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UPDATE (21:45 GMT): Finally just saw the volume we’ve been looking for, predicted jump materialized.

UPDATE (16:44 GMT): Gox DDOS confirmed. Our prediction of a continuation pattern proved correct (97.5 now vs 91 at posting) and we maintain a positive bias, though proper breakout catalyzation may be difficult with the trickles of volume making it through Gox. Stay tuned for updates.

UPDATE (13:01 GMT) : Looks like Gox is down. Potential DDOS. May drastically affect the time-sensitive nature of trend analysis – further updates once the situation is resolved.

Once again we’re seeing a notable low volume volatility squeeze. In shorter term trading it’s forming a symmetrical triangle – generally considered to be a continuation pattern. In this case, it occurred after a climb from the low 80s up to 95, which would indicate a continuation upward. While symmetrical triangles are known to break in either direction, we see a strong bias to the upside. Look for an upward breakout beyond the bound of the increasingly shallow triangle accompanied by higher volume to signal a 10-15 point jump. In the chance that the triangle breaks to the downside, we wouldn’t be surprised to see a sharp fall off to test 55 again.

In this case, the upside bias is reinforced by longer term upward resistance testing around 95 while sellers appear to be weakening, developing an ascending lower bound. As our readers know by know, this ascending triangle pattern tends to signal an upward breakout. If that 95 bound is broken with any respectable volume, again look for a jump upwards in the 10-15 range. You’ll see from the second chart below that we’re now pushing back up against the same 95 bound we used to predict the drop a few days ago.

Below is a chart showing Bollinger bands over that last few days. This offers a helpful visualization of a volatility squeeze as the area between the bands narrows significantly. On the right is where we are now where you’ll notice the bands are tighter than they’ve been in days.

The post Bitcoin Trading: Volatility Squeeze Points to Breakout, Bias to Upside appeared first on The Genesis Block.

UPDATE (4/20): The winners have been announced, and paid ฿75-76 each for each of the cards.  This netted shareholders an estimated 0.00188 per share.  Friedcat has announced this is only the first of a series of auctions so ASIC Miner share holders can expect these special dividends more frequently in the coming weeks.

ASIC Miner, the first public ASIC mining company, has announced they will be auctioning off their first generation 10 GH/s ASIC mining cards.  Friedcat is in the process of updating from an estimated 10 TH/s up to 50 TH/s.  He had alluded to the concept several times in his public statements that he would first auction off old boards, then auction off excess production of new boards that he is not able to host in his mining facility.  Friedcat was kind enough to include a 72-hour countdown to auction expiration in his post (as of posting this article, there are 2 days and 4 hours left).

The ASIC Block Eruptor Blades were described in detail in the post:

Each of them outputs at least 10G hashes per second. They work well separately, yet are extensible to larger scale. Our entire farm is built up from them. The blades in our mining farm have been running during the last two months. From our experience, they are stable and robust. We list the key features of this product here:

ASIC-Powered Efficiency Each blade consists of 32 hashing chips. It has the baseline speed of 10GHash/s, the rated speed of 10.752GHash/s, and the maximum speed of 12.829GHash/s with overclocking and proper cooling. The power consumption is 83Watts per blade in room temperature on rated clock and voltage.

Modularity Each blades consists of a hasher, a power module, and an Ethernet controller. Each of them is easily replacable.

Independence The blades can be directly plugged to the internet and mine after configuration, with no host PCs needed.

Quick Installation The setup is almost self-explained. After assembly and powering up, access 192.168.1.254:8000 from your PC for configuration.

He was careful to mention that housing for the blades would not be included, however Also included was an album of the blades being auctioned:

Current bidding is at ฿61 and rising quickly -at current network difficulty this would mean a 150 days to break even per card.  Friedcat will however be shipping immediately from his facility in China, so a knowledgeable miner should be able to get hashing shortly after winning the auction.

ASICMiner shares rose sharply from ฿0.8 to ฿1.3 in early trading.  It is expected that revenues raised from selling these cards will be returned as dividends to investors. At ฿60 per card for 10 cards, this will return an estimated ฿0.0015 in additional dividends per share when the weekly dividend is distributed next Thursday.

+60% increase in value over night – not bad for shareholders

For more information on publicly traded bitcoin mining companies, checkout our focus article Bitcoin mining – public companies

The post ASIC Miner Auction: 10 Block Erupter Blades appeared first on The Genesis Block.