The Litepresence Report on Cryptocurrency

[muh_roads]

Like I said, this China FUD aint over. They aren't banning Bitcoin, but they are preventing banks from letting cash go to and from the exchanges.

Somebody or a group told them to do that (wall street?). That someone or group knew it would drop the price. That someone or group wants cheaper coins.

My fiat is ready. Be greedy when others are fearful. I personally think we'll be testing $350 again leading up to a few days surrounding the 15th.

[PaulConventionWV]

Like I said, this China FUD aint over. They aren't banning Bitcoin, but they are preventing banks from letting cash go to and from the exchanges.

Somebody or a group told them to do that (wall street?). That someone or group knew it would drop the price. That someone or group wants cheaper coins.

My fiat is ready. Be greedy when others are fearful. I personally think we'll be testing $350 again leading up to a few days surrounding the 15th.

But if we really saw a head and shoulders, does it make any sense for us to have a double bottom like you are suggesting?

[muh_roads]

But if we really saw a head and shoulders, does it make any sense for us to have a double bottom like you are suggesting?

I'm not an expert in chart analysis, but the one thing I think I've learned from using the pres bots is that no matter how good your code or analysis is, predicting this type of market is really tough even if you are factoring in all the indicators.

Bitcoin is just something we've never seen before and as a whole, there still aren't nearly as many people who trade BTC as they do trading wall street stocks. Chart analysis is a good guide but in the end we are all still trying to predict what each other is going to do regarding something that human history has never attempted. The majority of people still involved are panicking pussies that only view BTC in dollar amounts and don't see the bigger picture.

I think trading Bitcoin based on news and rumors is the best route to take if you want to stay ahead of the crowd. pres was wrong on 042 LTC because the China news was something no chart analysis could predict.

There is a guy on twitter I follow named ProTraderTips who trades crypto and metals. When pres said 042, PTT's estimates shortly after was 031. It was far more accurate because he spends all day performing his due-diligence based on news & rumors.

[PaulConventionWV]

I'm not an expert in chart analysis, but the one thing I think I've learned from using the pres bots is that no matter how good your code or analysis is, predicting this type of market is really tough even if you are factoring in all the indicators.

Bitcoin is just something we've never seen before and as a whole, there still aren't nearly as many people who trade BTC as they do trading wall street stocks. Chart analysis is a good guide but in the end we are all still trying to predict what each other is going to do regarding something that human history has never attempted. The majority of people still involved are panicking pussies that only view BTC in dollar amounts and don't see the bigger picture.

I think trading Bitcoin based on news and rumors is the best route to take if you want to stay ahead of the crowd. pres was wrong on 042 LTC because the China news was something no chart analysis could predict.

There is a guy on twitter I follow named ProTraderTips who trades crypto and metals. When pres said 042, PTT's estimates shortly after was 031. It was far more accurate because he spends all day performing his due-diligence based on news & rumors.

Trading based on news and rumors is iffy. Chances are, fundamentals you are aware of have already been priced into the market before you knew about them.

[lotsOfCake]

But if we really saw a head and shoulders, does it make any sense for us to have a double bottom like you are suggesting?

As usual I'm not going to claim I know the future Just illustrating one "head and shoulders" where the larger scale has a double bottom reversal, first at april 11th, second at april 13-14 ish maybe.

Could also illustrate a larger "head and shoulders" pattern where my green stick man is just the head.

Edit: just noticed the volume is low the last hour. Especially on btc-e ltc/usd. (Meaning it is not a good indication of a trend)

[muh_roads]

Trading based on news and rumors is iffy. Chances are, fundamentals you are aware of have already been priced into the market before you knew about them.

He uses both. I don't want to poo on those that are good with charts. Keep 'em coming. I like all info.

[Dianne]

Like I said, this China FUD aint over. They aren't banning Bitcoin, but they are preventing banks from letting cash go to and from the exchanges.

Somebody or a group told them to do that (wall street?). That someone or group knew it would drop the price. That someone or group wants cheaper coins.

My fiat is ready. Be greedy when others are fearful. I personally think we'll be testing $350 again leading up to a few days surrounding the 15th.

I'm thinking the same thing. I missed the $7.00 and change litecoin the other night... Great stuff always happens when I'm in bed ( .

[Dianne]

As usual I'm not going to claim I know the future Just illustrating one "head and shoulders" where the larger scale has a double bottom reversal, first at april 11th, second at april 13-14 ish maybe.

Could also illustrate a larger "head and shoulders" pattern where my green stick man is just the head.

Edit: just noticed the volume is low the last hour. Especially on btc-e ltc/usd. (Meaning it is not a good indication of a trend)

The 13th technically begins nine hours, my east coast time. If you were going to set an LTC buy order before bed, how much would it be?

