Long Term Update: 3 days chart @bitstamp

chartI attached here on the left a chart where each bar represents three days, it is something new and a good compromise between a weekly chart and a daily chart, enough to filter out noise but not too slow like the weekly chart.
For those who follow my blog since a while know that i use this type of media, the ALMA , a good tool to use in long term charts.
This average is now pointing down confirming the corrective phase but we are still in a bull market because the price during last months has been above  the long term vwap, now at $340 and also above the 200 days moving average now at ~$250 and rising.

Looking volume activity the net volume has been negative since the first days of December, at some point it was improving but the second bad news from China about the ban on payment processors killed that attempt of recovery from the first low at $542.
To conclude XBT/USD remains in a corrective phase inside a long term bull market, the rebounce might extend up to $815 where there is the ALMA moving average to act as resistance level.

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25 thoughts on “Long Term Update: 3 days chart @bitstamp

  1. asd

    What do you think about this huge hammer forming right above the WVAP?

    Don’t you think it is a buying oportunity to trade it’s breakout?

    1. Enky

      i’ve noticed it, i consider it only a rebounce in a corrective phase of the market, i doubt we are going higher then 800-830 with negative net volume.

  2. krolls

    Seems that bolinger bands are tightening and its been stable after it reached this price, which direction do you think it’s going to break out to

    1. Jukka Santala

      Bitcoin seems to still be doing what it does best… crashing whenver I feel it’s safe enough to buy it, rallying whenver I sell it 🙂 730 to 670, really now Bitcoin? Lets hope the keeping the discipline to only sell on overbought will pay off, though so far it’d helped to swap from 730 to 670… Was there some bad news, other than the AML letters? Like nobody saw those were coming?

      1. Enky

        no it’s the market, if btc stays too much time flat then amateur speculators lose patience and sell:)
        a pattern i’ve seen repeating many times

      2. Jukka Santala

        Probably, though it seems it has to fall to rise higher, both to re-charge and to break up some of the resistance clumped up. Also for what it’s worth, timing seems like the market action started from China, then caught to other markets with 500 BTC single dump on MtGox. Probably worsened because MtGox refused to budge up when other markets started to rise, though. Doesn’t mean it wasn’t amateur speculators ofc, and if they bought closer to the bottom most of them came out with nice profit. Only amateur speculators bought at 730 🙂
        My trade-AI seems to think now’s the time to buy and sell around 770 (substract about 50 for Bitstamp), but it’s really crude and often wrong, but I should still listen to it more… I’ll hope it’s right this time.

      3. Jukka Santala

        Thanks, I might have a look at it, though if it’s an example in a book I doubt that’s an improvement on the one I have. It’s based on MACD + RSI with a back-testing optimizer, not written by me though I’m hoping to improve on it.
        And weird, Bitcoin falling through all limits now, was about 3000 BTC dumped at once on MtGox at 650 dollars, doesn’t seem like random boredom. News on further indictments on SilkRoad just came, but that to me shouldn’t be very negative either.

    2. Jukka Santala

      As an aside, the BTC China arbitrage gap closed in this latest crash, so it might also have had something to do with it. Although as I said it seemed to originate from China, but that could’ve been the signal for people to dump the arbitrage coins. Or the other exchanges only figured they were overvalued now. MtGox still squeezing lower though. Oh well not much use guessing which one it was I suppose, but the arbitrage gap is gone for now.

    3. Jukka Santala

      Okay that didn’t net me very much, buy at 727, sell 781… Loathe to sell when there seems to be no clear negative news and I don’t recognize any VWAP prociding resistance. My AI had a shake-up too and thinks you should’ve bought at 650 and sell at 750, always easier to tell after the fact, but I don’t currently have faith it will continue that high tonight, some steep resistance at 780 and M15 sell-signal closing up. Plus I need to get doing something else. Lets hope it crashes overnight so I can buy cheaper 🙂

  3. Also I have found some insight in the matter of some traders have been engaged in program-controlled speed trading in efforts to manipulate the bitcoin exchange rate, which has, in effect, exacerbated the currency’s volatility.. I’m telling you guys.. buy buy buy.. or hoard hoard hoard.. let the up and coming markets and companies and trusts and etc.. let them do all the heavy lifting and spending there coins.. you guys have no idea what is about to happen and it is going to happen quicker than anyone could ever anticipate.. If you people are worried now about having to try and sell your coins because your scared.. imagine when us big players see bitcoins hit 3600 a little after christmas.. now I dont know about others but right now I have about 2200 so 2200 x 3600 = 7,920,000 … so imagine people who have an even larger amount than myself.. nobody should sell them period.. they shoudl be used to start up in investments and buy into things and start businesses, investments.. etc.. use your massive profits not to sell for cash which is just funny money being printed over and over but use the coins back into the community and to people that are accepting it.. which you would be how surprised bitcoin companies are sprouting up left and right.. coinbase just got a 25 million dollar investment… found here ( http://allthingsd.com/20131212/bitcoins-biggest-bet-andreessen-horowitz-leads-25-million-investment-in-coinbase/ )

    Not to mention coinjar in AUS .. Barclays banks.. and the fact our own US government is positive about bitcoin.. hmm do they know something we dont? is it possible to believe our own government or NSA is behind this to rid of paper money and thus enabling it easier to follow unlike cash.. Or is it the sakomato team behind the curtains that actually build the miners and have millionsz+ thus enabling whoever is at the top of the pyramid, or ponzi or whateve the fuck you wanna call it to maniipulate the market at any given time..

