Bitcoin Forum

... authorities arrested someone involved with silk road... Bitcoin took a dive for a day or so... then marched up ten fold

you can hardly call that a day. it was trending up in around than 12 hours....
who would have thunk that the closure of silk road would be a bad thing?? I filled up my sacks.

Totally different situation.

We are now in a 100% confirmed bear trend.

Back then Bitcoin had come out of a long grinding bear trend and was trending back up with China jumping on board getting madder and madder about Bitcoin. Silk Road may have freaked out many, but was seen as cheap coin central by many more. When/If we get back up to 800, who seriously is gonna view that price range as 'cheap'?

Shrem's arrest isn't any where near as big as Silk Road itself actually getting shut down...

But I do see what you're saying. A lot of clowns sold because they thought some douchebag in a suit getting arrested for drugs actually has any bearing on Bitcoin. The fluctuation today was no more significant than what it's been doing for the past few weeks. We have bigger fluctuations on NO news.
And in addition to that, his arrest is actually bullish because it yet again exposes that his only crime is NOT being the CEOs of JPM or HSBC who get slaps on the wrist for laundering hundreds of BILLIONS of dollars. And that's the industry that Bitcoin threatens the most...

Bullish enough to reverse the gradual downtrend since the most recent ATH? No, not this news alone. But all the bullish news recently (ATMs, Wells Fargo, Overstock and Tigerdirect, etc) is one reason why we're just barely downtrending and not plunging back to $100.

Don't be stupid Mat. You aren't proudhon. Nothing is 100%.

Of course not. Definitely not 100%, just far more probable than not.

But in the same manner that you and I (and about 10 other perpetual bulls) had the debate about the nature of the descending triangle that had formed since 6th Jan (ultra bearish in most cases), the fact that we have now broke to the downside puts even more weight behind the classic text book bear trend case.

Indeed, we now seem stuck at the 765-770 point. The old support has become the new resistance. I am currently long but have a good mind to go short again already.......but I wont. My Stop Loss will prevent me from losing a penny and I have already done rather well tonight.

Indeed. I wish I could trade these movements. I think it has less to do with TA and more to do with the news though. Let's see what happens tomorrow and on the 31st, then we can go from there.

There are several events driving today's movement - Not just this one.

matthecat sold again, time yo buy

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSBOFypSZAvEmqOt051LzTkFxfwtyUakuO4fLm0v_GPqdOUhts4Lw

Were they TA events?

So are arrests good for BTC growth then?   ;)

I was thinking the same thing.  Of course we have other factors at play.  I was already hopeful that after the 31st we would see a panic buy because people were just waiting to see if there would be a dump before then.  It should be very interesting.

I've always been a bull but I think just with all the many governments doing turn-arounds and banning bitcoin, we are in for a prolonged slump. I think it'll go back down to 600 and stay there for a while.

We'd be doing great if the gov's weren't so anti-bitcoin, no doubt on the behest of the banking cartels.  (China did such a 360 in particular it was like the people who really pull the strings just sent out the email to the world gov's recently: okay bitcoin ain't good, shut it down, it is a threat).

Bitcoin will still strive and do fine even if all govs' are against it, but I'm not foolish enough to think that this would not hamper somewhere between 60% - 90% of BTC's USD value if there was a concentrated effort.

I'm all good with that though, probably would at least purge out the abundance of scamming go on, such as Ukyo / Montroll's multi-million BTC theft and the plenitude of other scams going on all the time (yeah, I'm a little bitter these days, I admit it.).

i personally see state backlash as bullish. the fact that the state is lashing out at us is evidence that bitcoin is doing what its suppose to do, its evidence that its working.

feels like early October and I'm holding. If it drops enough, I'm buying more.