Bitcoin Forecast, Bitcoin Speculation & Bitcoin Technical Analysis. Up or DOWN?

[caveden]

People gotta lose this "backed" mentality imo. Gold is not backed, it IS gold. Bitcoin is not backed, it IS bitcoin. And bitcoin has a higher value density

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[BitterTea]

S3052, would it be possible to break down these analyses/charts for someone without specific knowledge in this area, or at least provide a link to some information that would help me to understand them?

Thanks.

[S3052]

Certainly. Let me quickly respond, giving you a couple of links.

1) For an overview of almost all common technical analysis methods, I recommend the book:
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)

http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661/ref=sr_1_1?s=books&ie=UTF8&qid=1294141681&sr=1-1

When you search more about technical analysis on google, I am sure you find more.
i.e.
http://www.investopedia.com/university/technical/



2) For Elliott Wave analysis, see elliottwave.com
I recommend the book:
http://www.elliottwave.com/books/ewp/default.aspx?code=WPMS&articleid=0


In one of my next analysis , I will try to explain a bit more. At the same time, please recognize that I do this on top of a 12h / 5d job for free (except some donations). Although I would like to do more, I physically can't do it unless someone enables me to not need sleep any more...

[BitterTea]

Although I would like to do more, I physically can't do it unless someone enables me to not need sleep any more...

BitSleep, the new distributed sleep currency, coming soon!

Thanks for the information, I will look into it and look forward to your further analysis. I appreciate what you're doing!

[S3052]

BitSleep, the new distributed sleep currency, coming soon!

LOVE IT :-)

I'd buy bitsleep in bulk.

[S3052]

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[brocktice]

Tonight I am posting a chart from bitcoinmarket as this is very interesting (thanks again to bitcoincharts.com for the great charting tool): You see that we are very close to a new all time high, as prices did not fluctuate as much as on MtGox on this very low volume, insignificant peak at 0.50 $. (Still, MtGox remains the biggest exchange in terms of volume and showing the most variety of fund additions.)
We are only 0.04 $ away from a new all time high there.

Hi, thanks for the update. I'm a little confused about this. If the price is currently between 0.29 and 0.3, how are we 0.04 away from a new all time high? 0.3 + 0.04 = 0.34, not 0.5. I'm sure I'm just missing something relating to volume here, but I can't make it out from what you wrote.

[S3052]

I was specifically referring to bitcoinmarket.com price developments.

When clicking on the link I shared last night, (again posted below), you will realize that the all time high on bitcoinmarket.com was not 0.5 but 0.35.
http://bitcoincharts.com/charts/bcmPPUSD#vzcvztgSzm1g10zm2g25

To be 100% honest, the 0.50 high on MtGox was in my experience a "fake high" as 1 or max 2 traders pushed it up with ridiculously low volumes.
That's why I always look at the bigger picture including other exchanges. In this case, I strongly believe that the 0.35 $ high is more important that the 0.50 $ high on MtGox.

The consequence would be that once 0.35 $ will be cleared, the market could easily break 0.50 $ in some point. My view is confirmed if you look into the order book at all exchanges which is very thin beyond 0.35$.

http://bitcoincharts.com/markets/mtgoxUSD.html

[S3052]

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[S3052]

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[jimbobway]

very nice!

[S3052]

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[S3052]

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[S3052]

Thanks for the donation of one of you!

And secondly, the poll is reset so you can vote again freshly on "What do you expect BTC/USD prices to do in the next 4 weeks?" See poll on the top of this thread.

[S3052]

Just a quick update (as family member just got sick, I am hoping to give a full update Wednesday)

I want at least to give a brief update: Prices are correcting at the moment. Support should be in the 0.28-0.30 $ area.

[S3052]

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[S3052]

********Alert*********

the market has spoken and decided that the rally goes on and is accelerating

Prices respected the trendline and has broken out to the upside

Further upside surprises likely

Parity by end January still possible

[jimbobway]

********Alert*********

the market has spoken and decided that the rally goes on and is accelerating

Prices respected the trendline and has broken out to the upside

Further upside surprises likely

Parity by end January still possible

Excellente.  Muy bien.

[S3052]

New all time closing high at MtGox.

http://bitcoincharts.com/charts/mtgoxUSD#tgCzm1g10zm2g25

[nofuture]

New all time closing high at MtGox.

http://bitcoincharts.com/charts/mtgoxUSD#tgCzm1g10zm2g25

Wild.    This is happening much faster than MOST but not all people predicted.