Quick look at bitcoin

Heres how bitcoin is looking versus USD on bitstamp since the low at about $340 last month. Chart is showing 4hour candles.

Can see the rally is still looking very healthy after slight pullback yesterday, so far doesn’t appear to be much impact from WillyReport, maybe many speculators suspected there was pumping going on anyway during that last bubble?

I’ve now got quite a collection of those green trendlines which are providing support and resistance in areas you’d expect. I’m looking for the green trendline just under price to continue providing support.

End of Message.

5 thoughts on “Quick look at bitcoin

  1. Hi AF, two points I want to discuss.

    1 About rally and Willy : Even if november rally would have been pumped up by a bot, many people are just focused on the latest high and that’s it. With or without Willy, Markus and so on, if new highs coming, it gonna be a self fulfilling prophecy.

    2 A thing that annoyes me. All our BTC charts are built up with bitstamp datas. Bitstamp is the bigger USD market in volume. But is bitstamp leading the market or is it btc-e ?
    Take a look on that chart :

    To this view, we’re still in the wedge. So should we consider we’re really in a bullish mode ?

    1. Thanks for the comment Artiti,

      Answering second one first, thats an interesting line of resistance you found on btc-e.. From that view looks like we are still in a wedge true enough!! I reckon we’ll break out from that before long though. (could be wrong of course). But for me its bull mode still on. I can find similar trendlines on btce to ones i’m looking at on bitstamp. In general i think the markets are pretty close to each other.

      I’ll try and form some thoughts on the first point you made. I think it is a self fullfilling prophecy too. Regardless how the past shape of the chart was formed people see the past bubbles and there is obvious repeating pattern to them on log view. As far as I know the first bubble which is still the biggest wasn’t pumped by bots though so bots certainly aren’t needed to form bubbles. That expectation of bubble probably will lead to high volatility and bubble like behaviour though.

    2. Been thinking a bit more about this pumping of the market. As we know bitcoin is rising at a huge rate as shown by chart viewed on log scale.

      Personally I don’t think pumping changes that uptrending channel much but perhpas alters the shape of the chart within that channel.

      The channel is shaped by bitcoin being adopted by more and more people around the whole world and getting more and publicity etc.

      I think the pumping adds volatility making the peaks bigger and crashes a little deeper. It maybe also affects the timing of when peaks and crashes occur but I don’t think it changes any real fundamentals.

      Hoepfully that makes sense

    1. Thanks for pointing it out… is that bitstamp ?

      If it is, depending how you draw it looks like we might have already broken that wedge too don’t you think ..?

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