Tag: btc

BTC/USD has broken a support level that held good for months. More downward movement highly possible!

Bitcoin usd dollar price all time low support broken graphBTC/USD Support broken

Sadly the strong support level that held for months has finally been breached. If the bearish candle closes below $320 level then we can expect more downward movement very soon. We have already tested $317 which is the lowest point BTC/USD has ever been since it started to gain bullish momentum at the end of 2013.

Changes ahead

We are at a critical point right now with a lot at stake. Should the support level breach be confirmed tomorrow there is very little that our technicals can do to help Bitcoin. The only way I can see another bullish run in the future is through media influence or FBI, but I’ve heard rumors that these guys are doing all they can to destroy this lovely crypto currency, probably because they’re in league with central banks all over the globe who are scared to see Bitcoin as a powerful alternative to regulated currency. You can see it when you look into all the coins they’ve seized from people just to put them out for auction a few months later.

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It wasn’t Elliott, at least not yet… Further speculation on the price of Bitcoin

Bitcoin price speculation cryptocurrency usd value price No Elliott in sight

In my last post about Bitcoin I was fairly convinced that we have entered the final stages of the Elliott wave theory, but looking at the charts today it’s clear that it wasn’t exactly true. The market started going sideways in the last few days of November and continued to do so for an entire week of December until on the 8th of December the bears finally gave up and bit the bulls in the ass hard. As I saw it unravel I tried to get rid of the coins I was holding, but I wasn’t fast enough and my exchanger was no idiot either… So I’m still holding them for now.

 

Bitcoin price prediction speculation support level chart Third time’s the charm

I don’t want to sound overly pessimistic here, but there’s clearly a pattern to this. Because of the latest breakout we could very well be seeing Bitcoin test our support level around $320 for the third time. The gap between the last two would mean it’s about to happen…

The candle that closed on the 21st of November is above the one that closed on the 10th of December indicating that we’re moving further down the chart. The green bull you’re seeing at the end isn’t anything significant, it’s just showing us that the bulls are here and aware of what’s happening. Not sure if they can do anything about it at this point.

Elliott hasn’t gone anywhere… yet

Right now the 5th wave of Elliott can still be seen and I believe we will see it down the road. The question is when? The bearish candle that closed on the 10th makes a pretty good starting point, don’t you think?

 

 

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Bitcoin price likely to increase as we have entered the Elliott 5th wave

BTC price graph chart trend line up trend confirming increase in valueElliott 5th wave

This screenshot shows a trend line that I drew from the lowest point moving upwards. So far so good! The last two bullish candles indicate the 5th wave in the Elliott Wave sequence and according to that logic we can expect the price to move higher than the highest bullish candle that you can also see on the screenshot. This could mean that in the near future we might reach the $450+ area. Other aspects of my technical analysis are also showing a green light. Let’s take a look!

 

 

 

BTC MACD chart graph price movement bitcoin price predictionMACD seems to be crossing

While it’s a little bit too early to say for sure whether MACD will cross in a few days or not, the chances of that happening are quite high. We are seeing it making lower lows and the lines are getting closer and closer together. Should they cross it would mean a confirmation in the overall up trend for Bitcoin!

 

 

 

 

 

RSI chart neutral market condition slight upward movementWhat RSI is telling us?

I am a little bit disappointed that the RSI didn’t move lower. It would have meant a much more intense rally in the future. It seems that we are currently drifting in a neutral area where, once again, upward movement is far more likely to happen.

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Was the recent Bitcoin rally just temporary?

Bitcoin price decline graphic Is it over already?

The last week’s rally was simply awesome. Congrats to anyone who got a chance to ride the wave along with us. The price started to gain momentum from $320 days before the actual jump took place, but the signs of it happening were all over the place. In just a few days we went from $320 to almost $460 so a correction was bound to happen. In my previous Bitcoin price prediction article I estimated the price to linger in the $410 – $420 area for a few days and then proceed to gain strength once more. Everything was fine for a few days, but looking at the charts today I can say that the correction isn’t really a correction any more, it’s a bearish ride.

FBI – The real market mover

It’s not a coincidence that the price started to fall just when the feds announced that they will be auctioning 50,000 Bitcoins they took from Dread Pirate Roberts, the founder of the biggest black market in the internet history. When you look at the chart you will see that on Monday the market was unsure where to go. I am confident that if it the feds wouldn’t have announced the auction the price would have behaved exactly the way I predicted it previously.

 

Bitcoin macd chart price graph crossing bearishMACD crossing

When you look at the way MACD is crossing you’ll see that the previous cross took place at a much lower point. This gives us a little bit of hope that the overall Bitcoin price trend is still bullish. The $320 area is still our strongest support at this point because we have tested it two times already in the past.

 

RSI indicator for the bitcoinWhat about RSI?

Looking at the RSI it’s pretty clear we are going to go lower from here. Further price movement is now depending on two factors: 1) how many Bitcoins the feds are able to auction and 2) will we reach the oversold market condition before our $320 support or not.

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What is VidCoin?

VidCoin is an experimental online e-currency that can only be earned by watching short videos on the official VidCoin website.

There is no registration form!

Vidcoin earn bitcoin watching videos
VidCoin uses your unique Facebook identity to securely log you into the members area where you can find videos to watch. Upon logging in for the first time VidCoin will ask for your Bitcoin wallet so that we can make payments to you in the future. Make sure to enter your valid Bitcoin wallet because it can only be changed manually by the administrator later on.

