Bitcoin Forum

Trendline reached

https://www.tradingview.com/x/Z0C4r8GO/

With price falling sharply bitcoin price has reached a trendline which goes back a long way on log scale. For bullish scenario you want to see rebound off that line from hereabouts. Be wary of conceeding support as broken too soon though, small spike below that line would not be surprise. I reckon a run back up to top the channel could be on the cards. What you think ?  :o

Remember this ?

http://www.game4coins.com/btc/ta_log.png

Well i hope so, it seems like a sustained attack where every couple of weeks the price gets beaten down 5%

Attack ? How come someone can attack a 4 billion USD market cap ?

I hate to rain on your parade, but those lines don't seem to make much sense to me... Also, the volume just isn't high enough to warrant a trend-reversal as of now. People are waiting for at least $275 to be crossed, if you ask me...

Sorry but i cant see any sustained attack in the last 8 weeks. The price is consistently dropping through low volume and every so often rises when volume increases to then slowly slide back.

I think it will end up bouncing back. It has before when it reached this price. The only problem is that it is the weekend so nothing will most likely happen until monday for it to bounce back. Hopefully it does bounce back though.

Definition of ATTACK>>>> when a group of Bulls or Bears start to buy or sell in unison thereby increasing volume turnover and affecting the price substantially in either direction

Or slices lower as people cut their loose?

Pretty arbitrary lines, if you ask me... No, this really needs a stronger rebound first. The volume starts to gain momentum, but isn't high enough. It looks like it's going down even further right now. We need to remain calm and don't act irrationally now...

While that is true if that price even somehow bounces back by a $1 or $2 it might give people a bit of confidence to buy. Then the price seems to rise by itself.

I think this might be the washout the Bears have been waiting for, so I still expect some downside to at least $280

Either way, i'm waiting to see what happens next.  Seems like the ETF could be a big spark.

I hope it so far. When are the WV twins going to launch ETF?

That'll be months away I would have thought?

no sign of bouncing so far .... :o

OP is making these posts while secretly panicdumping

For a brief moment, I read it as follows...

Definition of ATTACK>>>> when a group of Bulls jump on a group of Bears :D

http://3.bp.blogspot.com/-8tTMQM7PTo8/UcUrsh1BUdI/AAAAAAAAAEk/afSUyOUBx48/s1600/bullbear.jpg

The real bounce will be at $260.

at 260$ people will say it'll bounce from 240$

BUT at 240$ the real panic sets in

There is no bounce this time

there is a moment people like OP will loose hope and dump their heavy bags - be ready for it.

If $260 doesn't hold then who knows how low it'll go.

Doesn't matter though, really come the next halving in 2016 everything will be more than OK again.

not so sure about that. A halving doesn't increase demand. Halving only means the bleeding halves.

Yeah we could go very low if that happens. The block reward halving on the other hand makes me wonder how much of it may be priced in already... Not quite sure how to gauge this, to be honest...

We'll see...

I remain optimistic come halving time. til then...who knows

2016 isn't all that important right now. This year is going to be a big year, either upwards or downwards. There's too much going on for it to remain stagnate at $200-$300 for so long.

Personally, I'll be surprised if we don't end 2015 in either double-digits or quadruple-digits. I'd say double-digits, but all it takes is one big rally to push it back past $1K.

I'll buy the crap out of Bitcoin if it goes back into double digits! And I'm quite certain a lot of other people will to the same. Keep in mind, we'd have to go down about 65% still to reach double digits. This is quite a number.

I secretly pray for double digits! But that's pretty unlikely.

And people were saying the same for the low hundreds, back when it was $1,000. Remember all the people saying "Cheap coins! Cheap coins! Cheap coins!" all the way down? Seems like that term isn't used as often anymore.


Of course, Bitcoin never does anything deemed unlikely.

Right now, the bitcoin price is a sinking ship. There's truly no reason to be the one taking the risk, when you can easily get back in if we start to rally.

Well, double digits for a while are fine with me... Just as long as we continue our launch to the moon afterwards. Re-fueling the tank with some insanely cheap coins is always welcome! I somehow do get what bears dig so much about trying to slash the price...

This downward trend really does need to stop though. I hope for a big bounce as well.

The problem is, there's always a solid chance that it never goes back up.

I've always taken the Bill Gates approach to Bitcoin. It's an amazing and extremely useful technology, but it's still very primitive and may not be the "one". I think cryptography in currency has a bright future, but I'm just not so sure it's going to involve Bitcoin. If you look at what the larger investors are doing, they're investing in the cryptopayment industry, but not bitcoin itself. (Even suckers investors like Tim Draper aren't investing in coins in hopes their price goes up - they're investing in the overall industry.)

Cryptocurrency technology is invaluable and may be a vital component of the future of money. However, I just don't expect a digital play money from 2009 to really be relevant in 2020, even if some of the possible technical advancements do fully fruition (e.g. sidechains).

Just remember how small the market cap of bitcoin itself is compared to the large companies of today. 5-10 billion dollars is absolutely nothing when we're talking about the global financial system. A payment solution based around cryptography that is used heavily by either consumers, businesses, or banks could have a greater value than 5-10 billion in a single year, let alone 6 like bitcoin. People don't view bitcoin as value in the same way they view a literal company as value.....and I don't expect that to ever change.

Open source is great for technological advancements, but makes monetization challenging.

Bitcoin is here to stay. These are just growing pains. This downward trend will turn around eventually. I am not overly concerned, regardless. Eventually, bitcoin will get to "normal". At that point, if you have even a few bitcoins you will be quite happy.

I don't think double digit prices are very realistic. There is too much money invested in bitcoin and not enough sellers for it to reach that low of a price. If it did however get back to double digits I would say that the network security would be seriously threatened because the miners would not be getting a large enough of a reward to continue to mine and would shut off their equipment