[amonasro]

As usual I'm not going to claim I know the future Just illustrating one "head and shoulders" where the larger scale has a double bottom reversal, first at april 11th, second at april 13-14 ish maybe.

Could also illustrate a larger "head and shoulders" pattern where my green stick man is just the head.

Edit: just noticed the volume is low the last hour. Especially on btc-e ltc/usd. (Meaning it is not a good indication of a trend)

Remember that in TA, the larger the pattern the more significance it has. A 15 or 30 minute head & shoulders is not nearly as significant as a daily head & shoulders. You can find miniature versions of them in these small timeframes but they really difficult to spot. When you want to know how far it will drop, measure the distance from the top of the head to the neckline, then the same distance downward from the neckline. This gives you a general area to find support/resistance levels in which to place your trade. I simply place a ruler against my monitor to do this

Trading 15/30 minute charts is difficult. I would look at larger timelines first (at least 6h) to get an overall view of where we've been and where we might go. Then zoom in to smaller timeframes to see what the market might do next within that broader context.

What you posted might interpreted a continuation pattern, which I plan to update my TA post with examples of. It's when the market doesn't know what it's doing next and moves sideways, consolidating as it goes. Volume declines during this period until it breaks out in either direction, usually in the direction of the prior trend.

Also, a h&s can sometimes be a continuation pattern! How's that for confusion?

[PaulConventionWV]

Remember that in TA, the larger the pattern the more significance it has. A 15 or 30 minute head & shoulders is not nearly as significant as a daily head & shoulders. You can find miniature versions of them in these small timeframes but they really difficult to spot. When you want to know how far it will drop, measure the distance from the top of the head to the neckline, then the same distance downward from the neckline. This gives you a general area to find support/resistance levels in which to place your trade. I simply place a ruler against my monitor to do this

Trading 15/30 minute charts is difficult. I would look at larger timelines first (at least 6h) to get an overall view of where we've been and where we might go. Then zoom in to smaller timeframes to see what the market might do next within that broader context.

What you posted might interpreted a continuation pattern, which I plan to update my TA post with examples of. It's when the market doesn't know what it's doing next and moves sideways, consolidating as it goes. Volume declines during this period until it breaks out in either direction, usually in the direction of the prior trend.

Also, a h&s can sometimes be a continuation pattern! How's that for confusion?

It sure seems to take away from the significance of a h&s if that's true.

When you say to measure the same distance from the top of the head to the neckline, down from the neckline, what does that mean? It seems like you're saying to simply look at the top of the head (in a reverse h&s).

[lotsOfCake]

Litepresence, come back! Need you to estimate the bottom :-D

Edit: just for openness; i am holding some ltc (10-15% ish) and not selling them during a drop. i don't sell on big red candles. i try to buy when the velocity of the drop slows down. So don't do anything crazy, guys :->

[muh_roads]

Litepresence, come back! Need you to estimate the bottom :-D

Edit: just for openness; i am holding some ltc (10-15% ish) and not selling them during a drop. i don't sell on big red candles. i try to buy when the velocity of the drop slows down. So don't do anything crazy, guys :->

I talked with him last night. He was on the final leg of his cross-country 2700 mile journey back home from visiting family.

We're below $10 LTC. More blood could be shed as we approach the 15th. My fiat is ready.

[muh_roads]

Have you guys heard of m-pesa? It's a mobile payment processing company for African regions using nothing more than SMS text messages, not QR codes or software apps. They are apparently going to be integrating Zetacoin / ZET

$#@!coins are always hard to tell if they are pure pump & dump scams...but this apparently might be the real deal.

Play at your own risk. I'm getting some. If true this could send each ZET to $1-$5. That's a price range that might even cause btc-e to add it since they only try to keep the top ones.

[KCIndy]

Have you guys heard of m-pesa? It's a mobile payment processing company for African regions using nothing more than SMS text messages, not QR codes or software apps. They are apparently going to be integrating Zetacoin / ZET

Is that the one being run by the exiled Nigerian general who wants my bank account info? (Just kiddin'!! I'll have to check it out.)

[muh_roads]

Is that the one being run by the exiled Nigerian general who wants my bank account info? (Just kiddin'!! I'll have to check it out.)

lol

Like I said...be careful. But it seems to be all the rage on twitter right now.

I had a bunch around 700 sat and it shot to 2000 when I sold. I should've held longer. Oh well.

[muh_roads]

A guy talking about alts at the latest NYC convention...interesting perspective.

[muh_roads]

Anyone wanna do some chart analysis on Zeta? Look at the 1-month chart...

https://www.cryptsy.com/markets/view/85

Millions of Kenyans use M-Pesa. This Zeta $#@! is still only rumors for now...which was how it flew upward...