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Correction in the Bitcoin price and what to expect later this month

Bitcoin price movement up trend breakout chart correction formationI underestimated the market

Guess I have underestimated the buyers potential and also the significance of the recent hidden service raid that FBI conducted earlier this week. Just look at that wonderful green bullish candle 🙂 There’s clearly a connection between the raid and the price movement here because last time FBI closed one of the biggest darknet marketplaces and confiscated millions of dollars in Bitcoins the price skyrocketed exactly the same way just a few days later. After they put those coins out for auction the price obviously fell and now we can see the same thing happening all over again. Will they auction these coins as well? Time will tell.

Bitcoin price market chart overbought market condition correction formingOverbought condition

The RSI indicator is showing that the price has moved over the overbought line. This along with the fact that we’ve had a crazy rally means that a price correction is imminent. How far will it fall? There is a very strong support level around the $380 mark, but I highly doubt it’s going to fall that low. A more reasonable target would be the $410-$420 area, where the price may linger for a few days before we have a better chance at entering a long position again. That being said, there’s no reason why you should close your position right now if you’re aiming for something bigger!

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Riding the Bitcoin bulls – Not too late to enter

Riding the bulls

The last few days have simply been amazing. On the 9th of November I published a short article about the bullish movement of Bitcoin and just three days later the price has reached $400 USD.

Bitcoin price chart 400 usd mark bullish bitcoin buy now

So what now? If you look at what happened on the 11th and 10th of November then you can see a great struggle between the bulls and the bears. The market was unsure how to react, but it is clear to everyone now that bulls have won this battle. At least for the moment.

Depending on how today’s candle will close we might see another one, perhaps a bit smaller to form tomorrow.

Bitcoin price chart RSI indicator price overbought marketThe only thing that bothers me is the RSI which shows that we are reaching the overbought market condition very soon. When this happens you can expect a short price decline all the way down to $360 area, but it’s unlikely to hit that low.

Why? Because not only did the Thailand mining rig burn down, the FBI closed a ton of hidden services recently which means that a great portion of Bitcoin users just lost their Bitcoins. This should in theory make the crypto currency even more expensive so the bullish momentum might just be gaining its strength to a much higher level that what we’ve seen this far in which case our next stop will be around $440-$450 and upwards!

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The long waited confirmation for bullish Bitcoin

Bitcoin price bullish confirmation means to buy more bitcoinsIt’s happening!

First of all check out how well the support level (black horizontal line on the chart) has been holding. The price bounced right back up after hitting it the second time with a significantly lower selling strength. This means that the buyers are slowly gaining strength and it’s well known that all the prices anywhere tend to go up much slower than when they fell. That’s why the bulls are always more patient traders and bears try to bite it quickly.

 

Bullish Bitcoin Price Indicator Confirmation Formation With MACD IndicatorLet’s check out MACD

When we add the MACD (moving average convergence/divergence) indicator to our charts we can see further confirmation that’s the price is likely going to move higher from this point. The previous downward opening was only brief, and we have broken through the barrier, so to speak, and a zero crossover has taken place.

 

And now the fundamentals

 

Maybe you have already heard about the recent fire that took down a major Bitcoin mining operation. tldr; version: huge fire broke out, took down a massive Bitcoin mining operation in Thailand, millions of dollars in hardware got destroyed with no insurance whatsoever. You can read more about it on this page.

 

What does it mean for us? It’s another indicator that the Bitcoin prices may skyrocket due to the fact that the mining operation was significant enough to create a disturbance in the Block Chain. Basically Bitcoins just got much more scarce because new ones are going to be mined at a slower rate at least for a little while. You have to wonder whether or not the fire was an accident or a planned event… they have officially denied that their electrical wiring caused that fire.

 

So long story short: Buy Bitcoins.

 

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Bitcoin… oh Bitcoin, what are you up to now?

Bitcoin price trend

 

When you look at the overall chart you can clearly see that the price of Bitcoin has gradually declined since June 2013. However, the lowest point of around $280 was reached in October and it hasn’t been touched any more. It seems to me that there is a great potential for trend reversal especially because the last three days have closed higher than the previous.

 

Last three days bitcoin price risingWe have to wait a little longer to confirm this, but things are looking rather good in my opinion. Remember 10 days ago where I didn’t recommend opening a position at all, but if you really had to, I suggested to go long? (Read more about it here: http://ynef.net/bitcoin-price-acting-as-expected-is-it-time-to-open-a-long-position/). It’s never a good idea to trade against the trend, but going long should make sense right now.

 

Right now the $360 area seems like a solid resistance level. If we break this level there is great potential for further upward movement. In long term it’s already a good idea to buy a few Bitcoins and just sit on them for a while. They’re bound to go higher eventually.

 

 

Bitcoin price MACD indicatorWhen you look at the MACD indicator you can see that when the lowest point was hit in the first half of October the two lines crossed higher than previous in the second half of the same month. There’s a big chance for the crossing to take place again any time now which should drive the price even higher. Also notice how MACD keeps making higher lows!

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Bitcoin price acting as expected. Is it time to open a long position?

More than a week ago I made a bold prediction about the Bitcoin price and suggested that it would probably touch the $400 mark, maybe even $420 before going down again.

Guess I was right! A few days later the price moved up to $420 and gradually started falling until yesterday, the 25th of October, we finally met our first support level around the $350 area.

So… now what?

Picture of a virtual coin- bitcoinThere is definitely room for the price to move further below all the way up to $280 which seems to be a very strong support level. Then again our current position might very well be just a higher step on the stairway to heaven 😉

 

Right now I wouldn’t recommend opening a position at all, but if you must, then a long position should be fairly safe at this point. For a quick profit you should go long with a target at the $380 area. Actually I wouldn’t be surprised if we break the $420 mark in late November.

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