Bitcoin Forum

After enjoying a volatile rally towards 268, the bitcoin market once again became the victim of its own hype. Huge selling pressure at the aforesaid peak crashed the price to around 227.


February 16th Bitcoin Trading Session

After dropping to 227, the bitcoin value attempted a reversal towards the north as traders once again began to take long positions. As a result, there was a small rally towards the near-term 50% Fib retracement mark around 239. The price managed to float above the aforesaid level, but quickly dipped a little in later hours. Though the impact of the sell-offs were not clearly visible and the price began to trend upwards due to strong buying pressure.

At press time, the BTC/USD is valued around 236 and has dropped nearly 2% in the last 24 hours.

What to Expect Today?

It seems that the price is recovering from the previous p-n-d effect. The last three green candles in the 4H Bitfinex chart indicate a near-term bull flag, which may extend up to the 61.8% mark around 242. Coincidentally, this point is also the daily moving average, above which lies a slightly powerful bullish area.

As per the technical indicators, the overall dynamic of the 4H BTC/USD market is bullish. The RSI is clearly heading towards north, hopeful to enter the buying area upon jumping over the 55 mark. The bull-run meanwhile will only be extended if the RSI crosses above the 60 mark. But price is likely to lose fuel before attempting to touch this level.

We encourage you to focus on 242 before playing your short or long calls. You could take a long position towards the 248-255 area once this level has been crossed. However, if the price breaks near 226, it would be a good time to short your holdings and buy back near the 210-support.

Conclusion (On Daily Charts)

Current Mood: Bullish

Moving Averages: Buy (11 Buy 1 Sell)

Technical Indicators: Buy (5 Buy 0 Sell)

Read further analysis here https://www.coinarch.com/Info/Blog?Page=2015/02/daily-bitcoin-price-analysis-16th-february/

Yes, we did drop from around 260 to around 230, which was mostly panic dump. However, I think we are yet to see the 7K btc being dumped.

I still think anything is possible from here and as always bitcoin is full of surprises. Don't forget there might be possibility that the 7k stolen coins will make its way soon to the market.

As far as I can tell, there has been no real impact on price
$1.75mn is chickenshit

There has already been more coins mined than what was stolen.

7K btc is not enough to hurt anything (but the exchange).

I'm very bullish at this time. The way I read the market I think we will see some big moves within 1,5 week.
Is ''The Great Rally of 2015'' finally about to begin? We will see within a couple of days. Get ready!

considering that BTC price is the same or bigger than the pre hack one;

I guess not

too low amount to affect the price in a serious way, 7k are a tiny amount, you can't dump with that thing

Short term push to $300 easy.

I agree with Kimba_Coinarch, it could go either way.

This is a highly interesting question I've been asking myself as well. I believe the rise to $260 was much too fast and pumped therefore it was very easy to push the price back down. We are still in a long-term bear market and these kinds if things can push us down faster than usual.

It surely added some uncertainity to the price action. Coincided perfectly with an expected retrace too. :)

The correction was inevitable, though the Bter news did create some panic.
The hacked coins have not been sold and are unlikely to be sold soon.

Seems like the price is slowly falling. Already fell 5 dollars since couple hours ago or last night whenever I checked it. All these hacks are making the price so depressed and slowly falling... general question, if the reverse happens, someone mass buys 7k btc at a slightly higher price to get it bought fast, would that drive up the price? I am not very good at trading.

No, it wasn't related. Google also accept Bitcoin payment system, it was pure speculation. If price will go up they choose a news for the rising reason, same applies to drops, too. They are all just speculation.

They're dropping like flies, gentlemen.

Obviously, anyone that put their money into scam exchanges knew what would happen. Not Bitcoin's fault.

I would say, it is not the 7k coins itself that may hurt anybody, which as you correctly stated is relatively 'little', but it is the news 'another BTC exchange got hacked or had lost people's money' what really hurts/may hurt.
We already had a short-time panic sell as stated in the OP. Now, let's see where we go from here.

It IS bitcoin's fault if the protocol attracts an endless stream of scams and fraudulent service operators. I do agree with you that anyone who would put their money into bitcoin at this point is a fool, since history has shown us that essentially every bitcoin exchange or service will fold after a few years (at best).

No, it wasnt a hack, cold wallet cant be hacked, its a "physical" robber

Of course not.  Bitcoin simply attracts scammers like shit attracts flies.  Can't blame shit for attracting flies, can you?  No.

Sure, I could argue from first principles, and make a decent case for Bitcoin being conceptually flawed, inherently lacking in mechanisms for recourse when shit goes wrong, but that's a bit off-topic.

Of course their 'cold wallet' wasn't hacked.  If it where it would mean the underlying cryptography fundamentals of bitcoin can be compromised.  This whole BTER gafaw is nothing more than another 'inside job' theft.

I see you've stumbled over from Kitco, finished bashing gold bugs, on to bitcoin? The same routine, buy real assets, cash..etc. Not much happening on kitco since 2011, bitcoin's more fun?

I disagree. Scammers existed before bitcoin existed and continues to exists. Merchants in US are losing aprox $190 billion a year to credit card fraud. Does that mean that anyone who uses a credit card is a fool? http://www.forbes.com/fdc/welcome_mjx.shtml

To say that every bitcoin exchange or service will fold after a few years is ridiculous. Coinbase just secured $75m in capital investment from the likes of the New York Stock Exchange. Bitcoin is being recognized and backed by heavy hitters. The pro's far out weigh the cons. Just like anything that operates online, there is always going to be security concerns - it's a part of life.

It's not that scammers didn't exist before Bitcoin, it's that Bitcoin lends itself so darn well to scamming.
Imagine if real money was [half-ass] anonymous & mostly unregulated.  Now imagine that the majority of those who used it were paranoid libertarian loons, who wouldn't think of turning to law enforcement for help because paranoid libertarians? 

What do you suppose would happen?  Yeah, that's right, fail & AIDS.  Pretty much what's going on in Bitcoin now.