timwest
Short

Bitcoin/ Dollar -BTCUSD - Daily - Sell this rally to 9-day MODE

BITSTAMP:BTCUSD   Bitcoin / Dollar
2641 45 27
The 9-day mode is actually larger than I had originally drawn = gives this current day-high a touch on that resistance line and a level to sell short.

Target the lows 280-275 in the next 9-days.

Tim 383.45 last, 12:16PM EST 10/9/2014
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NightWish
2 years ago
The weekend will tell us more, i've switched from bearish (over almost 11months) to bullish. I'm sticking to the Volume-story as I've replied on your previous thread, I think you are underestimating the importance of volume in Bitcoin. But will keep this in mind and I'm thankful for your thoughts.
+3 Reply
NicholasAmato NightWish
2 years ago
I agree. Volume is the key. Short covering will take us to the mid 500's once the pullback gets bought. As someone in BTC since the start, I know what October means..
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BuyBitcoin.WS NicholasAmato
2 years ago
ur talking about that choppy pathetic volume made by bots manipulation? that pump was bcse of the CFTC hearing on Bitcoin that is happening right now. Buy on the rumors, sell on the news ;) were going back down and I agree with Tim on a double bottom here
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IvanLabrie TOP BuyBitcoin.WS
2 years ago
Double bottom would make the most sense imho and my spider sense for a climatic sell off is tickling...bulls are getting angry at bearish charts, just like it happened before we dropped below 600.
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pecivalec
2 years ago
this is a classical view from an institutional trader who thinks that bitcoin has no future and who wants YOU to make bitcoin fail! Or who is trying to rob you so he can buy cheap. Listen to these ideas and lose the rest of your trading money
-11 Reply
NightWish pecivalec
2 years ago
I think we should be highly thankful that someone that comes from traditional markets takes the effort to take a look at Bitcoin, especially TimWest has a nice non-emotional approach to Bitcoin which helps us to to keep our minds clear and look at the bigger picture. I rather see someone from the traditional market look at Bitcoin than the Bitcoin enthusiast do, our community is VERY passionate which can result in VERY emotional trading. So I'd like to take this opportunity and once again thank TimWest for his views, they are HIGHLY appreciated!
+14 Reply
timwest PRO NightWish
2 years ago
Thanks deeltje - I'm glad that I can provide an objective, outsiders view. I do have a bitcoin account and can accept payments in bitcoin.
+9 Reply
timwest PRO pecivalec
2 years ago
Wow - pecivalec, I'm not sure where you are getting your anger from. Who says bitcoin has no future? Who wants bitcoin to fail? The price of the market is the price of the market. Sometimes it is high and sometimes it is low. If you haven't made any money on Bitcoin in awhile after the biggest bull market in history, then maybe it is because the price is going down. We are "traders" and traders trade. This is "tradingVIEW" with the accent on "trading" and "view". We express our views. I simply chart the market and comment on who has the upper hand and where the price might go, based on my ability to read the odds - to interpret which side of the market is leading and which side is following. I too have read Marc Andreessen's treatise on Bitcoin, and that was when the price was $1200. Had I put my life savings in it then, I would be in a rough spot at the moment. You need to look around and see what is going on in any market and check out the competition. There are plenty of competitors to bitcoin and with the way Apple is getting into payments, it will only get more competitive. I didn't address that you are saying that I am trying to "rob you" - that is laughable. Have you taken the time to read all of my posts on Bitcoin before you throw insults around? I'm guessing you haven't. Well, good luck with your sour attitude and childish anger.
+15 Reply
timwest PRO timwest
2 years ago
https://www.tradingview.com/u/pecivalec/ And I notice that you have no charts, no profile, and no ranking, and yet you can come on here and insult people?
+2 Reply
MoonTrader timwest
2 years ago
Haters gonna hate. Just do yo thang.
+8 Reply
timwest PRO MoonTrader
2 years ago
Thanks MoonTrader
+1 Reply
frisby timwest
2 years ago
I agree with you on the matter of market behaviour, but saying about Apple as Bitcoins competition is totaly out.
+1 Reply
timwest PRO frisby
2 years ago
Just methods of non-cash payments.
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frisby timwest
2 years ago
Thats not the point of Bitcoin. Seeing Bitcoin as Apple pay, Paypal, Google Wallet... competition is very shortseeing and out of the Bitcoin concept.
+1 Reply
timwest PRO frisby
2 years ago
Feel free to expound. Here's the simplified version as I know it: Bitcoin is a method of verifying a transaction between two anonymous people. Anything that helps people provide a secure, safe transaction is absolutely going after what Bitcoin is trying to accomplish.
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feulf timwest
2 years ago
Payment is just an application of Bitcoin like Email is an application of Internet. Bitcoin is a the internet of money, every service that require a payment could benefits from it, imagine for example to get in front of an AirBNB apartment and to open the door with a transaction.

