Bitcoin_Altcoin

Bitcoin_Altcoin

Will this H&S finally drop us down below the channel I've previously posted? Maybe. Right now my target is 515-495.

Bitcoin_Altcoin

The Bitcoin market (on Bitstamp) has been staying in this channel throughout most of this Mt. Gox debacle. More recently we have been going down and bouncing off of previous levels of support and resistance. The entire channel of course is sloping down, and with this market I have no reason to think things will turn around soon, unless there is major bullish news.

Bitcoin_Altcoin

The market has been range bound since early January. These ranges are indicated by Fibonacci levels, and the heavy psychological resistance level of 900. If we break out of a rectangle, the next level to watch is the boundaries of the larger rectangle. Market is consolidating and will stay range bound until we break up above 1000, or down, below 760.

Bitcoin_Altcoin

Recently the market broke a trend line that it had been following for this rise up from around 500. The price also crossed below the 0.382 Fib level. However, it is also being supported by a historical resistance level now possibly turned into support at 890. Additionally the market may be also help up by the psychological support at 900. To turn Bullish we will...

Bitcoin_Altcoin

The first large cup and handle may have helped push us to the recent highs of 1250. It looks like there may be a smaller cup and handle forming right next to it. If confirmed this cold push us above 2000. We will likely have to wait a while to see if it is confirmed though. I am relatively new to using cup and handle formations for trading. Any feedback is appreciated.

Bitcoin_Altcoin

Bitcoin and the price of Gold. Gold acted as resistance preventing BTC >1250. It seems the world was not yet ready for Gold to cost less than Bitcoin

Bitcoin_Altcoin

Green Arrow is what will happen if we break through the resistance at 1180 and stay in the light blue channel. Red is what will happen if we break out of the light blue channel. If red we may bounce off the larger dark blue channel. Black lines are key short term resistance areas at 1180, and 1240.

Bitcoin_Altcoin

The Gann Square on this chart shows that we are still attempting to go past the 2nd resistance arch. Also I don't normally use the Fibonacci retracement tool like this, but it is interesting how it seems to line up with price movement as well as the Gann Square boundaries. Stock RSI and Williams R% also indicate that we may be are over bought at the moment....

Bitcoin_Altcoin

From 7/4/13 - 9/4/13 the price of Bitcoin increased ~ 110%. During this time price has been mostly within this channel. If this trend continues we will be back at $200/1BTC by December 2013 I think ff this channel breaks it is likely to be upward because the fundamentals remain sound. Bitcoin continues to have an active and innovative community. Additionally,...

Bitcoin_Altcoin

The market is currently undecided. In the next 24-72 hours we are getting closer to the edge of a square, and a key resistance arch. I could see the market going up to 138 (and if we break that 145-150) or down to 128 (and if we break that 120). I am long right now, though it is a gamble.

Bitcoin_Altcoin

Examining the market since the bottom at 64, I discovered that trading the 14/21 DEMA crossover on the 4 hour chart would have been quite profitable. I have been using this crossover to trade since 8/26/13. I don't trade with bot, and usually wait 2-6 candles after the cross to implement the trade. Sometimes there are false positives so I wait to see if the trend...

Bitcoin_Altcoin

As you can see we are currently trying to break through the 3rd line and 4th arch. You can also see a double top at the 4th line (150), this could be a bearish indicator. However, the 14/21 DEMAs have historicaly been a better indicator of price than other "traditional." Those are still bullish, and thus, so I am. *update - As I was typing this a whale came...

Bitcoin_Altcoin

That last big push brought us up over the 3rd arch and 3rd line. However, we have begun to receded. We are also right on the edge of the 3rd and 1st Gann square lines. Do we have enough momentum to continue this bullish direction? In the 4 hour chart,the crossing of the 14/21 DEMA historically has been accurate to predict future price. As of not to long ago this...

Bitcoin_Altcoin

We are right on the edge here. Last time we were right on the edge like this we shot up! We could possibly hop up to the 140-145 range sometime in the next 24 hours.

Bitcoin_Altcoin

This is a a Gann Square I use to help understand long-term dynamics of the market. I think it shows a full recovery since the bubble of April. Right now if we can manage to stay above the previous high of 135 we will be testing the blue Fib Arch soon. This will probably be in around 145.