoin on how to limit the sale and how the bitcoin purchase limit, if the collector sells bitcoin bitcoin massive meal will decrease bitcoin prices and vice versa in case of large-scale purchases will eat bitcoin price increases, so it needs to be regulation in the sale and purchase of bitcoin, it is to maintain price stability bitcoin itself ... 
BootstrapCoinDev,
Agreed, it could have gone either way... Closing above 100 MA for any stock and bitcoin is such an accomplishment. But Like I said before, it also calls for people to cash profits.
Bitcoin Update
Ok, I think I will pad myself on the back. The lines I have created since the start of the post have remained and have predicted the price of Bitcoin very closely. (The lines have not changed since the beginning of the post.)
Pink Vertical Line on December 8th. I traced this day while back based on previous support lines and a trend line (red). Bitcoin was supposed to keep the line intact but it broke down exactly on December 8th.
Trace line at 0.764 ($340.77). Bitcoin broke the up trend but bounced hard off this line maintaining the support line. Which now has become a very strong line at $340.
Now, some follow up predictions: If Bitcoin brakes down through $340, we will see a test of the low $300s and possibly high $290s towards the end of December. On a bullish scenario, Bitcoin may try to go back to above the 100 MA which means a $360 price.
Agreed, it could have gone either way... Closing above 100 MA for any stock and bitcoin is such an accomplishment. But Like I said before, it also calls for people to cash profits.
Bitcoin Update
Ok, I think I will pad myself on the back. The lines I have created since the start of the post have remained and have predicted the price of Bitcoin very closely. (The lines have not changed since the beginning of the post.)
Pink Vertical Line on December 8th. I traced this day while back based on previous support lines and a trend line (red). Bitcoin was supposed to keep the line intact but it broke down exactly on December 8th.
Trace line at 0.764 ($340.77). Bitcoin broke the up trend but bounced hard off this line maintaining the support line. Which now has become a very strong line at $340.
Now, some follow up predictions: If Bitcoin brakes down through $340, we will see a test of the low $300s and possibly high $290s towards the end of December. On a bullish scenario, Bitcoin may try to go back to above the 100 MA which means a $360 price.
Watching a pretty cool battle fought right now to conquer a position above the 100 moving day average!
This is No Man's Land right now
Go Bitcoin!
To be fair it could have gone either way. Granted it was perhaps a little early for the next 7 monthly surge, assuming they're still happening. But judging by the shape emerging its now looking increasingly like another blip as in Oct. But guess it could still surprise us more ... This is No Man's Land right now
Go Bitcoin!
The price is trying.If BTC can make a double bottom the prices can increase.
BTC bounced at around $343 but the red support trend line was broken badly.
Soft support at $350... but it may not hold.
The coin now looks like is heading down. I believe it will play around $340 before deciding on the next move.
Soft support at $350... but it may not hold.
The coin now looks like is heading down. I believe it will play around $340 before deciding on the next move.
There is a small resistance at $350, but it probably won't hold.
BTC is heading to $340
BTC is heading to $340
Since the start of this thread I had Dec 18th as a day to confirm action. (Pink vertical line)
Well, that day is today and it's turning to be a sell off day. With Bitcoin prices plunging to prices below the support at $369.
If the day closes in prices below that level, the mid term trending line (red line) will be broken and we can consider buying when bitcoin goes to lower prices in the next day or so.
The next support (strong support) is the fib line at 0.764 ($340). I would watch this closely and consider buying at this level is there is any confirmation of a bounce.
The final support/trend line is the blue line also in the original post, which bring Bitcoin prices to around the $320s. Which is where I would definitely place a buy order.
Lastly, the day chart shows a down trend but the weekly chart is still signaling an uptrend. This may be a small storm to man through.
Well, that day is today and it's turning to be a sell off day. With Bitcoin prices plunging to prices below the support at $369.
If the day closes in prices below that level, the mid term trending line (red line) will be broken and we can consider buying when bitcoin goes to lower prices in the next day or so.
The next support (strong support) is the fib line at 0.764 ($340). I would watch this closely and consider buying at this level is there is any confirmation of a bounce.
The final support/trend line is the blue line also in the original post, which bring Bitcoin prices to around the $320s. Which is where I would definitely place a buy order.
Lastly, the day chart shows a down trend but the weekly chart is still signaling an uptrend. This may be a small storm to man through.
