The shape is similar but the magnitude, volume, and position within the trend are not. I think it is almost exactly the same position in the trend. It's only up from here. It's not the same position because we were in the progress of doing the initial breakdown correction rather than break upwards. The weekly MACD wasn't even green, whereas in 2013 the weekly MACD had already been green for two candles. Also, we have yet to even test the major resistance at $850. Yes, there are two resistances in 2014 vs one in 2013. Well you can't expect a perfect similarity of course, but the similarities are there and the effect could well be the same as in that this event could kickstart a bigger rally next. A correction was overdue but the market was procrastinating like a bored teenager, and now the FBI gave the market the kick in the butt it needed to get the correction going so it can finally move on.  The trend was up and I don't think this is going to stop the 1w MACD from crossing upwards, it will imo most likely accelerate the process the market was going to go through anyways just like the SR crash did.  Forget 'perfect match': this is no match at all: The proportions on the long term charts are nothing alike and the volume ratios tell all. This is not some kind of abnormal flash crash - this is a normal intiial market correction after a rally which was preciptated by an irrelevant catalyst. |
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Look back in the chart and you'll be suprised how many bounces you can find that are shaped just like a 'silk road recovery', but they are not a 'silk road recovery' because they do not have the same volume, are not in the same magnitude, or are not occuring as a month long bullish pennant consolidation is breaking upwards within a 1W uptrend.
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The shape is similar but the magnitude, volume, and position within the trend are not. I think it is almost exactly the same position in the trend. It's only up from here. It's not the same position because we were in the progress of doing the initial breakdown correction rather than break upwards. The weekly MACD wasn't even green, whereas in 2013 the weekly MACD had already been green for two candles. Also, we have yet to even test the major resistance at $850. Yes, there are two resistances in 2014 vs one in 2013. |
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So this was the silk road event october 2013:  And this the current event unfolding:  Striking similarities. Who is painting these charts? Is it really "us"? The shape is similar but the magnitude, volume, and position within the trend are not. The silk road crash was an unnatural even that occured as a bullish penant was in progress of breaking out to the upside. Today's dip happened as a natural overdue market correction was occuring and we are not in a well established bull trend. |
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Same thing is the observer effect with people who stand by when someone is in a crisis, and same thing as people who don't vote. People only think about their individual impact and aren't confident about the collective impact as a group - everyone feels they are an exception.
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The ghash.io thing where people keep joining ghash faster it gets closer to 51% reminds me of the movie Untraceable where a serial killer ties up his victims and puts them on a Youtube feed with a system where the more people that are watching a video, the faster the victim dies, and then millions of viewers exponentially pile in to watch, brutally killing the victim.
Is it a good movie or it's just gore like saw?? There is some gore but it's not a just a gore movie - it is a movie about human psychology and how greedy people are, because everyone insists on watching the movie, which contributes to the victim dying. |
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Excellent buy opportunity, thanks for pointing that out op.
I was hoping for a bigger dip than this. People seem to be panicking a lot less lately... Be careful what you wish for. I think this dip went just as low as it could go without starting to get very bearish. It touched on the trend line, the fib line, the bottom of a penant during this rally, the peak of the previous rally in April, a 3D ema, and a 1W ema. I actually would have preferred if it only went to $560 or $570 (but did the same volume or greater). |
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The ghash.io thing where people keep joining ghash faster it gets closer to 51% reminds me of the movie Untraceable where a serial killer ties up his victims and puts them on a Youtube feed with a system where the more people that are watching a video, the faster the victim dies, and then millions of viewers exponentially pile in to watch, brutally killing the victim.  |
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I think when there is a 20% price reduction over a 0.22% increase in supply, it is a good time to buy. Simple math. Think about it.
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NO MORE MOON
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It took about 2 weeks to break that 2 week old trendline and fall. I think it'll take at least a month or two to break the 2 year old trendline if it does so.
Repeat trendlines with pics please.  something like this |
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It took about 2 weeks to break that 2 week old trendline and fall. I think it'll take at least a month or two to break the 2 year old trendline if it does so.
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Why is that whenever this crisis starts ,it accelerates and more and more people join the pool rather than leaving it?
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It's time for more decentralized mining pools like P2Pool to be written and adopted. Perhaps somebody will write a new protocol which fixes whatever is unattractive in p2pool and adds the benefits of stratum.
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Such denial of the 1W MACD
You might wanna check the 1W MACD denial early october of 2013 It might shake some sense in you kid Chill your beans no need to get so angry you have no idea what my position is and I was making an observation. Relax. Yeah... but what does the 1w MACD say exactly? What does it mean to you? I am NO expert when it comes to reading these charts; however, I noticed that it just turned red b/c of the downward spiral of BTC prices that were taking place, today, but the 1w macD had just turned green for its new weekly bar (so the new weekly bar is only about 1 day old). Likely the 1w macd is going to turn green again before the end of the week.. however, even if the 1week MACD does NOT turn green this week or next week, it is on the cusp of turning green within the coming few weeks.. and what that means to me, is that we will soon be entering into a bull BTC market.. Currently the BTC market is transitioning from bear to bull... but soonish, the BTC market is gonna be full bull all the way... and that means.. hang on baby!!!!! get your cheap coins while you still can... 3-4 weeks max... maybe less. I think you should trade with a different strategy other than following a single indicator and using your expectations about what that one indicator is going to do in the future. You are doing meta-TA: TA-about what TA is going to occur in the future. Regular TA is already unreliable enough on its own and now you compound it. |
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The current news is in no way comparable to the silk road news in 2013.
2013: Bitcoin's biggest business has been shut down and 200,000-600,000 coins are in question.
Today: 30,000 coins are being sold at auction.
I really don't understand why today's news is even something to panic about. A measly 0.22% of bitcoins are being offered, to be sold at an auction, and there is no change in fundamentals. I guess it is the typical kneejerk reaction as if all of the coins in question were going to immediately appear in a market dump on Bitstamp.
But you can't compare this to the Silk Road event, which involved much more significant news, the price swing was much more significant, and the volume/coin numbers were much bigger. It was also placed right in the middle of a breakout when the next rally was supposed to start and a strong trend had been long established.
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Always look at the volume on Stamp before you sell. In this case there was about 20K btc volume on a 4 hour candle which had eclipsed anything that had happened in the past 2 months. We were also on a fib line at $560 and the trendline that everyone is following is at $530, as well as various EMA lines on the 1D, 3D and 1W charts. The 'news' behind the selloff was weak as well - Someone is going to sell some coins (at auction. not even on an exchange)- so what? What does this have to do with the fundamentals of Bitcoin?
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Could have spent only $4k for that same 10 coins just a couple weeks back. But I get it. You need to prove/show you cought a dip for the internet friends lol
I bought coins then also. In addition, I bought some at $340 |
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Thanks for the coins.  |
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There should be at least one month spent at $600
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