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Originally published in a Bitcoin BullBear BTC/USD short term update issued on 3/5/2014. Chart #2:  We also want to take a look at the normal scale 2day chart for a better look at the medium term technicals.  As you can see, the market has yet to break out of the triangle pattern, moving right up to the upper trendline before consolidating back into the mid 600’s $. We see this as healthy market activity, but there could be some further weakness before the triangle breakout is complete. Regarding the indicators, the MACD is very close to crossing over and turning …

Originally published in the Bitcoin BullBear BTC/USD short term update issued on 2/12/2014. Short Term Outlook:  (SHORT TERM DOWN UNLESS 1163 $ IS BROKEN; VERY SHORT TERM DOWN UNLESS 995 $ BROKEN)  After encountering more negative news (transaction malleability) the market has remained surprisingly strong (Bitstamp) as the current pattern formation continues as it has over the past few weeks. We take a look at the 60min chart for a near term perspective as there are some very interesting things happening technically at the moment. First, the pennant remains intact as support at 620 $ has held and the market …

Originally published in the Bitcoin BullBear BTC/USD short term update issued on 2/10/2014. General Market Commentary: **Today we say farewell and good riddance to Mt. Gox as an exchange worth covering in our analysis.  Bitstamp will now be the primary exchange for Bitcoin BullBear BTC/USD market coverage.** There is little doubt that the past five days has tested the bitcoin community, as well as investors’ patience and fortitude.  Mt. Gox has singlehandedly damaged the exchange ecosystem by scapegoating an already known protocol inconsistency, most likely for their own gain (or survival). Although it is somewhat troubling that transaction malleability is …

Originally published in the Bitcoin Bull Bear Short Term Market Update issued on 12/9/2013. General Market Commentary: It seems as though BTC/USD has put in a short term bottom at 576 $ and has since rallied back up to resistance around the key 900 $ level.  In the past 24 hours, the market moved up past 900 $ to test the 1000 $ mark, but failed to make it there before selling off back down.  The push higher has been on much lower volume and seems to lack the conviction necessary to retest the 1242 $ level, therefore we remain …

Originally published in the Bitcoin Bull Bear Digital Currencies and Financial Markets Report on 11/27/2013. Short Term Outlook:  The true nature of Bitcoin’s exponential growth has been on full display over the past few weeks as global interest and media coverage increases with each passing day. The market is continuing to put in new all time highs even at the time of this report, reaching 1095 $ only a few minutes ago. As the market ripped through our target levels over the past few days, we take a look at the 180min chart shown below to gain some perspective. First, the …

Origininally published in the Bitcoin Bull Bear Digital Currencies and Financial Markets Report on 10/30/2013 Market Outlook:  Bullish Continuation. Our previous option (A), inverse head and shoulders pattern, developed as predicted and foretold the move from 110 to 148.50 $. In addition, the textbook cup and handle pattern identified prior to the recent breakout rally materialized as predicted and foretold the move from 144 to 230 $. Since we identified the formation about a month ago, it has lived up to its reputation as a very reliable continuation pattern. Now that the aforementioned patterns have been resolved to the upside the …

Originally published in a Bitcoin Bull Bear short term market update on 8/13/2013 Market Comentary:  The rally has continued as predicted, breaking resistance at 105 $ on good volume.  The market is now digesting the move up to 108 $, which is the next major resistance level and is being tested now (edit: we have since broken out and are now holding support at 108 $).  The technical picture continues to develop nicely, which reinforces our bullish outlook in the short term.  More specifically, on the updated 240min chart, the 9 hour Ichimoku Cloud has been broken to the upside and is …