Bitcoin Forum

No, not turning bull but I have to say, I'm impressed with the recent drop and support at 591. It seems it's very hard to crash the market as it was in the past. Somehow we managed to float at 600s. Seems that the next week might decide the new trend. I see higher chances for bitcoin to rally, at least to the major resistance at >670.

Here's is a nice Fibonacci chart on TradingView, made by user ChartArt

https://www.tradingview.com/v/8CGBJXFm/

it's more stable.. so if it's harder to crash, doesn't that imply that it's harder to hit the moon? i think the next bull run, if there is one, it won't multiply by 1500% like the last few runs.

With all the good news that's been coming out I don't know why the price hasn't shot up by now.  Don't think the growth is going to be exponential like it has in the past, but if something really set off the market a new ATH by the end of the year wouldn't surprise me at all.

From the looks of it we're not heading down anytime soon 8)

We are heading down right now. 620 to 590 in the last 3 days.

Volatility has certainly come off but fail to see any near term triggers for sustainable upward momentum
$575-$675 for a long time, I reckon

Seeing near term triggers without insider knowledge is unusual, no?

The announcement of the COIN etf would do it. The jersey fund run by Blythe masters ex (apparently aiming for 200,000,000$) starting next month could do it. The NY regs being pared back could do it.

I agree things look near term flat or even bearish (buying run out of steam) but in such a thin market appearances can be very deceptive. Someone didn't want us moving up the last month yet!

Almost half of the buy support at 590$ has bean eaten in the last minutes, it decreased from 1600 to 800 btc,
now seems more stable but isn't so easy to predict if the sellers will break through it or not.

It was always like this! Good news price is going down because people sell it more than people buy it!

If only the sellers would wait a little more for buyers to put the orders the price would go up!

I'm not sure if the drop is caused by "people" selling but I'm thinking that the sudden fall could be triggered by a whale.

Whale sees market stable and in a narrowing range. Several medium dumps get the speculators nervous. Another dump and a wave of selling occurs, becomes self reinforcing driving price down to waiting bids. Whale buys  and price gradually returns to where it was originally. Whale has accumulated, panic sellers and buyers lose. Rinse and repeat!

Nailed it.

this chart is very interesting: http://www.google.com/trends/explore#q=bitcoin&date=1%2F2010%2056m&cmpt=date
it shows that we currently are in a silent phase. there are good news but not many people google for it.
imo we need a reversal in this trend (on good news) before seeing a new rally in price. but it looks like we are forming an u. :)

So there should be a new rally at the end of the summer ?

They said that the rally would have started in these days but isn't happened, now I don't believe in the August rally predictions.

Why do people always think it's about the news? Have we not seen news, news, and news again that the news doesn't affect the price anymore? It's becoming less speculative, which is based on news.

What we need is higher adoption. If more people adopt, then the coin supply per person is more limited; therefore, each coin goes up in value. We see people trickling in, which is why I believe we saw relative stagnation. 3,600 BTC is mined every day, so we need 3,600 BTC worth of fiat to enter the market for the price to remain flat, otherwise it would go down.

We've seen an equally big wall at 605 which got, well, eaten... I actually assumed we'd stay above 610, as that support seemed stable. But yeah, things could've turned out for the worse already. November 2013 needed the SR-drop, as well :) Nothing's lost!

It still feels like its in a normal fluctuation range the price may have dropped minutely from where it was before but its still a significant increase from when it was sitting around 420 for a while as I recall all those weed references on the forum so it made for an easy to remember checkpoint  ;D

Didn't notice them. Ha, does this say much about a forum? :D

the 590 resistance is no way stronger than the 640+ one.

We testing the 590 for few days, while we failed to break the  640+ level at the start of the month, and since then not even close to sketch an break

It will probably retest the 400-500 level.

Might load up some if it does hit that level.

"Higher chances to rally" is a very vague statement. Will it rally or not?

In fact, you don't really know. The problem with TA is that it is not guided by science but by subjective belief without clear hypothesis and falsifiability. So you can continously adapt your predictions without ever risking to be proven wrong. But such predictions are without value, because they are none.

ya.ya.yo!

I wouldn't want to visit those levels ever again, if we dive that low there's quite a possibility of a long-term and brutal failure!