Bitcoin Watch

This is a brief bitcoin prices forecast update.

Bitcoin prices stalled and turned down over the past days. This could jeopardize the breakout scenario, at least short term. The bitcoin charts above show that we could be seeing a false breakout of bitcoin prices.

If this is indeed a false breakout, there is much more downside of bitcoin prices.

A key trigger point will be 4.73 $ (see chart below). A break below could lead to a short term sharp sell off.

Mid term, there remain good chances for a further advance, but the short term risk could delay this advance for weeks.

Only a rise above 5.45 $ will immediately change the bitcoin chart picture to bullish again.

More details and short term updates will be shared in the subscriber section:

http://www.bitcoinbullbear.com/bitcoin-subscriptions

Your S3052

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins.  Never invest unless you can afford to lose your entire investment.

Today’s report covers an example of work that we normally make available only to our subscriber section. Our Bitcoin price prediction and forecasting methods use many tools, from standard trendline analysis, indicator based methods up to complex Elliott Wave theory.

As a review of the past 3 weeks bitcoin charts analysis, we show below three times the same bitcoin charts pattern, but each separated by one week of bitcoin price action. 

The first time is when we established the potential that bitcoin prices develop a complex “truncated flat” pattern. The first bitcoin chart below shows the early stages of this specific Elliott Wave Count. At that moment, only wave A and B were developed.

In the second week (see second bitcoin chart below), our confidence in this count was increased as waves C and D were painted almost exactly where we have foreseen bitcoin prices for this stage.

Lastly, the third bitcoin chart below shows the completion of the pattern. And, it also shows the expected breakout of bitcoin prices in our forecasted direction: UP.
Indeed, bitcoin prices rallied more than +10% since from the breakout level.

In case you are interested to subscribe to this analysis and find out where bitcoin prices will go next, we still take a few  new subscribers until April 30th, 2012.

Just click here for more info and details: http://www.bitcoinbullbear.com/bitcoin-subscriptions.html 

First time we established the complex flat count (April 5, 2012)

Same chart with updated prices from April 12, 2012

Same chart with updated prices from April 19, 2012

Your S3052

The last couple of weeks of bitcoin trading have not been been very volatile.
There were various indications for small scale rallies and declines. Some of this were false signals.

There are two main scenarios.
1) A triangle, leading to a huge rally (green arrow).
2) A continued correction down as indicated in the chart by the red arrow.
Anything in between is “noise”.
The key trigger points will be the turquoise lines.

More details and short term updates will be shared in the subscriber section:http://www.bitcoinbullbear.com/bitcoin-subscriptions

Your S3052

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins.  Never invest unless you can afford to lose your entire investment.

This is to share a bitcoin charts and bitcoin price forecast.

The breakout from March 13 turned out to be a false breakout or a so called bull trap.

Outlook
This means that most likely, we will see another low beneath 3.878 $ before a more sustainable reversal can be attempted.

Possible targets are 3.8 down to 2 $, which is a broad range. We will try to narrow down this range in the subscriber section on http://www.bitcoinbullbear.com/bitcoin-subscriptions

Your S3052

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins.  Never invest unless you can afford to lose your entire investment.

This is to share a new bitcoin charts update.

As indicated in the subscriber section  http://www.bitcoinbullbear.com/bitcoin-subscriptions, there has been increasing evidence for a breakout of the parallel consolidation trend channel. We alerted subscribers on March 11: “the breakout already happened, and the past 5 day price action resembles a consolidation of this breakout = a bull flag. And the next likely move is UP.”
Indeed, bitcoin prices rallied by 15% within a couple of day on high volume.
What is next?
Outlook
Most probably, the major Elliott Wave III has started, which should propel prices higher and lead first to 7.22 $ (another +40% upside from current levels).
A break above this level could open up an accelerated rally and lead to at leat a test of the all-time-high at 32 $ still in 2012 (another 6-fold increase).
Only a beak below 3.87 $ would turn the picture bearish again.

Your S3052

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins.  Never invest unless you can afford to lose your entire investment.

This is a mid term bitcoin chart update for bitcoin prices.
As expected before, Bitcoin prices moved down after breaking key trendlines.

Outlook:
Most probably, we will see yet another drop to a new low below 3.88 $ before a test of the key lower turquoise channel line.

Then, the mid term trend will be decided:
1) Either prices hold above 3.7 – 3 $, or
2) If bitcoin prices break below this line, there is a high probability for a big sell off to test the 2 $ low from November 2011.

Your S3052

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins.  Never invest unless you can afford to lose your entire investment.

Here is a the SHORT term bitcoin chart update from Feb 12, 2012 as posted on bitcoinbullbear.com.
Two key uptrend lines (yellow and pink) have been broken down.
This means that there is an increased likelihood that there will be another SHORT TERM SELL OFF for bitcoin prices toward the low 4 $ down to high 3 $ area.

Only a strong break out above 6.1 $ would change this scenario.

Your S3052

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins.  Never invest unless you can afford to lose your entire investment.

This is a brief update on bitcoin price development.

As expected, bitcoin prices broke out of the short term triangle (that we discussed in the subscriber section) and bitcoin prices quickly reached +10% to 6.2 $. More upside is possible. 

How to subscribe: http://www.bitcoinbullbear.com/bitcoin-subscriptions.html

Your S3052

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns and trades bitcoins from time to time and it currently partly invested in bitcoins.  Never invest unless you can afford to lose your entire investment.

Here is a mid term bitcoin charts and bitcoin prices analysis.
The uptrend from the November lows continues to be very strong.

As expected, bitcoin prices reached the 4- 5 $ zone and exceeded it in the last weeks.

Since the 7.22 $ high, bitcoin prices are consolidating on a very high level, forming a what looks like an ascending triangle. Typically, a breakout to the upside is expected.

This is also supported by the fact that bitcoin prices are above the 200 day moving average, the first time since 4 months.

We will issue short term updates in the subscriber section: http://www.bitcoinbullbear.com/bitcoin-subscriptions.html

Your S3052

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