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When he sold his house the price was around 600$. He is underwater, but not yet in the danger zone.
However when the price will drop below 300$ he might feel an irresistible urge to cut his losses and may sell close to the bottom.
If he won't panic sell, he'll still have to wait several months for the price to rise back to 600$.
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snip
The Bitcoin hype will come back when the fiat currencies will show what they truly are : manipulated, inflated and unreliable for store of value
No, the BTC hype will come back when the price will break the ATH, and this may happen around the middle of 2015. |
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did he just give up and dump? what an idiot!
No, he knows he'll be able to buy back lower, even if he'll have to wait a couple of weeks. |
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Great. The market should respond to this by falling about $2.71
The market may not be aware of the possible future implications, because it just rose ~10$. |
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It's amazing how many forum dwellers didn't understand that the bear market was still going on. Waiting for a bubble that couldn't come. Many of them might turn bears close to the bottom.  |
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snip
I agree that fundamentals are strong.
But the technicals are very bad and even if fundamentals remain strong, prices can go down a lot moreThe fundamentals are strong outside China. But unfortunately most BTC trading is still in China, and as long as the PBoC's stance on BTC doesn't improve, for the Chinese BTC is a sort of digital tulip bulbs. |
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Im waiting to sell back at 500? You guys think I will ever be able to do it?
Yes you'll be able to sell at 500$, but not very soon. Thanks for the responses everyone - I hope most realised I was joking  I doubt we will see sub 500 after this week EVER! People should be more careful with such strong statements, they might return and bite them.  |
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Short term, bulls may knock at the major resistance level of 560$ until they'll run out of ammo.
Asks will pile up again and once the 442$ resistance will break, we may see a red dildo on the daily chart.
Eventually the market will find the real bottom and a strong rebound will follow, then the new bull market will move slowly up.
Interesting. Thats what I was thinking. Everyone seems to be saying this. The red dildos (meaning bulls are fucked) I was talking about. I left space for future ones.  |
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Maybe, but I doubt it, BDD shows yet no signs of early adopters panicking. However miners may sell a lot.
And considering how long market moves take, I'd say that after the current drop ends into consolidation,
there could be some 10 days sideways before the next major drop. IMO 4 days seems too soon.
I don't think we can get to $200s that quickly. I think though that we may have another down leg to this move, maybe get into that $340-360 range. I can't imagine bulls don't want to defend that level. I didn't say drop to 200$. My current prediction for the bottom is 250$ - 300$, in the second half of October (already posted that days ago). I have no reason to change it yet. Bulls can't defend much, they hold BTC, it's the bears (holding fiat) that define support levels. |
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Maybe, but I doubt it, BDD shows yet no signs of early adopters panicking. However miners may sell a lot.
And considering how long market moves take, I'd say that after the current drop ends into consolidation,
there could be some 10 days sideways before the next major drop. IMO 4 days seems too soon.
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Considering that market movements take much longer in this bubble than in previous ones, using the same metric (daily here)
leads to the wrong conclusion. Check the 6h chart for Bitstamp on the 2nd July 2013, which corresponds to this latest drop.
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It's going to be fun to watch then support at 440$ will be broken. I told you it's going to be fun to watch.  IMO this bear market still has 2 major drops in it, and it may last for another 4 - 5 weeks. |
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Bulls' last line of defense broken, all hope for a near-term bullish scenario crumbled, it's time to capitulate. |
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Here is my predictions:
If we go to the 300's, we may go to zero.
If 300 holds, we may not go to zero.
If we go to 0, we may or may not go up again.
Price will almost always be lower than ATH
If we go to 2000, we may go to 1000000, else not.
Medium term means any point in the future, near or distant, or never.
If the Internet disappears, we must revert to one of the many historical networks, or invent another.
If electricity disappears, the universe will also disappear.
If the world as we know it disappears, we will have a world that we don't yet know.
If humanity disappears, none of this will matter.
This is the kind of prediction that could drive you to sell close to the bottom. |
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If we go sub 340, I will make THE hardest decision of my life
next week, you will make the hardest decision of your life. I believe support at 340$ will hold for now, and then it may take longer than a week to break it. |
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This bear market is cleaning up the excess greed that was prevalent earlier this year. That is what bear markets are for, to slap some sense back into people.
It would be nice if it would be true. However, I believe that once this bear market will be over, the bulltards will post 'to da moon' at each small price increase. |
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As low as 100$? I'd love that, but I seriously doubt it's possible. This is not 2011, seller pressure is much lower. |
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