Bitcoin Forum

Explain?

China 'tards does not mean actual Chinese, just the idiots who dump each time news comes out from China.

The recent move from ~$420 to ~$460 was encouraging, and hopefully the next short-term high will be close to $480 or more.
Why's the price going down again?
More sellers than buyers.  :D

The Chinese government is reducing the effectiveness, do not worry about the Chinese government. Too many speculators leave the remaining loyalists. Many Chinese buyers are waiting for the chance to buy as Bitcoin.

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

"Old news" even if the story is from today.
The market already reacted to losing China (down to as low as $340), and now the recovery continues.

Looks like we may see sub-$400 coins this weekend.

down from $550 to $450
 :(
any analysis why this will happen?

There is no volume outwith the Bitstamp insider circlejerking trading swishing clutches of Bitcoins backwards and forwards trying to net in as many little fishes as possible. If the little fishes aren't biting at these prices (they aren't) then it is down to the next level.

We have had our short squeezing dead cat bounce, and now the grind down continues with the sharp price dip a coming around the mountain. Look back over the 1 day chart and you will see the recurring fractal of crash-bounce-grind-down-crash, and you will see the exact same thing looks to be happening once again, but with the time intervals between 'cycles' becoming less and less.

Fact is, Bitcoin has no business being way up in 4 or even higher 3 digits at this stage and got there due to a combination of China and speculators suffering from 'irrational exuberance'. China is gone/going, the exuberance has been replaced by a largely bearish sentiment, and there are other gremlins in the mix such as the Gox-coins, hacker coins, seized coins.

If I hadn't vowed to myself to stop trading with leverage, I would short Bitcoin right now at $450. A few more days perhaps of Bitstamp circlejerk trade volume and then down we go.

So Mat, when & at what price do you think Bitcoin will bottom out?

So you suggest we should sell BTC on trading platforms? Say opening position price and closing position price :)

thats encouraging then ;)

My buy in tranches are between $260 and $300.

Good Luck with that ...;)

Yeah...I sure hope I aint aiming too high and don't rely on upper most reaches of bounce just to break even!

Ok so lets mark this weekned as your best buyin oppurtunity at the prices you are looking for ...sound reasonable??

If we get through this weekend and we dont even get close ..(we may retest the 410 support ) will you own that sub 300 is a pipe dream in this current market ?

I am not saying sub $300 this weekend. I am saying next significant support level is $260. Sooner or later, Bitcoin is going to have to test the upper resistance or the lower support. It seems pretty obvious to me which is the more likely of the two scenarios to play out.

Being long Bitcoin right at this moment is a pretty dangerous thing to be........Y'all be skating on thin ice.

The only way "it is thin ice" is if i plan to sell in the next 4 weeks... otherwise I am sitting pretty :D

Giove us a timeline on your 260 retest otherwise its like the chinese fud that never ends

 ;D

http://assets0.blurb.com/images/uploads/catalog/55/992955/2280979-b692a7c3f311fb3bca7c85714abdaf40-fp-1302821266.jpg

There is no timeline.

I have figured out that I trade best going long and relying on intuition to get a feel for if I am doing the right thing or not.

I went long ($450), intuition told me that it was a dangerous thing to be doing, but 'safe in the meantime', so I exited my position whilst it was still 'safe' ($464). A couple of days have passed since then.

Do you not know how to read a chart and analyze a trend? When price is close to the downtrend, the market is just looking for any excuse to go down. This is going to persist until there is a significant increase in volume to terminate the trend and there is a powerful spike above the line.

The 'tards are the ones still buying at these prices.

Not sure if "'tards" are buing, but more "'tards" more profit.

There are analysts left right and centre scrutinising Bitcoin. Some of them are bullish, some of them are bearish. Thus they are looking at the same data and coming to different conclusions. How could that be?

So what trend are we looking at here?

Trend on 4hr hour chart on correction from bounce since 16th April?

If so, then I make the upper reaches of that corrective trend to currently be around $460, and the lower reaches to be $400. We are currently at $450. All the bigger purchases are eating into the Ask wall, not selling into Bid wall (on circlejerking Bitstamp anyhow). So we are at the upper extremities of the correction trend, buying pressure seems to be having the upper hand. We have had a textbook 60% retrace from the bounce up from the bottom, several indicators are showing signs of recovering from an overly depressed state, the 1 day MACD is looking as though it ready to cross......

......what is not to like for the bullish near term case?

I agree with you, Bitcoin for me right now as a long investment is as I said, 'skating on thin ice' (i.e. don't fkn do it). But how could you argue against the long case with all these technicals in it's favour?

5 month downtrend with 1W EMA downcross trumps 1-2 week old insignificant up movement. We have seen the fake 1D MACD crosses and almost 1D MACD crosses and 3D MACD crosses before only to serve as a trap before a violent downwards movement. The downtrend is not going to be broken by weakly nudging up against it. It will be broken with volume and a vigorous spike way above it. Yes I agree that the downtrend will eventually give way to long term uptrend but probably not at this level.

not native speaker but maybe:

I'm not sure if "'tards" buys, but THE more "'tards" THE more profit.

Ya know what?

I hadn't even spotted that!

Last time that happened was in 2011 and Bitcoin was at $10.49, and ultimately bottomed out at $2.22. When it crossed back up, Bitcoin was at $5.44.

