Bitcoin Forum

Speculation, is the name of the game!

I thought it would not go below 7 this weekend and bought all the way down from 7.90 to 7.30. I think this is
the low right now and expect a bounce in the short term. So that is how I will vote. But even with that said
I think that 8.50 hypothetical price will be unstable if I get a chance to sell at it.

Wow, this is the first poll where most respondents aren't expecting 50-100% returns shortly (unlike every previous dip).  May be nearing a bottom after all...

Well from a truly technical perspective.. i was right it did not go below 7 on the holiday weekend.
Right as it became Tues though.. boom. Below 7. Tomorrow should be interesting.

I also think a few individual(s) have decided to dump everything. The volume just looks so odd. Like a person just
said screw it and sold in multi thousand chunks of BTC. No finesse. No trying to get the most out of it by selling slower.
Just DUMP. Wait a few hours. DUMP. repeat.

Once the panic sell is over and people can get money into exchange to buy these super-cheap bitcoins, I'm predicting a huge rally tomorrow.

It takes a couple days to transfer funds though and people think bitcoins will crash more.

Do you think we're going to $22 or $32?

Bitcoin is in freefall again, was 7.5 earlier but now it's 6.5. I predict the floor will be at 3.5.

Top target hit ! Heading to the next one !

No, everyone is not pulling out. In fact many are coming back in. What happened today was simply traders selling due to continued downward trend, miners selling who couldn't wait anymore and Mt. Gox owner also reported that a significant number of stolen coins, or what they think are stolen, were sold today. They don't have enough proof to do anything about it but still.

And I forgot to mention that some have probably also panic sold and if $6 breaks we will see way more panic selling. But that's not a smart move, speculators are just hoping for people to panic because then they can buy in when the price is super low.

Yes, seasoned and experienced traders all know the way to get rich is to catch falling knives, and double down as they follow the downtrend reducing their per coin cost.  If no bounce materializes, switch to a very long term hold strategy.

You should all do this and PROFIT!

THIS guy knows exactly what he is talking about. Then again so do a lot of the vets on this forum and in the world of Bitcoin. People just need to continue buying (if you're like me it's slow averaging 3-4 new coins a week), and just hang on. If we ride it out like we do most of the time anyway we will be fine. Hell, last time it crashed I bought coins at a retarded low price and sold only a handful of them to break even on the ones I bought low.

Patience folks, we will get through it. :)

Erm, I was being sarcastic.  More fortunes were lost bottom fishing than were ever gained winning this sort of gamble.  Switching from a trading to an investing strategy as a result of massive paper loss is how people become bagholders.

Which is not to say we won't see a dead cat bounce to $8 short term -- I'm still betting coins on that.  Come on people, don't make me look bad. BUY BUY BUY.