As a trader I want to thank you for your analysis, they are valuable because they separate the emotional component from the charts, keep the good stuff coming!
+2 Reply
timwest PRO feulf
2 years ago
Thanks for helping me understand Bitcoin even more.
+1 Reply
stckpkr7000 timwest
2 years ago
You had me until your comparison of Apple...... It is an apples and oranges (pun intended) comparison. You don't grasp the real value of BTC if you believe that. That said, I respect your charts and your opinion and my comments above are simply my opinion. Opinions are a dime a dozen......
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timwest PRO stckpkr7000
2 years ago
Feel free to expound your "grasp" since you are declaring yourself the expert: Here's the simplified version as I know it: Bitcoin is a method of verifying a transaction between two anonymous people. Anything that helps people provide a secure, safe transaction is absolutely going after what Bitcoin is trying to accomplish.
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stckpkr7000 timwest
2 years ago
It's about cost and cutting out the middleman. Apple is simply allowing people to store their credit info. in their phone for the quick swipe. Bitcoin is 1,000 times more and costs associated with the transaction will drop by 2-4%. Sorry, about the grasp comment, but I guess you simply focus on technicals vs fundies and doing dd? Anyway, thanks for the charts and your responses.
+1 Reply
timwest PRO stckpkr7000
2 years ago
Here's what I read - Marc Andreessen's perspective on Bitcoin "Why Bitcoin Matters" - http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/?_php=true&_type=blogs&_r=0 I consider Andreessen's views with great respect and have followed him since Netscape and purchased Netscape software for $50 in 1995 to surf the web. I later invested in Netscape stock and then on to other stocks he liked, Opsware being the latest, which did handsomely. Thank you for your insights, if any, that you can provide. I am eager to be part of the Bitcoin revolution to chip away at the monopoly that banks have on moving money around. Please provide due diligence: I'm not the smartest nerd around, but I did find Microsoft in 1988 and invested 25% of my families' money in it - and still have nearly all of it. It's about time to sell it, but what to buy with it now is always a good question. And since I'm not marrying Bitcoin, I feel like I don't have to do as much DD as someone should if they were locking into an investment for a long time. As with anything that has value today, it can be worth-less in the future. My iPhone4 is worth $25 at the Apple store on a trade in. Two months ago it was worth many multiples of that. Anyway, thanks for your helpful responses.
+1 Reply
zachary.g.napolillo timwest
2 years ago
Yes, Bitcoin allows for trustless transactions between two or more parties. But it is much more than that and has an order of magnitude more potential than any payment system. Payments are just one possibility of the Bitcoin technology. There are many other things which are in the works which will utilize the blockchain... for example, stock issuance, property deeds, distrubuted/decentralized exchanges, IBM has considered the blockchain for "Internet of Things", etc. The possibilities are pretty-much whatever your imagination can come up with. Bitcoin is a "programmable money". I can program the blockchain to release a specified amount of bitcoin on a particular date, or based on a certain amount of signatures, or based on the occurrence of a particular event, etc. Say I bet someone 1 BTC that the Patriots win the SuperBowl in 2015, we can setup a situation where that Bitcoin is held in escrow on the blockchain, and is only released back to me or to the other party after it confirms whether the Patriots won the SB.

