Bitcoin Technical Analysis

This thread is devoted to technical analysis of the different Bitcoin and crypto-currency pairs. My very own method is Elliott Wave analysis combined with Fibonacci connections in price action as a means of understanding action that is past and forecasting price behavior. Analysis amd talks in this thread aren't limited to these methods.

Together with the general newness of crypto-currencies and the amount of hype surrounding these - and Bitcoin especially - this thread will serve equally as a knowledge exchange in addition to a repository for sound technical analysis of the fast evolving crypto-currency marketplace.

Brief introduction to Bitcoin

Bitcoin is the most well-known of a range of crypto-currencies presently in circulation. The currency (forex code: BTC) is an electronic value token that is accounted for by a decentralized peer reviewed network constituted of it's users - both buyers and sellers. The cryptographic algorithm which encrypts and transports BTC around the network is in charge of a slow release mechanism a entire maximum of 21mil BTC will be released in the course of a mere over a century. The logic behind the gradual release plan is to guarantee in an emulation of resources like Gold. In an extention of the simile, Bitcoins come through a procedure called mining.

BTC has obtained a lot of media attention after the crash of its speculative bubble in April 2013. Press attention has focussed by several Bitcoin exchanges on instances of non-compliance with US financial regulations.

BTC purchasing and selling is possible through many exchanges, the largest (by daily quantity) of whom is currently https://mtgox.com. A couple brokers offer BTC alternative contracts, but CFDs are usually unavailable except through brokers.

Official site: http://bitcoin.org/en/

Graphs: http://bitcoincharts.com/charts

Infographic: http://www.totaltrader.com.au/11891/...tion-standard/

Bitcoin cost history

Bitcoin began trading at 0.04USD at 2009 and attained an unprecedented expansion of more than 5,000% in 3 years prior to crashing in April 2013.



From April to June 2013, BTCUSD has consolidated around the $120.00 cost level.

Agents

Personally, I utilize the https://mtgox.com and their API which gives me direct access to the largest BTCUSD marketplace with no intervening broker. Mt.Gox charges 0.6 % on all BTC purchases (no charges for sale). Some brokers provide binary options and long/short contracts but these do not suit my trading plan that is existing with Bitcoin. Mt.Gox isalso, unfortunately, prone to cost feed disturbance and their order system can lag badly during marketplace frenzies. I prefer not to participate during active times, putting positions and my requests .

Forum Rules

Surprizingly, the thread subject generates a fair amount of emotion and often leads to dicussion involving polarized opinions. To stop wildfires and maintain a professional tone in this thread, the following ground-rules will apply to all and any guests and members posting here:This thread is present for analysis of cost graphs and Bitcoin. Posts should honor the thread subject and may veer from it for the sake of knowledge sharing. Predictions and predictions must preferaly be accompanied by a chart or other technical object illuing your statement. Racist, sexist, homophobic or condoned in this thread or any other form of hate-speech will not be tolerated. Powerful language doesn't serve the functions or tone of a general forum, so you should choose your words and bear others in mind when posting. In the discretion of the thread creator/moderator guests and members may be asked to edit their posts. Swearing or derogatory language is both unacceptable as well as the author of these will not be guarded from the cliqforex Moderators. Negative posters that are objectively or disruptive will soon be blocked from submitting without discussion. I, , have complete say-so, up to the previous word and that is closing.
Limitation of Obligation
The analysis and wave counts within this thread are personal interpretations and are speculative. As per common sense, please do not construe any information given (or indied) as a trading recommendation. The poster will not be responsible for any losses that you incur as a result.