I caved in. Bulls rammed my tree houses and bears climbed up to my doorstep expertly convincing me that one exchange was far better than the other one. I put down my honeybee outfit, sat at my Apple McIntosh 134-K colored screen and ceded to the overwhelming arguments that exchange is far, far superior to BTC-e and GOX - Thing is, I agreed to the same compelling argument I had to listen to from the GOX folks and the BTC-e folks, because quite frankly, we are in the business of studying the trade winds that prevail over all three exchanges. If there is another exchange being created to transact bitcoins , please do let me know with support and evidence from NASA's best telescope, and we'll produce another one for you as well, with all the superlative compliments.
The pattern trader might enjoy a few tricks of the trade here by deciphering a under development. Sharks are quasi-patterns, in the sense that Scott Carney defined his creation as starting at Point Zero, moving on to Points X, A, B and C ... point C completing the pattern. This is so, because the , being the quasi-pattern that it is, is in fact the "Door-Keeper" to yet another pattern, called the Pattern, another discovery of Scott Carney.
(HINT: "Five-O" = = 50% ... That is the decline that ensues at completion of the pattern. Again: hint, wink, rib jab)
Major advances have occurred in the chart, and while the dominant directional bias has been , price has resisted excessive declines. The price in the charts are left for reference so that the structural trader sees what we see in terms of probable support. A break of 765 should ask concern bulls, whereas a break of 725 should promp bears to come out of their cave, so to speak.
Using our own cranking machine, we are perceiving a short-term reversal confirmation at play, with a soft overhead resistance at 816.25, and a probable slight pull back at 827.53. This is a speculative scenario that our system is putting out when interrogated about the seemingly thick mud in which bitcoin seems to dwell.
The chart has turned from to neutral-to-bullish, understanding that very weak declines have failed to bring bears into dominance at this point. Instead, a protracted trench war has settled over the entire timeframe, and we are expecting a few commando moves to reveal the next directional move.
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado USA
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CROW Signal Service:
I know Bitfinex has less volume, and the prices are generally very close to Bitstamp, but the small extra volatility on Bitfinex might contain more "information" than Bitstamp, plus of course you can short BTCUSD on Bitfinex. If you ever have some spare time to do a Bitfinex BTCUSD analysis that'd be great.
Many thanks again for the BItstamp analysis. It'll help me stay patient during this sideways drift, and help me change from long to short if the price action dictates. Best wishes, Nick