It's obvious the Bears didn't learn much from the $360 to $540 rally.

Skating on thin ice?
We are much closer to the bottom than the top.
The Bears are skating on thinner ice.

No you're wrong. I did realize something from that rally:  a profit!

How about you, did you get any of the action or are you still holding on to some coins you bought at $1000?

If the market is moving, then I get action since there is money to make in both directions.


We are much closer to the bottom than the top.
^^^
It is currently mathematically impossible to show the above statement to be false.
Therefore it is true.  :)

I disagree as the bottom is clearly defined as 0 which is ~460 from the current position

The TOP is an infinate value only limted by our ability to describe a value of such an enourmous magnatude ...therefore lets agree that a number with 10 trillion zeros aftre it is a possible candidate vs our bottom value of 400 ...it is clearly TRUE that we are MUCH MUCH closer to the bottom that the TOP  :P

OK  :)
At least the worst case is limited.
I tried commodity trading a few times (very high leverage with small margin requirements), and what we have here is a virtual paradise.

anyway fuck u yomofo =) haha u cant earn much.. price only drop +-10usd LOL..

The china bubble still has not fully worked its way out of the market.

The price will continue to trend down until it does.  Don't sweat it.  Simply watch for the base to form, then buy all you can afford once it forms.

Having never studied TA, when I read sentences like the above, I imagine that somewhere, there must be a computer program similar to the Postmodernism Generator [1] but instead of spitting out imitations of postmodernist writing, it spits out TA.

[1] http://www.elsewhere.org/pomo/

Markets are not always that simple, for example:
In 2011 the first time down (from ~$32 to $10.25) there was no base, it was a fast 'V' bottom and people following your type of advice would have missed a rally of over 100%.
Much later, BTC finally went excessively quiet and a base was formed.

• We are still dealing with a massive long-term uptrend (not a "true/confirmed" Bear market) so it is possible for a rally to start almost any time.

Unfortunately, quiet and boring is a likely option for now.

maybe some action just b4 July 31 otherwise we may be in this sideways action for a while :(

As long as China is still viable, it appears they will be affecting the price far too much.  One "banking official" makes a statement and it is reported in press.  Bitcoin is affected $50.  This has happened a few times, both up and down.

Time will tell, but put me down on record saying we will not see another run until a base forms.

On record ..now is this a potato bake base ...as I am hungry and this is the only base that come to my mind ;P

How many China bans did we have already? Is this the sixth ?

just once, it just didn't stop.

You are deceived by people who spread speculation on this forum,
China kill the Bitcoin  every 20-30 days, LOL,

Every day we have generated 4500 new bitcoin, for 30 days it is 135000 new bitcoins.
huge offer, too little demand and prices go down, it is so simple.  ;)

The moment you catch yourself referring to those who sell some asset that you are trading as "tards" you can conclude with certainty that you just aren't cut out for the business of trading, and possibly neither for that of (speculative) investing. Sorry, OP.

When you do that, you can safely conclude that the tard is you. Reminds me of shroomskit.

Maybe the OP is neither a trader nor a speculative investor, but rather someone who is interested in Bitcoin as a decentralized open-source peer-to-peer protocol, or as a disruptive economic force, and follows the speculation forum (and BTC prices) out of intellectual curiosity.

Sometimes there seems to be an assumption around here that everyone's a speculative gambler.

hmm why is it going down? how about this??

https://i.imgur.com/JTCd23h.jpg

LOL  :) ;) :D ;D ::)

You can overlay that chart against every *individual* boom/bust phase of bitcoin's growth cycle. There's been a period in every year since 2010 where the price lines up nicely. Take particular note of November 2011. Hype over, bitcoin dead at $2.

Next.

Yay let's make stipid correlations!!!. Bitcoin is now following the same path as the production of mustangs in 1964-1973....



http://upload.wikimedia.org/wikipedia/commons/d/d7/1964-1973_graph.png

Why, you're right. What a preposterous idea of me to make that assumption... and on the speculation subforum, of all places!

I can feel a spike coming along shortly....
I noticed a few more big companies such as namecheap are accepting bitcoin and more are thinking of adapting. Hopefully we get a price raise soon!

I wanna see a bloody monday dump  ;D ;D  ;D

Namecheap started accepting BTC about 5+ months ago.

Damn really
I only just noticed it a few days ago haha

Request granted, every day cheaper coins.

I remember that from somewhere.
What older TV show is it from?
Obviously they are Muppets (and the keyboard was added later), but was it Sesame Street or something else?

It's probably from the "Muppets Tonight" series from the '90s that aired on ABC. But it's hard to say, there have been so many different versions of the Muppets on television and online.

Thanks, some of the older TV was great.
I watched a lot more variety in the 80's, and just a few regular series in the 90's.

Oh and while you're laughing so hard, don't forget to check the bitcoin price tanking like freefall in the meantime...
As shown in that ridiculous chart of mine...

A small drop on low volume?
Did a noob hack your account and start posting?  :D

http://www.reactiongifs.com/wp-content/uploads/2011/05/oh_i_see_what_you_did_there.gif

Can't tell if trolling, or if he seriously thinks a chart of the November bubble (pulled from 5 years of historic data) superimposed with a technology adoption lifecycle graph is actually relevant...