The Litepresence Report on Cryptocurrency

[muh_roads]

Anybody take any off the table last night?

Don't take this chart as the gospel. Would like to hear other thoughts.

 

[XTreat]

There is a some irony in using a Rage Against The Machine song to promote a bull market.

 

[fatjohn]

Well my last post on ltc wasnt all that right to say the least. Good thing i just kept watching and didnt take a decision (lucky me that there was no headfake) I even found out I bought more LTC back in january on a paper wallet than I remembered. Was fearfull, kept still and got lucky. I even bought some btc when the move began. Now I am really all in.

I don't see how you deduce relevance from the 238, 240 level on that chart, muhroads.

Personally i think the bitcoin has just broken the logarithmic downtrend in dollars after it had taken out that downtrend in cny a week or two ago. Litecoin has done the same five weeks ago and we've seen what that meant. I am not claiming a similar price rise will happen with bitcoin but I do think the bear is dead. I'd hold on to LTC untill we near halving, I smell more mania coming.

Pres, good call on LTC explosion. About china, totally agree. Another 30% is definitely in the cards. I dont think we'll see the lows of 09 though, china has advanced way too much in 7 years to have such a low valuation. I also think the correction in worldwide stocks has begun and barring a huge event (greek default leading to deutsche bank bankruptcy or something) this will also be smaller than the 08-09 correction. Of note, compare 10 year shanghai composite to the S&P. In 08, shanghai started to fall drastically from the get go and the crash hardly accelerated or decellerated. The S&P had the all time high on practically the same day as the shanghai composite, but it lingered on a bit before really crashing a couple of months later. What I want to say is, the Chinese bear market was easily spotted, while the american one left a lot of bulls believing they were still on their turf.

Perhaps the bursting of the chinese bubble will once again prove to be the canary in the coal mine.

 

[presence]

Anybody take any off the table last night?

Don't take this chart as the gospel. Would like to hear other thoughts.

I'm more bullish than that for sure, and if I'm correct next fractal takes us over $300 for sure. I suspect $360

 

[presence]

There is a some irony in using a Rage Against The Machine song to promote a bull market.

lol

 

[presence]

 

[presence]

I'm looking for a LTC peak of 48 CNY $7.75 027000; @ BTC $280

 

[presence]

"the goal of creating a 200 megabyte blockchain backlog. With bitcoin averaging ten minutes to confirm a block, that backlog would take more than a day to wade through."

http://blogs.wsj.com/moneybeat/2015/06/30/bitbeat-coinwallet-runs-another-stress-test/

- It’s time for another stress test, apparently. Coinwallet, the U.K.-based mining service that last week attempted to run its own stress test of bitcoin, is making another attempt on Tuesday, after that first event failed. The goal is to push bitcoin’s transaction processing abilities to its limits, clog up the system, and prove a point in what has become a raging debate over how change in a decentralized community should be implemented.
Individual blocks are the repositories into which every bitcoin transaction is recorded, and are used to build the open, online ledger, the blockchain, that lies at the heart of the decentralized system. Proponents argue the 1 megabyte limit needs to be raised as bitcoin grows. Opponents have a raft of reasons why that shouldn’t happen, or if it should happen, exactly how it should happen, and the entire thing has become something of a referendum on how a decentralized, leadership network regulates itself.
A number of blocks this morning were coming in routinely larger than 900 kilobytes (you can track these here and here), very close to the 1 megabyte limit that’s written into bitcoin’s code. That kind of transaction-stuffing should clog up the confirmation process, and achieve the firm’s goal of showing the problem with the block-size limit. As of this writing, though, exactly how well the test has worked isn’t clear.

http://www.reddit.com/r/Bitcoin/comments/3bog1m/spam_attack_ongoing_thousands_of_zero_fee/

 

[PaulConventionWV]

Anybody take any off the table last night?

Don't take this chart as the gospel. Would like to hear other thoughts.

I sold LTC at 4.11 and BTC at 261, and did so because of that chart as well as my own instincts. I get really uneasy riding through a pullback. I'd rather take my quick profit and look for another place to do it again.

 

[presence]

I get really uneasy riding through a pullback. I'd rather take my quick profit and look for another place to do it again.

Nice short, I urge you not to get cocky in fiat though; the next legs will move more rapidly upwards.


Consider the precedent of June 10 2012.

Holding 12h SMA 2>30>60>90>150 with positive slope on 30,60,90 has a VERY HIGH win/loss ratio and ROI; historically 100% win after a prolonged bear market consolidation cluster.

3d SMA 5, 10, 15, 25 (shown) = 12h 30, 60, 90, 150



I expect no less than $360 before the first noteworthy 3d sell off.

 

[fatjohn]

Pres, do you give any significance to the fact that the downtrend in btc hasn't been broken on BTC-e as shown here: https://afbitcoins.wordpress.com/2015/07/01/so-close/

On all the other major exchanges this has been broken. Off course on the CNY and EUR exchanges due to the stronger dollar but also on bitstamp and bitfinex this has been broken in the last upswing to 269.

 

[presence]

Pres, do you give any significance to the fact that the downtrend in btc hasn't been broken on BTC-e as shown here: https://afbitcoins.wordpress.com/2015/07/01/so-close/

On all the other major exchanges this has been broken. Off course on the CNY and EUR exchanges due to the stronger dollar but also on bitstamp and bitfinex this has been broken in the last upswing to 269.

It has already crossed linearly. That is log scale.

I think with any trade you have to look at a variety of indicators and have "algo" in your head as to when to enter and exit.

We have 7 of 7 Green Dragon Criteria for 7 days now on all exchanges.

Honeybadger is still holding May 1 $235 BTC; it has renewed its "Honey" ; end of bear market "panic hold" multiple times and is still panic holding another week.

freeware Honeybadger is also holding.

We have break beyond linear resistance long on all exchanges.

We have break beyond log resistance long on all exchanges except btce.




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If you wait for the "perfect" bull signal... in the world of finance you're too late.

 

[presence]

June 23, 2012 MT GOX = today


12h SMA 2,30,60,90

 

[presence]

I sold LTC at 4.11 and BTC at 261, and did so because of that chart as well as my own instincts. I get really uneasy riding through a pullback. I'd rather take my quick profit and look for another place to do it again.

Are you back in? 252 was solid overnight. 240 to 238 seems greedy.

 

[muh_roads]

Are you back in? 252 was solid overnight. 240 to 238 seems greedy.

I hit 255-252 orders. Not all back in. Kinda want to take profit here and just enjoy the weekend...drive around with the top-down.

I zoom out on the 4H now. The MACD looks good, but...I dunno. I don't like looking at the 15m anymore unless I'm serious I want all back in. It's more relaxing to zoom out and live on the higher time frames so a person doesn't get whip-sawed in the Mister Miyagi chop-chop.

Have a nice 4th guys. Good luck. Gonna go celebrate 'muricah and debt spending.

 

[presence]

 

[presence]

 

[Dianne]

So it's 50/50 whether going up or down?

 

[presence]

So it's 50/50 whether going up or down?

yes, at the close of a long legged doji, its 50/50 up or down. Then each candle thereafter serves as self reinforcing indicator.

 

[presence]