[Dianne]

Are any of you with bots, buying NMC and PPC in the low $1.60's range now?

[muh_roads]

Are any of you with bots, buying NMC and PPC in the low $1.60's range now?

I was last week when it dropped that low. The bot was buying like crazy. I haven't turned it back on yet. I'm somewhat comfortable with my position in those.

[Dianne]

I was last week when it dropped that low. The bot was buying like crazy. I haven't turned it back on yet. I'm somewhat comfortable with my position in those.

Kewl, thanks !!!

[muh_roads]

What is up with Blackcoin / BC?

https://www.cryptsy.com/markets/view/179

That is quite the missed opportunity.

[kpitcher]

I see some comments that 4000 btc traded BC today. I see another that mintpal exchange is being DDOS so the price is being raised at other exchanges.

If I have the info correct, 10,000 coins every minute with no total cap. I don't see how it can rise too much more by this point. Still good money for those who got involved.

[muh_roads]

I see some comments that 4000 btc traded BC today. I see another that mintpal exchange is being DDOS so the price is being raised at other exchanges.

If I have the info correct, 10,000 coins every minute with no total cap. I don't see how it can rise too much more by this point. Still good money for those who got involved.

From what I understand it can't be mined anymore because it switched from PoW to PoS after a period of time...doesn't make sense...who secures the transactions?

Looks like it is starting to tumble now.

[muh_roads]

Kewl, thanks !!!

Been looking at that NVC you seem interested in. It does seem way undervalued. You could probably make a 10-20% profit on it fairly easily.

[amonasro]

It sure seems to take away from the significance of a h&s if that's true.

When you say to measure the same distance from the top of the head to the neckline, down from the neckline, what does that mean? It seems like you're saying to simply look at the top of the head (in a reverse h&s).

It all depends on the timeframe you are looking at... Market patterns are like fractals, as you zoom in there are patterns within patterns. The bigger the pattern, the more traders and volume behind it. If you zoomed into a section on a daily chart, you would see dozens of reversal and continuation patterns playing out on the 1h scale, and even more on the 15m scale. For instance during yesterday and today's move upwards, there are multiple bullish pennants and couple h&s patterns, and that's just one daily green candle.

Pictures are worth a thousand words in this case, I think

Anyone wanna do some chart analysis on Zeta? Look at the 1-month chart...

https://www.cryptsy.com/markets/view/85

My 2c: It looks similar to the way a BTC bubble is constructed. Back in December it got pumped pretty hard though, and this past pump failed to reach those heights. To me the corrective phase is over and it may enter a consolidation phase for awhile. I would watch that it does not rise too quickly on low volume, and that the breakout from the double bottom is not a false one. Typically we need to see heavy buy volume to bring us out of the corrective phases of these bubbles and establish support levels, signifying mass increased interest and not just a few players pumping & dumping.

[presence]

Whats up RPF. I'm back!! 2700 mile road trip complete. This week will be 100% bitcoins. Bot building. Catching up w/ clients. Market analysis. Charts. News.


The Litepresence Report on Cryptocurrency is back in session!






https://coinreport.net/bitcoin-price-increase-pboc-governor/

Bitcoin Price Increases by 10% Amid Comments From PBOC Governor

Posted On 14 Apr 2014
By : Sid M. Zagaeski
Comment: 0
Tag: Bitcoin Price, China, PBOC


Bitcoin has been on a roller coaster ever since Mt Gox collapsed and rumors came out that the People’s Bank of China (PBOC) is looking to restrict Bitcoin. However, today, Bitcoin price increased by a good 10% amidst the comments made by PBOC’s governor Zhou Xiaochuan recently. Bitcoin’s price is over $460 as of now, per Bitstamp price quote.
Bitcoin Price Increase

The PBOC’s governor, Xiaochuan, commented on a Boao Forum that China has no plans to ban Bitcoin. A Boao Forum is a conference where people address and try to figure out economic solutions for Asia. Xiaochuan had said,

“It is out of the question of banning bitcoin as it is not started by central bank.”

This statement by itself carries the much needed relief amidst rumors that PBOC was planning on banning Bitcoin. It reassures users, investors, companies, and speculators that Bitcoin will not be banned in China. Hence, Bitcoin price increased partly due to the news. Xiaochuan also suggested an approach for how to classify Bitcoin,

“Bitcoin is more a kind of tradable and collectible asset, such as stamps rather than a payment currency.”

