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Will bitcoinwisdom ever support a regular RSI? I prefer that one over Stoch RSI.
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Has anyone kept up with the only publicly traded Company in the BTC space, "BTCS?" I talked to the Company's PR guy...who is about to be out of a job. The Company raised 2 million to start off, the stock went to $5.26 and now it's at $0.15. Penny stock nightmare and a little more bad press for BTC.
Some foolish retail traders bid it up thinking it was correlated to the BTC price after the CEO appeared on Bloomberg TV only to realize that at $5 per share the market cap of that tiny company was now several hundreds of millions. So, the crash was inevitable, even if BTC was in a bull market. I don't see how this is bad news for bitcoin in any way... |
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People seem to forget that bitcoin is actually a currency. It's not some kind of momentum penny stock.
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That's a non-issue. Bitcoin works well no matter what the exchange rate is.
For over 90% of its users (ahem, speculators), the exchange rate is important. Most new users are also only attracted to it after price bubbles - significantly less join when bitcoin is declining. |
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Even a huge dump of coins would only depress the price for a short period of time and would help increase the so-called "fair distribution" by enabling more people to buy more coins at a lower price.
If you had someone dump 650k coins and the price hit $1, it would be snapped up in a very short period. Plenty of people would say, "shoot, I'll put 1000 Euro in as a gamble."
It depends on the timing. When general confidence in bitcoin is low and a huge dump happens, it will take a very long time before it gets back to pre-dump levels - especially if the mega-whale decides to kill off any subsequent rallies with additional smack downs. |
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People worry about this because some of those mega-whales (like Satoshi or the purported 650k Gox thief) can severely crash the market. When you buy bitcoin you not only put faith in the protocol but also on the rationality of mega-whales.
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Look at old trend lines. You can estimate what the fair value of bitcoin is today without rampant speculation. Currently it is somewhere between 375 (most bullish) and 100 (most bearish case) on bitstamp.
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Who's to say that the other 650,000 weren't stolen in 2011 and sold then and is one of the reasons for the long bear market that year? If you stole 650,000 coins when they were worth a dollar or two, would you really be able to not hav spent or cashed in on any until now? Just speculation obviously.
How could they be sold on Gox in 2011? Wouldn't the thief(s) be identifiable through blockchain forensics and have their trading accounts closed? It just doesn't make much sense. IMO, the 2011 downtrend looked more like people just being worried that they invested in hot air as bitcoin wasn't useful for much back then. |
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The Chinese control this market. Western holidays are almost irrelevant, just look at what happened around Christmas.
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Wait what?? lol
Wasn't 3rd party deposits banned??
They are laying the groundwork for the next round of fud. |
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Dat BTC-e volatility.  |
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Sub 400 coins in 24 hours.
There's not enough fud for that. 480-450 range most likely. |
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Dumps like this always make me nervous lately. They tend to be followed shortly after by more bad news :/
Nah, this one doesn't look like insider trading. More like traders selling off based on that the bounce lost momentum. |
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Good morning. I am relatively new to Bitcoin. (obviously, so is "spell check.") In early Feb., I finalized the sale of a company that I owned and operated for nine years. This was a very joyous occasion for me but the joy, at least in part, has turned to boredom. As Huey Lewis said, "I need a new drug" and I found it in Bitcoin. I read every article, every post, watch every clip and have my Bitcoin price window up at all times. I'll be honest, I doubted...I doubted a whole lot. I come from a traditional finance background. I have an MBA and I worked on Wall St. for four years straight out of college. Everything I learned (or, in this case, didn't learn) told me that Bitcoin was a hyped up scam. I can't say for absolute sure but I think the joke is on me! Once I started to believe, I planned to put a sizable chunk in Bitcoin. I tried to catch the bottom over the last few days and I totally missed it. Got greedy! Now I'm looking at $500-550 per unit and I am gun-shy and pissed at myself for not pulling the trigger earlier! If Bitcoin is boom or bust, and I think it's "BOOM," $500 should not matter. Once I make my investment, I'm going to try like hell to just forget about it for 3-5 years. Congrats to all of you that picked up on Bitcoin early, (that's all of you!) especially those that got in 2011- early. I can only imagine what it would be like to have gotten in at $2. With my luck, I would have gotten in early with Mt. Gox. Best Regards.
Why ''try like hell to just forget about it'' and not actually use it from time to time? Freeloaders like you are what make me think bitcoin isn't going anywhere. |
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WTF BTC-e to 554!!!
bots have gone insane.  |
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....TA does not forecast. TA is risk management.
Of course. It's just about probabilities and based on human emotions. |
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lolzzz..yeah... umm.. NOPE !@
DanV is a TA king. He called all major bitcoin drops the past few months. So, I doubt he will be wrong this time.  |
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710 to 581 resistance line (stamp, on log) seems to be at work for now. |
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lmao, the opposite always seems to happen on planned doom days (jan 31st, april 15th etc.). |
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I wonder where the OP went...
Probably wishing he bought some of those cheap coins.
Bitcoin is not out of the triangle of doom yet. 260-280 retest is still very possible in a few weeks from now: https://www.tradingview.com/v/fYhqvd8H/ |
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