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Don't worry wall street is moving in any day now. On Jun 1, btc will IPO on nasdaq and there will just be one giant candle to $5000 regardless of whatever the chart was.
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op forgot to add "because wall street is moving in"
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When EC is broken and I have the ability to steal any bitcoin I want for free, does that count as trading at $0?
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The dumping hasn't even begun. just slow bleed. Reversal requires a day with at least 200,000BTC volume on stamp. current volume is only 35,000BTC.
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It was discussed somewhere, reddit or here that the major Chinese exchanges are trying to set up accounts in foreign countries and move bases of operations.
China is going to shoot themselves in the foot, losing out on all those fees for processing wires etc etc etc.
I think the BTC/CNH pair on btce is demonstrating how effective this is so far. |
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"I invested in a very promising tech stock fully expecting a growth of 1000%, but instead it has collapsed due to events overseas which could not be predicted."
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I remember last year at $120. We brought up the issue of how much room bitcoin had to rally with regards to governments and concluded that bitcoin had a lot of room to rally because it was so small that it was not attracting the attention of any governments yet and nobody would bother to regulate it or interfere. It was good times and a bright future. Nothing bad had happened yet, and I didn't think it would happen any time soon. I thought even at $1000 it would still be too small for regulation/bans and that it might make it all the way to $10,000 before such a thing would begin to happen. I was very bullish back then. Now if you were to pose the same question today...
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I'm saying that a change in cash flow due to something actually happening has a real and direct affect on the market regardless of what speculators think and is almost impossible to prepare for or 'price in'.
Okay, well I agree with you to a point but its not impossible to prepare for, if you anticipate based on the news that the price will drop due to exchanges bank accounts being closed then that is preparing for it, thus it gets priced in slightly. Are you attempting to suggest that the price drop due to the confirmed news would have been the same amount even if people had not already heard it was likely and taken a position based on that. I guess there is a difference but not as much as people think. |
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Bitcoin doesn't need China to survive. However, if China is removed then the current supply and demand levels experience a dramatic shift, causing the price to decrease.
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People whats going on?
We are close to 400 and there is no volume at all! Do something!
To be honest I think most of the news was already priced in and people have been taking their positions over the last few days. However this is just the announcement and the deadline is not for a few more days so no doubt theres people waiting to buy until after that... it gets extended in the Reddit I read regarding huobi, to the 18th lol. However real question is some are saying this is a call, oral communication. It is possible a very successful social engineering hack to FUD us to death lol. I can't imagine the pboc not putting this shit in writing lol .. or they really are just brake pumping till they can think of better controls, which will never occur What is this "news" you keep talking about? China is a place, not a "news". There are real people, exchanges, coins, and fiat. If exchange banking goes down, the flow of fiat in decreases and the flow of coins being distributed increases. The "news" that their banks were going to be closed, thus you can attempt to estimate the effect that those other things you mention will have. Not quiet sure what your trying to say.  Are you trying to tell me that the Chinese exchanges having their accounts closed is not news somehow? I'm saying that a change in cash flow due to something actually happening has a real and direct affect on the market regardless of what speculators think and is almost impossible to prepare for or 'price in'. |
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People whats going on?
We are close to 400 and there is no volume at all! Do something!
To be honest I think most of the news was already priced in and people have been taking their positions over the last few days. However this is just the announcement and the deadline is not for a few more days so no doubt theres people waiting to buy until after that... it gets extended in the Reddit I read regarding huobi, to the 18th lol. However real question is some are saying this is a call, oral communication. It is possible a very successful social engineering hack to FUD us to death lol. I can't imagine the pboc not putting this shit in writing lol .. or they really are just brake pumping till they can think of better controls, which will never occur What is this "news" you keep talking about? China is a place, not a "news". There are real people, exchanges, coins, and fiat. If exchange banking goes down, the flow of fiat in decreases and the flow of coins being distributed increases. |
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At this point I don't care about catching the bottom. I cared whether I had bought the bottom when I bought 700, and then 600, and then 500. But at 400 and below it doesn't matter to me. At this point I only care that my eventual rebuy price (if i rebuy) is lower than the price now, and that is most likely to be true. It's too risky to try to bottom fish or to hold fiat on exchanges for more months. Getting a price significantly above bottom is fine if it eliminates risk factors and allows the funds to be used for something else productive in the meantime. There may be an entire 6 month rally to recover from 200 to 350 before my 1W signal is given. But by that time, I may have increased my funds by a factor of 10 in forex/stock trading and business ventures.
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Every time the price hits the same level twice someone shouts "double top" or "double bottom"... I think there is more TA to it than that.