It could be that the PBOC is looking for ways on how to deal with Bitcoin and this is perhaps where rumors might have started.
Bitcoin on the Rise

Bitcoin value increased

At this point PBOC’s governor has said that there are no plans to ban Bitcoin in China. As a result of this statement, Bitcoin price increased to over $460. It has been steadily increasing ever since Xiaochuan made the comment.
Another explanation to the rise could be that Chinese Bitcoin exchange OKCoin announced that it is working on making a Bitcoin ATM. In addition to this, in order to counter the PBOC’s bank deposit ban, OKCoin launched the recharge code scheme. This can possibly allow a loophole for escaping any future Yuan deposit ban.
Banks in China started to send notices to Chinese Bitcoin exchanges that said that their accounts had to be shut down. This had caused people to worry because it looked as if China was banning Bitcoin. However, this is not the case since the PBOC governor points out that Bitcoin is not banned in China.
CoinReport will continue to follow this story and provide any further updates as they happen.
Chart image courtesy of bitcoinwisdom

[presence]

Bitcoin promoter Shrem indicted in NY for money laundering
http://www.reuters.com/article/2014/...A3D1RU20140414


Can You Use Bitcoin for a Tax Haven?
http://btc-news-bot.tumblr.com/post/...-offshore-bank


Survey Results: 96% of Merchants Would Recommend Bitcoin to Peers
coindesk.com/survey-results-96-of-merchants-would-recommend-bitcoin-peers


` How the FBI became the Wealthiest ` Bitcoin ' Operator in the World just by shutting down Silk Road '
brittius.com/2014/04/14/how-the-fbi-became-the-wealthiest-bitcoin-operator-in-the-world-just-by-shutting-down-silk-road


Everything You Need to Know About Bitcoin in 2 Minutes
http://mashable.com/2014/02/11/masha...N1cTg4bjVwZSJ9


Amazon rejects Bitcoin, has big plans for other payments solutions
seekingalpha.com/news/1673793-amazon-rejects-bitcoin-has-big-plans-for-other-payments-solutions


George from Honey here. Introducing HoneyCoin, the bitcoin payment product we promised to build : Bitcoin
reddit.com/r/Bitcoin/comments/2316f7/george_from_honey_here_introducing_honeycoin_the


​Why Bitcoin Is Hurting Amazon And Benefitting Its Competitors : Article
smallcapnetwork.com/Why-Bitcoin-Is-Hurting-Amazon-And-Benefitting-Its-Competitors/s/via/25203/article/view/p/mid/1/id/6


Bitcoin a bit confusing for feds, documents show
http://www.torontosun.com/2014/04/14...documents-show


Bitcoin bound for ‘guns and gold crowd’
http://www.ft.com/cms/s/0/28ba6e9c-b...44feabdc0.html


Bitcoin Investment Trust Has Bitcoins Worth $40 Million, $20 Million Less than December 2013
http://www.forexminute.com/bitcoin/b...ber-2013-28783


British boss of Bitcoin virtual currency firm is wanted in Cyprus on suspicion of fraud
http://www.dailymail.co.uk/news/arti...ion-fraud.html


Real world more welcoming to people laden with Bitcoins
http://www.dispatch.com/content/stor...-bitcoins.html


Bitcoin Price Strong Appreciation to Be Followed by Declines?
http://www.marketoracle.co.uk/Article45210.html


What Facebook’s Mobile Money Plans May Mean for Bitcoin
http://www.coindesk.com/facebooks-mo...-mean-bitcoin/


Bitcoin finally pays off -- in secure cloud storage
http://www.infoworld.com/t/encryptio...storage-240386


Photographer Dives Into the Strange, Subversive World of Bitcoin
http://www.wired.com/2014/04/megan-miller-bitcoin/


A bitcoin knockoff for Insane Clown Posse fans: JuggaloCoin
http://boingboing.net/2014/04/14/a-b...or-insane.html


Can bitcoin help migrant workers?
http://www.fastcoexist.com/3028938/c...igrant-workers


Bitcoin growth slows
http://www.examiner.com/article/bitcoin-growth-slows


Bitcoin Price Increases by 10% Amid Comments From PBOC Governor
https://coinreport.net/bitcoin-price...pboc-governor/

[Dianne]

Well I decided not to look any more... I bought some PPC and some LTC .. And I keep falling for the bs in the trollbox, and always lose money ..

So not even going to look for a week (Lie, will look tomorrow), but I do need to just buy and hold and stop trying to be a day trader... I'm getting bitch raped.

[PaulConventionWV]

Well I decided not to look any more... I bought some PPC and some LTC .. And I keep falling for the bs in the trollbox, and always lose money ..

So not even going to look for a week (Lie, will look tomorrow), but I do need to just buy and hold and stop trying to be a day trader... I'm getting bitch raped.

I'm definitely favoring fiat right now. I wouldn't expect another bubble for quite a while. Those who missed out on the last two really missed out.

[btcltc]

Holy crap, why has NMC hopped up almost 1.5 dollars. what happened. You could almost make 2x ur input if you bought nmc a few days ago.