In addition, Bitcoin accomplishes many things regarding security and reliability that these other payment systems cannot. As someone mentioned, it removes the middle-man, reducing fees and making more safe. Applepay, credit cards, etc. hold user data in a database. In turn, these databases are prone to attack because so many people's info can be obtained by hacking a central database. With Bitcoin there is no database of user info, and hence, nothing to hack. Bitcoin has a known quantity that cannot be altered by any central entity, so it is predictable unlike "dollars" and not subject to inflation. Bitcoin allows for the user to have complete control over their money and transfer it anywhere at anytime in any manner without fear of confiscation or holding of their funds, despite any restrictions on transfer by governments or other institutions. Bitcoin allows for the "unbanked" all over the world to have near instantaneous and direct contact with buyers, sellers, creditors, etc. where they had none before. This was impossible until Bitcoin and none of the payment systems you mentioned even attempt to solve this issue. That means that Bitcoin economy can be far more global than even the "dollar". Bitcoin has perfect divisibility, meaning that it can carry more precise pricing information required for improved resource allocation.

There are far more things to mention about Bitcoin and uses than I have listed... there is currently a tremendous amount of innovation in this area. Bitcoin is not just another money transfer system.
+6 Reply
zachary.g.napolillo zachary.g.napolillo
2 years ago
Another possibility... Bitcoin can act as a car key or security device for property. E.g., the ignition of a vehicle may be tied to a "marked bitcoin" (doesn't need to be a whole coin, could be 1 satoshi), if you do not poses the private key to the address which holds that marked coin, you cannot start the vehicle - only the owner of the vehicle and private key can do so. This was one of the ideas for "colored coin".

Namecoin has already done this but also may be built on-top of the Bitcoin blockchain through MasterCoin or Ethereum, or something similar... but Namecoin is used as a distributed DNS. That means that it is not regulated by a centralized ICANN, which is pretty much controlled by the US government. In this way, no government or other entity will be able to restrict access or shutdown certain internet domains because they don't like what is there.

Bitcoin has been called "The Internet of Money". The foundation of the WWW is TCP/IP. The vast majority of things you interact with on the web are applications for this protocol. HTML, browswers, filesharing sites, youtube, email, etc. Bitcoin is a protocol, the TCP/IP of this new technology and there are in the works many interesting applications.