How can you apply classic TA to Bitcoin? the price is too volatile. How does this work? I want to be able to learn to predict the price, but the price always does something strange.
Hi Calchuchesta, Yes, indeed the price is to volatile. And makes it hard to apply TA to make any type of predictions. But anything that is traded using computers is bound to follow some type of algorithm and the rules of any market.
So how can one apply TA to Bitcoin? Well, the same could be said about half the stocks traded in the market and most of the OTC stocks. It is all about having a long term view, knowledge about current state of the market, and then applying TA to find trends. Believe me, they all have them and they all follow them.
Ultimately, trading in the market or crypto is a bet. If one had to participate, at least one must make an intelligent one.
Since I started the trend I predicted the bounce to $400s, which was shy of it at around $380. I also mentioned that the coin was going to experience a sell off, which it did. All based on MACD and Stochastic.
As I said before, news triumph over any TA. And manipulation exists on any market including bitcoin (just look at what the alter coins where doing from December 2013 to March 2014.) Pump and dumps were rampant. so one has to be very careful.
How can you apply classic TA to Bitcoin? the price is too volatile. How does this work? I want to be able to learn to predict the price, but the price always does something strange.
As I said on December 3rd, people took profits driving the price of Bitcoin lower.
The sell off has been short lived but was strong enough to put a down pressure on the coin that now should trail a little lower.
But the great thing is that the support line I drew on Dec 1st is still holding and it seems to be very strong. If this line does not break we should be in great shape for now. (Pink dotted line to $369)
So no time to panic for the trader, and nothing to worry for the investor...
The sell off has been short lived but was strong enough to put a down pressure on the coin that now should trail a little lower.
But the great thing is that the support line I drew on Dec 1st is still holding and it seems to be very strong. If this line does not break we should be in great shape for now. (Pink dotted line to $369)
So no time to panic for the trader, and nothing to worry for the investor...
Wow you are really clueless...
But glad you are skeptical. We all need to be.
Good thing that I am trying to prove a point with actual data and charts... not just whatever comes out of my ass based on mood of the day like many other here.
The graphs are as good as anything else that comes from ass. Tables or graphs are nothing just a gunsmoke in 99.999..% of cases in this world. Every shithead broker will show me 1000 pictures only because he wants my money and because he has nothing else to offer.But glad you are skeptical. We all need to be.
Good thing that I am trying to prove a point with actual data and charts... not just whatever comes out of my ass based on mood of the day like many other here.
What only counts is money. Money bet on the trust and won more times than lost. Just put your bets here, make some ROI from few thousands bets to avoid lucky strikes, then I will bother to comprehend and apologise. Until then it is really just another ass-talk.
... Everyone thinks they deserve an apology for something.. man relax, you don't have to post or follow this thread.
And my concern yesterday was confirmed... People took profits here pushing Bitcoin's price down.
My Pink Line, the first support is still intact. so that's a positive. Also, the Red line trend is still intact but may break tomorrow.
Thanks Bagatell, DMI is positive but trending down which mas cause some down pressure
We need to close above the 50 day moving average. I guess will find out soon.
My Pink Line, the first support is still intact. so that's a positive. Also, the Red line trend is still intact but may break tomorrow.
Thanks Bagatell, DMI is positive but trending down which mas cause some down pressure
We need to close above the 50 day moving average. I guess will find out soon.
Wow you are really clueless...
But glad you are skeptical. We all need to be.
Good thing that I am trying to prove a point with actual data and charts... not just whatever comes out of my ass based on mood of the day like many other here.
The graphs are as good as anything else that comes from ass. Tables or graphs are nothing just a gunsmoke in 99.999..% of cases in this world. Every shithead broker will show me 1000 pictures only because he wants my money and because he has nothing else to offer.But glad you are skeptical. We all need to be.
Good thing that I am trying to prove a point with actual data and charts... not just whatever comes out of my ass based on mood of the day like many other here.
What only counts is money. Money bet on the trust and won more times than lost. Just put your bets here, make some ROI from few thousands bets to avoid lucky strikes, then I will bother to comprehend and apologise. Until then it is really just another ass-talk.
Confirmation today on MACD, Stochiastics about to cross over, and RSI is about the right place for a good rally. Bitcoin has conquered the 50 moving average! But this is only one day battle.
and +DMI is dominant.
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