I have took a risk and sold at £727. Hopefully the price will drop.
What are your predictions, how low can it goes in 24 hours?
All the previous corrections have followed a pattern of bouncing back up and touching resistance levels and then trending for a period of time. Since the price on the only exchange that really matters (Bitstamp) did go down to $619, we have already bounced back a lot. I would suggest that $750-$765 is the new resistance level....and if the previous 5-6 price slide recovery periods are anything to go by, you should get your chance to leave market with small profit. .....however, even as I type this I am full of uncertainty and doubt, which is why I am myself keeping the fuck out of this for now. I would hate for anyone to make a wrong move on the basis of anything that I said. I sold a tiny bit of what I had bought earlier today at 747. Im expecting things to heat up before chinamen wake up, just as it happened as of late. |
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All the bulls are stupid. This is going BELOW 400$ ! Probably 200$ and below!
I think 0. Yes. |
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I also do that cowboy style trading where I try to catch the very bottoms and buy and sell all the waves, fan out incremental orders, etc. I did it an April and did it in November+December. But not now when all the longer technicals are upside down like this - then it becomes too risky, like I explained earlier.
But would it not work to do the other way around this time? Sell at resistance levels and then buy with discount at support? And if support fails, even better? Or do you consider the choo choo taking off for the moon being too much of a risk? |
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I got burned bad by attempting to trade the downtrend in June. I swore I'd never attempt to daytrade during a downtrend like that again. I think I'll wait for a 4 hour macd cross or something.
Same for me last december. December was actually a good time to trade though. All the weekly and most of the daily technicals were still pointing skyward. That means there would still a massive amount of upward pressure to create huge rebounds after every drop and save your ass (or make huge profits). Now all of the technicals are pointing DOWN so there is no general upward force anymore - very bad for trading. I know that you only trade with a fraction of your BTC position, but assuming that you're not full fiat now, would you buy on the way down, or do you expect a medium time-frame macd crossover for an entry point? |
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Jesus the price just hit 619 on stamp a half hour ago and already there are bid walls piling up at 700.
Huobi price did not go lower than ~720, while Stamp was 100$ lower. Now the exchanges are starting to line up, though we might see another leg down. |
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Its not over yet. Huobi started selling.
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What happens now?
We buy! |
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Gox is just a joke
Gox free fall, 2.7k coins to 550. It might implode just now. |
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I need to wire some more dollars to stamp. That'd be fun.
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I do not want to know what would happen if the chinese would announce some bad news regarding bitcoin. Im keeping my gunpowder dry and slowly buying on the way down.
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1315 coin dump. Wow, biggest in my (little) experience!
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The only real question that lies in the air right now is: What will the chinese decide to do once they are up? It's fairly obvious that without their approval we will not go lower than 750, at most.
I currently am 60/40 btc/fiat and I'm planning on selling half if Huobi starts dumping or buying tiny bits here and there, if they continue to disprove this downward movement.
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If Huobi is shut down, there is no way in hell BTC China remains up. They do not have any priviledged status. On the contrary, history has shown us the opposite.
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Interesting attempt. But once more we can notice that honey badger don't go down unless it's a China induced dump. And China don't care about a StampWho? dump. Business as usual.
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1500 btc dump. Lets see how this pans out.
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I think he misunderstood my post. The question was "Why are we following China?", considering that everyone knows their volume is hyperinflated by no transaction fees.
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I've come up with a simple method for predicting the price of Bitcoin to help newbies make money trading. You might lose some BTC at first that's why you should start small. It requires you be brutally honest with yourself and past mistakes then being willing to adapt. Step 1. Before you move forward, think long and hard about whether or not you think the price is going to RISE or FALL in the amount of time it takes you to buy and sell the Bitcoins, maybe 1-2 weeks or a month. Step 2. If you think it is going to RISE then BUY, if you think it is going to FALL then DON'T BUY or SELL. Step 3. Wait a couple weeks and see if you're right. Step 4. If you were right then goto Step 1 to make another prediction. If you were wrong, then go to Step 1, make a prediction and do the OPPOSITE of what you think you should do because obviously you don't know how to predict the price of Bitcoin.  Flipping a coin yields better results. Heads - you buy, tails - you sell. No emotional attachments to cloud one's judgement. |
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Indeed. Probably it is not very relevant considering the month of january saw low volume levels across all exchanges. And apparently BTC-e volume decreased even more in february, after the low trading fee promo dissolved. Unlucky circumstances, maybe?
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I think it would be an interesting experiment for one of the "western" exchanges to offer a 0% trading fee promotion for about a week/month. Amongst other benefits, I believe that in such a scenario the volume of this exchange would exceed quite considerably the chinese exchanges volume. Which naturally raises the following question: why are we following them?
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btc-e makes me sad
Its better than Huobi making all of us sad. Stamp will not move w/o clear instructions from China. |
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