He's analyzing what direction the exchange markets will move, is that not obvious?

I don't understand this thread. To me, a technical analysis of bitcoin is less complex than a technical analysis of Toys-R-Us (NYSE TOY). What data is there to analyze with bitcoin? Where is the Prospective, or even a business plan for Bitcoin?

Too bad there isn't an exchange where people like S3052 could compete for followers.  People could choose who to follow, and part of their commission would be split evenly among those they follow.  It could integrate charting, publishing analyses, and of course trading.  Too bad I don't have the time or capital to build it.

Here is tonight's Bitcoin technical and market update.

Please donate here if you wish to see it continued:

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here is the link to view the charts: http://bit.ly/q3UQ9W

Longterm: UP.

Midterm: UP as long as the 9.5 $ - 10 $ range holds

Shortterm: UP from the 12.5 $ low and down sloping channel resistance.


 

Overall, the forecast about a bullish consolidation and subsequent breakout to the upside has materialized. While the very short term pattern turned out somewhat different to the option presented in last analysis here (bullflag extended further to the downside), the overall direction was correct. Bitcoins are back in a bullmarket on all timeframes.



 Technical analysis

It is always important to look at the longterm picture before falling into the trap of drawing too short term (and often wrong) conclusions. In German language, we call this "you don't see the forest when you stand  in the middle of the trees".

Both, the long and mid term trend are clearly up. The chart below shows that the move down from the all time high of 31.9 $ is corrective, not impulsive. Based on chart analysis tools,  Elliott Wave patterns (not shown) and volume patterns, this view is the preferred scenario.

For example, both, the chart pattern and the volume development indicate that the entire move down from 31.9 $ is a consolidation with the most likely resolution to the upside and new highs in weeks/months.





Shortterm, and as predicted especially in the subscription service (http://bit.ly/mjP1Rh) , a big rally came last night with strong volume. Most of the 12 day downward consolidation was retraced within just 3 hours, a strong bullish move.

BTCUSD are now consolidating this move and likely will move up into the 17 $ - 20 $ area.

The BitBulls are in control now, as long as the 12.5 $ low 7 down sloping lower channel line holds. But even if this channel support falls, there is much more support in the 9.5 $ - 12. 5 $ cluster, as short and midterm support levels run in this zone.

 

Trade Bitcoins well!

Your S3052

 

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns some bitcoins.  Never invest unless you can afford to lose your entire investment.

Do you think maybe the trench right now is because there were some successful heists and Mt Gox still has cheap trading? Just sayin' I say BTC will rally within a week back to the 10 EU price.

Yeah right... The minute you see some obvious movement you'll be right back in . No matter how many hacks, no matter how many attacks, no matter how many things happen to THIRD PARTY VENDORS, Bitcoin cannot die.

You guys can't get rid of your machines now, the huge influx of anything ATI HD will make these cards go DIRT CHEAP. You will LOOSE and you were warned by many in this community. The only viable solution at this point is to hold on to your coins and only spend within the community
https://en.bitcoin.it/wiki/Trade till you start getting those prices you deserve...

If you think that, then I hope you're buying right now.  But, also, if you think that, then, in advance, my sympathy to you.  IMO we're circling a very large toilet bowl.  I'm just hanging around for the show at this point.

I'm just going to chime in here quickly..

I subscribed to the private service for the first few months, and was very happy with the detailed analysis. I do understand it takes a significant amount of time to provide such a service, and I do trust the advice given both here publicly and in the subscription service.

However, because of the cost and the fact I am a very low volume trader I have decided not to renew. For those interested who do move a fair bit of volume I would highly recommend the services offered. If I was in a position to be more involved in the market I would not think twice about signing up again.

I will miss the faster updates and more in depth analysis than is provided publicly.

S3052, your providing a fantastic service here, please do keep up the good work. Hopefully sometime I will be in a position to increase my exposure and will most certainly get myself back on your subscription service.

Cheers
-Digigami