Bitcoin Price Update

[anaconda]

$298.10

https://coinbase.com/charts

 

[kpitcher]

BTC has broken 300... litecoin is 4.20 (From less than 3 on Monday). China is jumping in big to carry this wave.

 

[Shane Harris]

is litecoin a good investment?

 

[ronpaulfollower999]

I think if Bitcoin catches on, there will be a market out their for cryptos. Litecoin, PPC, Devcoin, and maybe a couple of others might find their niche in the crypot market. One crypto coin I've been interested in (outside of Litecoin) is Namecoin. I'm not the best out describing how it works, so here's a video I found that kind of gets into it.

FWIW: In addition to Bitcoin, I own a couple of Litecoins. I also have some Namecoins (the mining group I belong to mines Namecoin and Bitcoin) that I'm holding on to just in case it really catches on.

 

[kpitcher]

is litecoin a good investment?

I think it may be. I took a chunk of my bitcoins and converted to litecoins expecting that it will be a wise move.

Litecoin was the first serious alternative and is basically a version of bitcoin that changed the hash algorithm to be more "fair". It has a few years of work behind it, the community it good, and they pitch themselves as the silver to bitcoin's gold standard. It's jumped to $4.25 and climbing. Further litecoin is not on the major exchanges yet. MtGox announced earlier this year they would add litecoin. I think once litecoin is on more exchanges and becomes easier to buy the price will change drastically.

However if bitcoin keeps rising so fast the valuation of btc/ltc may not keep up and I'll have lost some profits. That's a risk I'm alright with.

 

[muh_roads]

I got out at 310. This jenga tower is too tall for my nerves.

Looks like you made a good call.

 

[muh_roads]

I think if Bitcoin catches on, there will be a market out their for cryptos. Litecoin, PPC, Devcoin, and maybe a couple of others might find their niche in the crypot market. One crypto coin I've been interested in (outside of Litecoin) is Namecoin. I'm not the best out describing how it works, so here's a video I found that kind of gets into it.

FWIW: In addition to Bitcoin, I own a couple of Litecoins. I also have some Namecoins (the mining group I belong to mines Namecoin and Bitcoin) that I'm holding on to just in case it really catches on.

Don't touch Devcoin. It has no cap. Might as well call them FRN's. Whoever modified the code for that coin was a dumb ass.

I propose a new name for USD or FRN's around here. How about Slavecoins?

 

[fatjohn]

so in mid 2011 there was a 2 month rally where the price went from 0.9 to over 30. Approx. x34.
this spring the price rallied from 15 to 255. Approx. x17.
Now from 140 to 1150? Approx. x8.5?

 

[jtap]

Looks like you made a good call.

haha. Looked good for a bit until it went to the moon again.

 

[muh_roads]

take a look at your weekly chart.

This is bitstamp since it seems to be popular these days. But same levels in place across the board for the most part.

Basically, there is a stable trend since BTC broke out it's $30 cap. I have that trend marked in yellow.

At this time, BTC is extremely overbought, more so than it was on the initial breakout. This is because volume is about 2/3rd less with prices being about the same. So don't see that in this particular snapshot since bitstamp is a much smaller slice of the overall market.

Suffice to say, there is approximately 2/3 less volume in the overall market now than when we saw prices at these levels earlier this year.

I believe this level is definitely a medium to long term top. Pressure is certainly on to sell.

I have 3 levels I am watching on the down trend.

200, 150 and 100 approximately. I will be a buyer at all those levels.

I am also watching 300 level. If somehow the price manages to crack 300, I suspect the price will quickly double up to 600. Not holding my breath on that call.

I look for a nice bounce off 200 in the counter trend, then again at 150, and ultimately a reach down to the major stable support line somewhere around 100+.

I predict the next major low is 113.05 in about 6 weeks. Just in time for Christmas profit taking.

Can you redraw this with the top at 500 and give a new correction speculation?

I'm curious.

 

[anaconda]

$326.25

https://coinbase.com/charts

 

[newbitech]

Can you redraw this with the top at 500 and give a new correction speculation?

I'm curious.

the correction speculation won't change actually, if it makes 500, then the next level of support becomes 300-350 depending where it settles in the next weekly candle.

I will draw it later on tho, and I will zoom out to include the 2009 peak at 31 as well, you'll see the resist level trend hits all 3 major peaks including this one (assuming its a peak).

But yeah pretty much anything above this point I would have to go fibonacci and psychological to predict resist level. Truly uncharted territory.

I'll overlay the major markets as well.

Mt.Gox, BitStamp, BTC CNY, and BTC-E. Maybe I will aggregate, not sure yet cause would need a data feed. I think overlay will be better tho.

 

[anaconda]

$331.68

https://coinbase.com/charts

 

[ronpaulfollower999]

 

[anaconda]

$350.19

 

[muh_roads]

the correction speculation won't change actually, if it makes 500, then the next level of support becomes 300-350 depending where it settles in the next weekly candle.

I will draw it later on tho, and I will zoom out to include the 2009 peak at 31 as well, you'll see the resist level trend hits all 3 major peaks including this one (assuming its a peak).

But yeah pretty much anything above this point I would have to go fibonacci and psychological to predict resist level. Truly uncharted territory.

I'll overlay the major markets as well.

Mt.Gox, BitStamp, BTC CNY, and BTC-E. Maybe I will aggregate, not sure yet cause would need a data feed. I think overlay will be better tho.

Thanks. I'm not much of a swing trader, but I like reading your technical analysis in case I'm feeling frisky.

I believe in BTC long-term, but we are definitely in another "bubble" or whatever you want to call it. There just aren't enough services right now to justify the support currently. Baidu isn't using BTC for all of their services from what I understand.

2013 was certainly the year of the investor. The mainstream services are coming, but investors just started pumping money into helping the infrastructure this year...those kinds of things will take another 6-12 months to develop and roll-out IMO. Hopefully they launch before Lawsky, the lawyer for the money-changers, announces his tough regulatory recommendations and they try to slip them into bills.

 

[Shane Harris]

I see myself having the means to stack btc from may 2014 to may 2015. Hopefully prices stay beneath 1,000 at least until then!

 

[anaconda]

$288.90

 

[kpitcher]

Not sure if the correction is in full swing but this is the longest I've seen sub 300 prices for awhile.

 

[FSP-Rebel]

Not sure if the correction is in full swing but this is the longest I've seen sub 300 prices for awhile.

If it is, then there isn't much of a correction anymore. 294$ Of course, the last correction in April didn't have the Chinese in on it so perhaps we've reached a minimal equilibrium at this point. Too soon to call imo.