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I doubt 442$ will fall soon. First there's an inflection point that decides going up to maybe 560$, which is now major resistance, or deflating to 480$.
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A possible reason for Chinese bearishness can be this: http://edition.cnn.com/2014/08/19/world/asia/china-personal-shoppers/index.html?hpt=hp_c3Bitcoin is really useful for circumventing laws and regulations. The mania phase in late 2013 was probably caused by China capital controls evasion. Which the PBoC decided to terminate. Now if BTC was still useful in China for imports of luxury goods, the General Administration of Customs may be partly responsible for the latest drops. |
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Chinese bagholders turned pandas. Otherwise, a normal market movement.
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weren't you bears thinking 490-480 was a breaking point which would lead to fast crash to 350?
Not me, I still believe that support should hold, even if it was pierced at 442$ on Bitstamp. I would be surprised by a fast crash to 350$, and would have to reconsider my analysis. That crash should come after the rebound, and could be some 15 - 20 days from now, in my current favorite scenario. |
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same goes for Litecoin, in fact investing in Litecoin is 10X riskier, it is insane but I follow the Risk/Reward rule, the riskier the investment can be the bigger the reward usually is.... see most of you are not objective , you are just a bunch of blind investors.
If you invest in Litecoin now you may be disappointed short term. Litecoin inflation is high, comparable with bitcoin's in 2011. So far, due to lack of seller pressure and a pump, bitcoin has (temporarily?) recovered, but I doubt litecoin will do the same. In 2011 bitcoin dropped from 32$ to 2$, now litecoin may drop from 48$ to 3$ - 4$ if it will experience capitulation. I see capitulation being ~$5-$7. But yes I see LTC going down in the shorter term but then rebounding upwards near the end of the next Bitcoin rally. My LTC prediction from 2 months ago just got confirmed (below 4$). But I am afraid I wasn't bearish enough on LTC, it may drop below 3$. |
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I think capitulation is now near in time, but not necessarily near in price.
Do you mean, a death spiral? I hope not. I can't predict it's unfolding...  |
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Bid sum / ask sum ratio fell on Bitstamp to about 180$.  Either this is a local bottom (with a nice rebound following) or long term support will be broken and all bets are off. I do expect 450$ to hold, but the Chinese pandas may go into retarded panic mode. |
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A bit of nitpicking: it's 496$ right now. There is a chance we'll test and break 480$ very soon and find the real bottom after which a rally to 540$ (maybe 560$) will start.
Would you sell below 480$ Srsly? Even from a daytraders sight. Betting drunk on horses seems way profitable to me. No I wouldn't. But this is driven by China and if some late panic sellers will decide, it's possible to go down one more time before the rebound. And the possibility became true, China is dragging everybody down, including Bullfinex which looked very bullish for a while. |
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A bit of nitpicking: it's 496$ right now. There is a chance we'll test and break 480$ very soon and find the real bottom after which a rally to 540$ (maybe 560$) will start.
Would you sell below 480$ Srsly? Even from a daytraders sight. Betting drunk on horses seems way profitable to me. No I wouldn't. But this is driven by China and if some late panic sellers will decide, it's possible to go down one more time before the rebound. |
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A bit of nitpicking: it's 496$ right now. There is a chance we'll test and break 480$ very soon and find the real bottom after which a rally to 540$ (maybe 560$) will start.
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...
this on is for the bears, imagine a long squeeze down to 350ish back up to 540, extreme resistance cannot be over come @540, up is no longer an option!!! market immediately plunges 90%.
you got a hardon now dont you
Long squeeze on Bitfinex, maybe but I doubt it will soon drop below 420$ on Bitstamp. The important part is what I bolded. And no, market won't plunge 90% from 540$, that would mean down to 60$ which is impossible IMO. PS. If it will drop below 250$ I might get a boner!  |
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And some posters made new threads 'this is the bottom'... The market will find a bottom and then rebound, of course, it just wasn't yesterday. |
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China is dumping again, and Bistamp follows.  |
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wow we went sub 500!
wtf is happening.
why why why are you cashing out!
Adam woke up to the grim reality! After dreaming of a new ATH, it must be hard... What is happening is the beginning of capitulation, nothing special like a new ban. They are not cashing out, just panic selling. They'll buy back at a lower (or higher?) price. |
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That quite bearish, it means that there is no real need for a larger amount of bitcoins in circulation. And 80+% are using bitcoin for speculative purposes only, like me. |
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some support here
perhaps 500 will hold?
I doubt that, it's being tested right now and bids are being pulled. And now it's broken... |
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aaaaand as soon as USA wakes up, china begins dumping round 2. They might start to panic sell, and looking at this whole situation they should.
Not yet, they must break 3100 and then panic sell, but volume is too low right now, maybe later. Yeah I think so too. Volume needs to rise, maybe we will see ~480 before the weekend. Keeps the traders fingers excited at least.  And it's broken, let's see if volume picks up and breaks 3000 too. |
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