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

[S3052]

And again, it is Monday and I have reset the market sentiment poll.


Up?
Same as now?
Down?
I don't know?

click on the poll above

Please VOTE again!

[1713567765]

1713567765

[Cryptoman]

Based on logscale trendline analysis (see Monday's log scale chart), next big targets are in the 1.5$ to 1.7$ range, which is significant more upside (almost another 100%).

I agree that the recent consolidation is bullish, but there are 38,000 BTC in sell orders on Mt. Gox (not including dark pools) separating us from USD 1.5.  Where will all the demand come from to overtake this?  Or will the sell orders be withdrawn and re-entered at a higher price once traders get whiff of another rally?

[brocktice]

Based on logscale trendline analysis (see Monday's log scale chart), next big targets are in the 1.5$ to 1.7$ range, which is significant more upside (almost another 100%).

I agree that the recent consolidation is bullish, but there are 38,000 BTC in sell orders on Mt. Gox (not including dark pools) separating us from USD 1.5.  Where will all the demand come from to overtake this?  Or will the sell orders be withdrawn and re-entered at a higher price once traders get whiff of another rally?

I'm no expert, but it could happen if (a) the growing interest I'm seeing on twitter, etc continues and (b) sell orders also move up as you suggest.

[S3052]

http://www.forexfactory.com/showthread.php?p=4388081&posted=1#post4388081

I also usually post here to spread the word in the financial community.

[S3052]

**** Quick Alert ****
BTC/USD Prices have again broken 1$ and the overall picture looks very bullish.
We may be just ahead of another significant rally, now that parity is cleared again after some consolidation over the past few days.

[S3052]

1

[wobber]

Do you think we will really touch 5-10$ soon? Isn't this a target for the next 5-10 years?

[S3052]

1

[S3052]

1

[S3052]

1

[S3052]

The market sentiment poll is reset again.


Up?
Same as now?
Down?
I don't know?

click on the poll above

Please VOTE! This enriches and improves my BTC/USD forecasts and ultimately helps the community

[S3052]

I reviewed the longterm charts and thought I should share this with you immediately.


As mentioned in Friday's update, Bitcoin/USD have started a correction after breaking below the decisive 1$ mark as highlighted previously. The key question is how far could this correction go?

To get a better picture, I reviewed the longterm chart, using logarithmic scale which is most appropriate for this strongly rising market.

Key indicators continue to be strongly bearish: The MACD crossed downwards strongly for the first time in record, and Exponential Moving Average 13 has turned down.

When drawing the already often shown and proven longterm trendline through the last significant lows, it is clear that there is potential downside towards 0.5 $.

As long as prices do not break above  the downsloping EMA 13 (at 0.89 $), the downtrend is intact.

A break above 1.0 $ enables a further rally to 1.1$ (all time high, and then higher towards 1.5$, 2$, etc.)

chars here: http://mtgox.com/blog/?p=255

Your S3052

[marcus_of_augustus]

So BUY at USD 0.5 = 1 BTC? 

[Grinder]

Technically, all he's saying is that if prices go down they may pause at that level before they either fall further or start rising again. You can't use it to predict if prices will go up or down from that level.

[S3052]

todays update is very short since no change vs by special update from yesterday

The correction is still underway

Another leg down is likely towards 0.7, and possibly down yo 0.5$.

Only a quick rise above 0.89 $ or better 1.0 $ can change this outlook.

[Enky1974]

todays update is very short since no change vs by special update from yesterday

The correction is still underway

Another leg down is likely towards 0.7, and possibly down yo 0.5$.

Only a quick rise above 0.89 $ or better 1.0 $ can change this outlook.

Usually and old resistance become support, 0.50 it's the key line; above it it's good, under it it's bad:)
I think we will stay in the range of 0.5-1 for quite a bit, we need more partecipants reflected in volume activity to see a new phase well beyond 1$.

[S3052]

Your comments make a lot of sense

From a long term view,

* Big support is 0.5

* Strong resistance is 1.0 - 1.1 (all time high)

[S3052]

As promised, here is tonight's Technical BTC Update.

[S3052]

Here a very brief Technical BTC Update.



BTC/USD remain in a correction phase.

While the short term head and shoulders bearish pattern has been invalidated with the break above 0.95 $, the intermediate correction isprobably  not over.
There is a strong likelyhood that we see another leg down toward 0.8 , or even 0.5 eventually.

Only a strong rise above the 1.0 - 1.1 $ area brings the bull back into the lead.



Your S3052

[LZ]

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