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Bullish on BitcoinHi everyone! By now you might be wondering why I am using BTC-e for my charts. I believe BTC-e is somehow filtering the noise and can be used both as an indicator and for technical analysis. www.tradingview.com This is a chart I usually show people so that they can understand what I am talking about. After breaking the 900$ level and now the 920$ in other exchanges, next target is 940-950$. If someone isn't convenced that Bitcoin is a good buy now, he can wait for the price to break the 6600CNY and 950$. www.tradingview.com The action of the past two weeks can be seen as a head and shoulders or a cup and handle formation, depending on how you look at it. There will be very few really good opportunities to buy Bitcoin this low, as we might take a while to revisit the 800s, if ever again. Bitcache is coming out and the PBOC inspections are over. Maybe a few more announcements, but I feel like nothing major will actually come out of it. www.bfxdata.com There is a relatively good balance between shorts and longs on Bitfinex which also a good sign. China is ahead again, which is a good sign, even though I expect more longs to be closing than shorts over time, as margin trading has been halted in China. The open once didn't close, but once they close, they can't be reopened. Another very bullish thing is that there are no significant premiums among the different exchanges and markets, which means the markets are synced (5-10$ premiums are nothing major)
BLong
by BitcoinMacro
China and their love of 8'sThe number 8 has always been of great significance for China, and for that reason, I believe we may see values as large as 88888CNY, in the not so distant future. The manipulation that continuously occurs. has allowed consecutive 8's, to become either a final flash of support or resistance. A milestone, followed by a swift return to the median. Thus far, both local lows and highs respectively. Now, once we factor in halving, a parabolic move of this nature does not seem so far-fetched.
BLong
by maxgame
BTC WEEKLY CHART: "The Panic Zone" We're Going To MARSIn the words of Alan Greenspan, you know the rumpled old geezer that speaks in rhymes, said something about irrational exuberance in the markets, I will invoke those same words. BEWARE OF IRRATIONAL EXUBERANCE in the bitcoin market. What's causing this straight up spike in price? The China devaluation of the Yuan, the India currency confiscation, and here's a new one, the Brazil distrust and ejection of big government communists, have all laid a foundation of Bitcoin price support. It didn't hurt that Trump got elected, that the dark cloud of illegal immigration in Europe is causing a nationalistic resurgence, that Italian and other Euro banks are failing. These are all fundamental strengths. But what has taken place in the last 3 weeks in Bitcoin, a 50% gain, cannot go on forever. This is a classical setup to a blow off top. The Yuan is at a 6 year low relative to the dollar. This will not last. The cost to China industry for raw imports like coal and oil will be through the roof. China will move into recession/depression. Civil unrest there will emerge as jobs dry up from industry contraction. The Chinese government needs to stop the Yuan devaluation to preserve its control over the population. NOTHING GOES STRAIGHT UP IN VALUE FOREVER. There will be an end, and it will be dramatic. I kind of think that the big boys are looking to touch an all time high and then take profits faster than you can say WTF. What kind of evidence do I have? NONE. It's just a gut feel. So, I have loosely defined the top. Where's the bottom? There is solid support at $750. My advice. Take down incremental profit into this rally. Don't sell everything because we don't know where the top actually is and we're nearing uncharted territory as far as the technical tools. Just take down the profit you feel you don't deserve. When the market drops down to rational support, re-invest the profit. If the scenario plays out, the technical pattern will be a GIANT cup with handle formation. A breakout from the cup will have an approximate $2000 target. When? The cup is three years long. It could take another year for the beginning of a breakout. So, maybe, 2 years for a target. I'm still sticking to my $750 by mid February prediction although if the pullback shows signs of support at $950, I'll gladly raise my expectations.
BITFINEX:BTCUSD
by investigator
6
Veteran Alts Regain and Reverse Against EthereumInteresting to look at the market conditions in terms of established alt coins and Ethereum. It's no surprise that Ethereum is heavily weighted in the crypto-markets and has had an impact on mostly all coins that share an exchange with it. When Ethereum was added to BTC-e it was introduced into a small, select group of well established alt coins such as LTC, PPC, and NMC. These coins have had 4 years or more of existence in this space and perhaps have undergone the trials of true price discovery. I believe it should be noted that the Ethereum has yet to undergo the trials and tribulations of price discovery. It seems that there will be a "retaking" of market share from Ethereum by older alt coins and perhaps this is the start of it.
PLong
by embeddedthought
BTC WEEKLY CHART: "The Panic Zone" THEY'RE BAAAACK! (more)Go back and read my previous published idea. I pointed out there is a huge difference between the Chinese Yuan/BTC chart and the BTCUSD chart. I thought I should show you the difference and speculate where this will end. First the previous devaluation the volume was very small relative to what's going on this time around. That's because the Chinese insiders profited nicely in their first experiment with Bitcoin. This time they are more than doubling down. The final day of the rally previously and the day the Yuan was devalued was the day of the Brexit vote. The news media hardly reported about the devaluation event. This time around it is a complete and expanded repeat. What event is coming up that will obscure the news the Chinese are manipulating their currency in a big way? THE US PRESIDENTIAL ELECTION DAY!!!!! Look for the Chinese to move out of Bitcoin in a big way as the Yuan is devalued again. I'm LONG for another week and look to get out while the BTCUSD price settles back to the major trend line I have illustrated in my previous charts.
