Bitcoin Forum

Bitcoin price entered an unimpressive decline today after days of setting up the move. It may be a slow start or we may be seeing price bottom out near 1500 CNY and $240. At the time of writing price is resolving a correction near 1510 CNY and $244 from where it should make the next drop to a supporting trendline below.

Read here: https://www.cryptocoinsnews.com/bitcoin-price-decline-support/

That annalist of theirs knows shit. All his conclusions are so unclear and mostly state that BTC might go up and if this does not take place, then BTC ll go down.

Useless piece of crap.

Even worse what he said that means it may go up or may not :). I think any random bloke in the pub could make such "analysis".

Holy flying cows. Price dropped £5 over night to £164.82 it would be wise to buy, buy, buy now!

Utter nonsense. You can clearly see it will go up, ALL patterns indicate this:

https://i.imgur.com/kaJNctA.png

In fact if we break $252 within 19 hours, it may go up even further beyond that!

(now GTFO out with your technical analysis horsecrap)

where you see this decline? it's been at 230 since january, sry but this is a bullshit claim

270 last week was nothing more then a trap, you could talk about decline when we return on sub 200

This should be in speculation, nobody can really say what the price will do, i cant recall a single analyst being consistantly right.

Whatever it is, it's still a 50-50 guess. A person could come up with a comprehensive analysis to determine the direction but I find that the more complex it gets, the more inaccurate the results. Well, just have to wait and see to find out. Right now, it seems like a slow decline. 

Even though we are facing a decline, I still doubt if we will see sub 200 prices in the coming months. Support still holding on though, bottom could be something about $220-$230, but sub-200 is just way low.

Nothing is way too low.  We've been in a long term $1000 price decrease, so sub $200 (only another $50 decline) is definitely possible.  Will it stay there, probably only VERY shortly, but there is no doubt one single large sell or bad news event (exchange goind down, btc site hacked, etc) could trigger a large $50+ drop

what does this Support mean? sounds like some group that buy at that price no matter what... ;D but i guess its not so, so what is it ? ???

Cryptocoinsnews regularly gets a new analyst when the previous one makes enough bad calls. If they get lucky the new one might make a few good calls and appear competent before getting it wrong. Each new analyst generally introduces a new form of analysis, but eventually fails to prove it works.

Support means someone who is willing to buy the price on a certain threshold, like for example, we are in the $230 price range. People who are willing to buy within that range and consider that a good entry point can be considered as support. The effect is that the certain price cannot be broken or cannot continue to fall down, as people consider that as a good price to buy in.

I guess it was at this point that we finally broke out of that dreadful mini falling wedge. Things get never boring in Bitcoin land... Let's see where this tiny rocket gets us this time!

there are enough btc in the hands of a small number of people, that any analysis given, even by "experts" holds no bearing.  One whale buy or sell can make for massive price swings.  There is no logic behind the price, I think this has been proven.  Although it appears the fallout from the Gox collapse has finally played out, and the price may be at a sustainable level (at the $200 level taht is)

Downtrend of that small falling wedge really was broken the other day. It's good to see that the trend is still going strong and holding as of now. I think it's safe to say that we've successfully broken out of that wedge!

It will be interesting to see how long traders will support the $250 level and not dump coins out of boredom if it doesn't go up much higher.

My guess is that we will advance to $275 the comming weeks if nothing crazy happens.

$10 fall now is unimpressive.


Such sideways WOS

$240 has proven to be quite a strong support. The bears (shorters) just didn't succeed in pushing the price any lower. It's just easier and (more importantly) more profitable to just bet on rising prices now, it seems.

yeah, bitcoin has been going sideways for a few days now. I hope it goes up, but any price movement would be interesting.

Nothing. It's mumbo jumbo that members of the technical analysis cult tend to throw at eachtother, trying to misguide pure speculation as fake insight or knowledge on price development.

It's almost hilarious, this voodoo involving "fibonacci retracement levels", "support" at completely arbitrary levels, "trends" based on random intervals, or "corrections" and whatnot.

If their prediction method actually worked (even the slightest bit), people would be making shitloads of money with it, rather than trying to influence or convince others on forums.

pretty much worthless analysis. May go up or down. Sure it may. But which way and when that is the question!

You can find "analysis" done that predicts up, down, sideways...doesnt matter.  There is not enough market history, and not enough answers (when it comes to things like mt gox) to accurately predict btc price.  And at this point no one has consistently produced predictions or analysis, so its safe to say dont listen to things you read online, and ESPECIALLY on this forum about price movement.

Agree on that. Even, the most 'scientific' threads on this forum on the price prediction seem to miss the point about not having enough data to correctly assess the behaviour of Bitcoin, e.g., https://bitcointalk.org/index.php?topic=831547.0 (see the links there for more similar topics as well), let alone the daily 'going to the moon/zero' threads.