Do you really think all of us nerds would be going crazy to grab every bitcoin we could just because someone invented what amounted to nothing more than digital money? Bitcoin has the potential to have an impact on our lives an order of magnitude or more beyond the internet.
+5 Reply
IvanLabrie TOP zachary.g.napolillo
2 years ago
The innovation is in the blockchain, Bitcoin is a bloated mess of a piece of code, with inneficient mining mechanics (which lead to unfair centralization of the mining by corporations and eventually loss of interest if the mining isn't rewarding because of the difficulty), which also creates TONS of storage consumption. We will need centralized solutions for the blockchain soon...They either fork it, or it will die as is. Something better will replace it.
Here I agree, the blockchain technology is something fascinating and a great break through.
I'd suggest you review all of Tim's charts though, and maybe do some research on his credentials. You're not talking to your averaeg bitcointalk wall observer dweller, respect the man and his body of work.
Peace.
+2 Reply
zachary.g.napolillo IvanLabrie
2 years ago
I don't agree with you on those points regarding mining and the blockchain. But, I have never said anything negative toward Tim or his credentials. I am sure he has a very good understanding of market analysis and I appreciate him taking the time to post his analysis here on TradingView. There was mention that Bitcoin has direct competition with Applepay, Googlepay, etc. and I was simply coming here to why Bitcoin is different from these various payment systems. There is no direct competition.
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kieco zachary.g.napolillo
2 years ago
Who cares ... he knows how to read charts.
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stckpkr7000 IvanLabrie
2 years ago
Who has been disrespectful? I worship the lord an nobody else, however questioning someone should never be confused with disrespect. A person needs an ego check if simple questions become offensive. Some of us here managed very large sums of money in our past lives, but that doesn't make us any better than a neophyte trader. I always respect and appreciate people's work, but EVERYTHING should be questioned in life. Tim is clearly a great technician and he covers a wide swath of trading vehicles. Questioning his knowledge about the fundies surrounding Bitcoin is far from direspectful. Many great technicains don't know squat about the inner workings of things they trade around. They only look at price and tons of indicators. Such is life........
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timwest PRO stckpkr7000
2 years ago
The more we all share our understanding of something, we all benefit. I provided my simple perspective, and encourage everyone to offer theirs. We can all weigh in on what we all believe and know to be true. This could be a great app for TradingView to work on, where people "VOTE EACH DAY ON WHAT THEY THINK, BELIEVE, AND KNOW" and I wonder if anyone would like to make that app? Sort of a live "Survey Monkey Site" so we would know who knows what. Am I making sense? Licensed Bitcoin Analyst (perhaps).... Create a test for people to take to both teach them and to see who is fundamental and who is just technical and all the points in between.
+4 Reply
timwest PRO zachary.g.napolillo
2 years ago
Excellent replies Zachary - Many, many thanks! I am constantly thinking of new apps and new ways to make things work better, faster, easier and more reliably, everywhere I go. I am always curious how someone can compete with anything that is in the marketplace. If anything is possible to replicate or copy in some way, it seems to happen. I know first hand. I started a Mobile, Encrypted Digital Video Recorder company in 1992, and by 2000 the company had $10 million in sales, but was still failing to turn a profit, thanks to merciless competition. I could go into it, but from my perspective, I'm always looking for competition. And thanks for your explanation.
+2 Reply
timwest PRO stckpkr7000
2 years ago
http://www.coindesk.com/apple-pay-threat-bitcoin/ Article published this weekend.
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Vagnavs pecivalec
2 years ago
WTH? What is wrong with you? He was giving his opinion on BTC.. You may not agree with it.. But to make baseless allegations is below the belt.
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Vagnavs Vagnavs
2 years ago
My response was directed towards pecivalec
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Comment removed.
timwest PRO Igor'Petrovba
2 years ago
English only please. Feel free to repost -
+1 Reply
MoonTrader
2 years ago
I hope it goes lower. Already shorting.
+2 Reply
Patladj.
2 years ago
Agree. Nice selling opportunity, and DO NOT limit until it reaches $10 :) It will never return price this high again.
-8 Reply
June
2 years ago
i agree with you. Unless the price cuts through 20MA in a daily chart, which has not happened at least just once after the price started to slump down, i can hardly expect the bullish market.

Thank you.
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Galvin
2 years ago
Whats you're take on this pump right now, reversal? or going to dump like the last pump from last week did?
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NicholasAmato Galvin
2 years ago
As someone who has been trading BTC since the start, the bottom is in. Just look at recent bitcoin interest and volume. That's all the confirmation I need
+1 Reply
timwest PRO NicholasAmato
2 years ago
Bitcoin /Dollar - BTCUSD -Daily - Two Scenarios from here $375
+1 Reply
timwest PRO NicholasAmato
2 years ago
Thanks for your reply - can you define more specifically what you mean? I'm interested to know what you are saying.
snapshot
+1 Reply
NicholasAmato timwest
2 years ago
Sell in may and go away. Do you trade stocks or futures? That's what we all say. Last year at this time volume spiked up and interest sparked. I believe it is happening again. I run bitcoinprotrader.com, a site I'm about to start updating again. A couple weeks I got a few sign ups and I had none since April on a website I didn't update. That's interest. Volume confirms price
+1 Reply
NightWish NicholasAmato
2 years ago
I couldn't agree more, the volume that we saw at the 276usd spike was so much higher than the months before, this indicates a reversal imo.
+1 Reply
IvanLabrie TOP Galvin
2 years ago
Mode hasn't been re-tested, looks bearish to me.
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IvanLabrie TOP IvanLabrie
2 years ago
I stand corrected :p
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June
2 years ago
i think... well, may be the price goes up again, not making another bottom which is different from my previous opinion..... It appears that the price has broken the 20MA in a daily chart. Unless it returns to below 20MA, i believe today can be a good opportunity to purchase.
+1 Reply
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