BLong
by investigator
2
BTC WEEKLY CHART: "The Panic Zone" Feeling wEdgy?Plenty of trend line support has taken hold. A big cat moved in on Bitfinex today and pounced on some cheap coin. This is the first positive movement since the hack. It all started when Bitfinex turned on the green light to use BFX tokens as collateral for margin trades. Both BFX value went up as BTC got a boost. The time line is heading for a nodal point where major trends up and down meet. My crystal balls are glowing. I turned one over and it said "790 by December". The other one was not quite so positive but not bad "590 by December". So either stagnation or better doesn't cause much panic in the BTC market for a few months. Today's panic seems to be in Europe and Korea. Deutsche Bank is out of gold. Well maybe not completely out but they want to keep what's not theirs to keep. In my book that's called criminal deceit but in banker talk they said they have the option to review, stall, and postpone a decision to make a decision about a decision on whether or not to make a decision about delivery on a contractual obligation to a customer. A reverse bank robbery. Quick, point the security cameras somewhere else. Oh, and the German government is telling its citizens to prepare for annihilation. Stock up now on necessary staples. Why? They blame the possibility of terrorists run-a-muck. Or, is it "Russian Roulette" with tactical nukes? Why does the US have tactical nukes in Turkey? Errrr, Romania. Yes! that's it! They're safer stored closer to the Russians. Obama got the Peace Prize. Remember? Umm, Hillary can't recall but that's another story for another time. Korea is not such an economic power house after all. Hanjin, one of the world's largest cargo shipping service is out of money! Ships are floating around and aren't allowed to port because Hanjin didn't pay the bill from the last few times. This is the second Korean shipping domino to fall. All this failure and fear point to one thing in the world of Bitcoin. The value of escaping from bankrupt fiat currency is increasing. Just look at Venezuela. This long term fiat panic will overpower the short term crypto panic of a hack attack. By the way, the trail is still hot on where all that coin went. The near $900 inflection point to take place next summer is going to make 2017 a year to remember. For traditional chartists, it completes the cup. That cup has a target value of $1700....or more? Buy some Iodine pills and about a 1000 rolls of toilet paper, and stay frosty my friends.
BITFINEX:BTCUSDLong
by investigator
2
LTC & BTC Multi-Idea I'm not convinced that BTCUSD has finished shaking everyone out before it continues trend, it may not dip so low but I think it will dip below 540. Same goes for LTCUSD but 3.335 would be a hard stop for the litecoin. With LTCUSD retaining its value and BTCUSD losing more value, LTCBTC pair will likely return to mean approximately the same price it was before BTCUSD rallied. There is Bullish Divergence on LTCBTC and OBVs for all 3 correlate with predicted price action. BTCUSD and LTCUSD are still long term bullish, there's no indication as of yet that they aren't.
L
by Mt.BFX
3
BTC WEEKLY CHART: "The Panic Zone" Bulls Bears and Swans Oh My!In the event you were infatuated by BREXIT the big news was the opportunistic Chinese took the opportunity to devalue the Yuan on the same day. Under intense journalistic distraction, no one accused the Chinese of currency manipulation. This event makes it extremely clear that BTC can be used to foretell big FOREX moves. It foretold the giant Rand devaluation and now the Yuan. Insiders in China were aware of the impending devaluation and moved big money in and out of BTC as a value store. Relative to precious metal, BTC is a faster, easier, useful tool for instantaneous shelter from central bank moves. The China move creates a bull flag formation with a target price in the $900 neighbourhood. When? Watch volume. It has tailed off. When it picks up it will be the start of the second phase move. My time line projections suggest end of 4th quarter, 1st quarter 2017. New upside resistance is the temporal blue dash line at $800. Support short term is the blue solid at current level and long term is the red dash. A drop through $475 will result in PANIC. I have moved the PANIC ZONE up a level. Black Swans are still fluttering about and the bears are in hibernation. It's interesting to note, BREXIT, civil war in Europe, new dictatorship in Turkey, warnings about Nuclear conflagrations between Putin and NATO, all have had very little impact on the current value of BTC. War in Eastern Europe may affect the operation of two major BTC exchanges, BitStamp and BTCe. If they are planning for Armageddon then a relocation would be a seamless event. If not, major disruption in the BTC market will occur. The halving was a non-event although it points to BTC as a sound value store. There are serious world-wide financial problems looming on the horizon. The Euro is simply doomed. When? It will be an overnight event like the Lehman Brothers failure. If any large German banks fail, the party is over.... and at least one is on the edge. In the US the massive unreported problem is public workers pension imbalance. It's $4 Trillion with a T out of whack. Massive numbers of retirees will drain away all available municipal tax funds. This is simply a pot hole that won't be filled. Illinois will be the first to fall. California will be the second or third. Trump may build the wall but there will be devastation on both sides of it. If Hillary wins, the debt will be the least of our problems. Stay tuned...
BITFINEX:BTCUSDLong
by investigator
2
BTC Uptrend - Multiple IdeasIdea 1 Inverted Head and Shoulders breaks up and fully retraces the dump invalidating the downtrend movement showing strength. Idea 2 Inverted Head and Shoulders breaks down continuing downward pressure and finding support ~3800+ and continues uptrend. Idea 3 Inverted Head and Shoulders breaks down continuing downward pressure, finds support ~3800 and fights resistance of previous support, loses upward pressure to a final support around 3600 before continuing uptrend. All 3 scenarios are bullish, anything below 3200 is rendered bearish. Do not trade this idea.
B
by Mt.BFX