    Put this conspiracy theory into place.. So we all know Satoshi supposedly made it.. well he owns millions of first coins.. is it a bit odd that some of the first bitcoins coming into circulation are passed down to DPR or Ross.. could the start of silkroad be the whole scheme and mastermind design behind bitcoin?? Could the real DPR be the group or satoshi which is genius and plotted all this to mass manipulate bitcoin into media.. although negative.. but look whoever started up the top black markes.. SR, BMR, SMP, ATL.. could they all be created by the same group or satoshi.. all I am saying is now bitcoin is becoming everywhere.. hearing it on the radio.. the news.. point being is that this mastermind design of this whole thing to be globally adopted.. I am telling you from everythign that I know.. if any 😉 that bitcoin is way more intricuate and way more behind the scenes that anybody can speculate or guess or watch graphs all day.. thats loser shit.. The design of bitcoin was designed as some would call it a ponzie scheme or pyramid in which tell your friends and so on so on.. look how quickly they have brought it alll this attention whether good or bad.. Its incredible.. These people are genius.. I am proud to have stayed in the game and held strong as the price drops scare losers into selling low afraid market will crash.. fucking amateurs.. bitcoin is unlike anything we have ever seen and could not even fathom its unlimited possibilities.. Simple is all you idiots need oto know.. the design to get everyone on board.. spike price and get even more people to join . . drastically drop price and get the idiots and pussies that dont know what the hell they are doing to sell for dollars.. then the smart ones and the people a the top come in and buy a few hundred more or thousand for nothing.. then with all these startups and investments and companies very intrigued.. the need for bitcoin will cause the price to sky rocket in which it will.. no doubting we will see 10k+ easily less than a years time.. but for now this will be the dramatic decrease in which you morons will sell and us geniuses will get even richer buying your coins and watch the value skyrocket as you kids hit yourself in the head and say.. “why the hell did I ever sell out”?

    All I can tell you is that bitcoin is not going to melt its not goin to die.. its doing exactly what it meant to do and grow and grow.. it is meant to drop low once everyone is involed and then sky rocket to new beginnings.. it is going to change the USA and get this country out of debt and create some of the largest companies we have ever seen .. this is going to change the internet and digital market at a very increasingly rate… technology is going to advance more than 10x its current rate and more jobs will be created and we will watch this country become a free nation one step at a time.. bitcoin is a start of a free nation and putting the power back to the people.. nobody is taking into consideration the facts and the involvement of its growing rate.. This is a game changer and it will not be stopped easily..

    1. Enky

      Limitless, I ask you to be more synthetic otherwise i’m going to remove these comments not much inherents with the blog. Thank you

  4. Key Wo

    Hey Enky, I believe you have stated that you use Bitstamp as your broker to trade Bitcoin. Does this involve wiring money overseas? I think in this case they are in the UK. Would Coinbase be a good alternative to Bitstamp? At least they are based in the US. Thanks,

  5. Key Wo

    I didn’t know that. What are the best options for someone based in the US. Bitcoin in itself is very speculative but then sending money to places like Japan, China, Slovenia, or any of these places to be trading Bitcoins seems like you could be parting with your money forever. Has anyone actually done this and then wanted their money back. And then hackers constantly trying to steal them exchanges going out of business and taking everyones money with them, and governments trying to discredit them. This all seems crazy to me. What am I missing here?

  6. Hello, Bitcoin going to save the global economy, CryptoCafe is going to be big in the world of Bitcoin, be sure to sign up for the big release announcement. The website is owned by a public company called Myriad Interactive, the stock symbol is MYRY and its predicted to be very big!

    Happy Trading !!!

    1. Enky

      Hi Kashfiya, welcome to my blog.
      Dunno about that stock, at the moment it is listed at OTC BB market and it’s valued only 0.01$

    1. Enky

      It’s the holiday period, i think we need to wait january to see some action. On my 3 days chart volume remains negative, not much buying activity. Resistance at 720$, recent top.

  7. Mebel

    Hello!
    Present for you: interesting indicator in addition to the VWAP – MESA Adaptive Moving Average (User Contributed Studies in Sierra)
    Thanks for all!

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