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 Oh yeah this is bullish as hell. With this kind of support, we're surely ready to reverse now. Let the rallies begin! Choo Choo. |
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Wall is going DOWN.
300's here we come.
Bears rejoice, our time has come !
Really? What are you people gonna do? Buy tons of Bitcoins at 380 or sit on the forum crying all day how we will go down because you want cheap coins at 280? I think i know. I pretty much havent changed my position for quite a while. Until we see maximum pain, i think it'll continue to tumble. This market is hell-bent on shaking out the bagholders and lottery-ticket types. 275-350 would do the trick, imo. Then, i'll turn bullish when i see some major volume buying. Huh? You just said your time has come but now you suddenly don't want to buy because there are cheap coins at 275. Who would've guessed. Oh wait, i did, 10 minutes ago. Shroomskit I keep seeing you make the same type of post over and over about people reaching their prior buy targets. Why can you not comprehend that buy targets and the strength of price levels changes over time based on the latest TA and latest events? A price target often includes an implied time or circumstances for it to be reached in order for it to be valid. |
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I can tell you exactly why TERA is just as emotional as the CCMFers and the future quadrillionaires.
Because TERA doesn't know either.
The charts right now mean absolutely NOTHING until we get solid news on China. This is why there is no volume anywhere and why the price is stable: it is only stable because there is so little certainty in either direction and no one knows wants to buy in such an uncertain time.
Why is BTER re-enabling deposits? Why does Bobby Lee sound both confident and scared? Why are some exchanges following the PBOC and some not?
When the news comes, we're either gonna see panic buy spikes up to $550-$600, or we're going to see a drop once again down to $400 to test support. If the support fails, then God knows where the price will drop to.
And so TERA is standing here with her TA bible shouting about how the end is nigh and how we're all fools for not seeing it in the holy charts. And her insecurity over what the price is actually going to do is reflected in her need for others here to affirm her beliefs.
Normally TERA is probably the most intelligent and rational poster on this forum, one of the few who actually posts quality information and discussion.
This topic does not reflect that.
The news is in the charts, before the news even comes out. You don't need news. What is this obsession with calling china "news" anyway? China is not a piece of information. China is a country, a real place, full of real people, exchanges, coins and fiat. |
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Thank you TERA!, for providin solid TA over the last months!
My TA hasn't always been perfect. I am off on a lot of targets, have posted charts with cycles and log lines, was a bull once, and even posted pictures of trains. |
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Why are you so emotionally invested in this? Let people sink or swim, no one's going to say "Oh thank-you, oh wise TERA. Thank-you for showing me the light that I cannot find on my own".
Let it go.
When I see irrational statements, I am compelled to refute them. Rather than constantly refuting the same thing in 100 places, eventually I start a thread and give it an 'emotional' spin so hopefully i can catch attention draw all of the discussion here and do it in one place to solve the debate or spread the idea once and for all. I guess it's a futile effort though. |
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 I cannot believe I am still hearing people vigorously advocating taking a long position right now and that this is the bottom because their perception of 'previous cycles'. A blind man could read this chart and tell you that it's not a good time to buy. It's more like... time to gtfo, take a 3 month vacation, and maybe put an alert in with a charting service to alert you when the 1W emas or 1W MACD has crossed back up. Weekly emas have only ever crossed down once in the history of bitcoin, in 2011. All you have to do is open your eyes and see. All you have to do is stop being deluded with your thoughts of how bitcoin is the holy grail and so great that it is impervious to downtrends and long drawn out bear markets. Even the strongest stocks in the stock market with the best growth fundamentals have these types of bear markets when the economy gets bad and there is trouble overseas. Stop being deluded with logically flawed thoughts and chart readings and log lines of how you're entitled to a 'cycle' with a rally every 9 months. You think you can pick the bottom based on "sentiment" on forums and a time position within a "cycle". This is all based only on infantile pattern recognition and bad math, and people seeing only what they want to see on charts but failing to recognize divergences. One such obvious divergence is the RSI divergence on the weekly chart which indicates that the uptrend with 9 month cycles is over. Also, stop thinking that "wall street" is suddenly going to "move in" to save a bunch of lucky tech kids and turn them into billionaires. It's like you have some sense of entitlement. "I bought 50,000 bitcoins before bitcoin was cool. Now I am entitled to be a billionaire. It's time for my scheduled 9 month rally. I want it now. Where is my train?" It's not coming... Just open your eyes and look at the weekly chart. The chart tells all. Trade the chart, not the news and what traders are talking about on forums. |
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idiots... |
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