Are there any news out or did the quest for cheaper coins just put us in full panic mode?
Breaking news: failed breakout and 4385 volume. Now here is John with sports. |
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I don't mean to intrude with my down-home know-nothing perspective, but it seems to me like we're in a period of "flippant uncertainty" where nobody really knows what to do. We're still way behind our regularly scheduled breakout period, but there's so much confidence that we'll break out that people are willing to gamble a little early, maybe out of laziness/impatience. Any movement that happens within the next couple months will probably be (relatively) minor and corrected within a week. $420->$450 is tony bologna.
Perfect time to loan some money on the leverage market and go to the bar.
If everyone was so confident of the break out, then would they not already be going long Bitcoin? After all, we have just broken out from the wave 4 trendline from the the $1160 high as per the linear chart (and $30 away from doing so on the log chart). Ultra low volume on a 'break out' from a 5 month downtrend? Seems a bit crumbly to me. I suspect that investors are waiting on China to do something. They are the market makers after all and the future of Bitcoin is hanging by a thread there. Who is going to go long right now when they may wake up on Monday to all the Chinese exchanges being shut-down and a shit-ton of coins making their way to USD markets in order to cash out? Why would I tie up money during a waiting period (based on previously-played-out cycle patterns)? From ~$2 to now, we've always had the same kind of cycles where we see a bubble beyond our dreams, relatively slow crumbling of the bubble followed by a quick pop, then a long period of ~, followed by a slow ramp-up, and then another bubble. I really doubt Chinese law matters in the long-term, and I don't find compelling the idea that China would disallow Chinese exchanges from operating but permit the exchange of USD<->BTC acceptable. The Chinese would likely end up defying law, but if they're all going to defy the law, how is it not an over-reaction to sell coins? /drunken speculation Hey this guy has a good point here. For those of us who are avid traders/investors, it is more beneficial for us to trade other assets during slow periods, than to hodl bitcoins, even if we end up buying back at a higher price. |
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Chinese Slumber Method prediction for Sunday May 11 See - wtf is that? What is that thing? You guys need to focus on this because this is your real problem here. Someone needs to call an exterminator or something. |
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 If we were actually breaking out, I don't think we would see this type of failure-formation in the short term candles. When we are actually breaking out, it'll probably be some different formation, like a high volume vertical blast right through the trendline. I think the yellow formation is caused by some type of dynamic about how huobi trades. I'll call it the 'Chinese slumber' |
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And don't forget...
All bitcoin hodlers will be summarily executed.
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A theory why the price went up these last 2-3 days, but only by a little:
The less sophisticated traders at the Chinese exchanges were losing interest because they could not compete with the high-frequency traders. Little by little they were selling their coins and cashing out. Now that the exchanges have promised to charge fees for HFT (and stopped leveraged trading since yesterday), some of those simple traders, who were already selling their coins but had not withdrawn the money yet, decided to get back in the game to see whether their luck would improve. So the bought back some coins, got excited when the price went up a bit, bought some more, etc.. But there weren't many such traders, and the trading did not get much easier, so the rally soon stalled.
I thought the going theory was that the shorts had to close their positions before leverage was removed. |
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 Almost there. But this is where black swan usually appears and causes failure on high volume. |
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The new world order government has declared that bitcoin is doomed. The deadline for dooming is Jun 14. All bitcoins are to be disposed of in fire under a brimstone.
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What's taking so long for the latest doomsday PR to come out and stop the breakout attempt?
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Try to think of it like this pattern:  Though I do agree that it is going down a little overall. |
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So we can stop watching chinese markets? Seems too good to be true.
Nah. Even at current levels, Huobi volume is still 5x higher than Stamp volume. |
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Trading fee implementation and reduction of leverages could lower volume.
Although it doesn't appear much lower than normal now because we are still in the upper band of the downtrend where low volume is typically done. If/when we fall into the lower band, there should be more volume.
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Is this the last time we are going to see 2830 for the next month or more?
Depends from where you're watching that line. Below or above ? =)))) If he's giving a return date, it's most likely a bearish assertion, because a bull would not anticipate the price coming back, ever. |
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Every year is 2013. It's groundhog's year.
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dump on huobi?
It's normal trading. You're noticing it more now because for some reason they refrained from doing it for 4 days. |
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It's more like a bull walk.
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Another advantage of Second Market is that you do not need to worry about safe storage, private keys, exchanges being hacked or being scammers etc - although of course Second Market charges you a lot of $$$ for that. Perhaps even more importantly, you can be very technology naive, never have bit coin wallet etc
What is so difficult about a safe bitcoin wallet? All you have to do is write down your key somewhere, put it in some encrypted file, or remember some way to hash out your key or hash out a brainwallet password. Anyone putting a serious amount of money into bitcoin should have the time to figure out how to do this. Meanwhile, if you invest with SecondMarket, you take the extra unneccessary RISKS of your funds being stolen by SecondMarket, seized by the government, lost to bankruptcy, lost to hackers, etc. and you can't even use your coins anywhere. You get none of the security features, functionality, or financial freedom that bitcoin provides. I cannot believe people spend extra money to do that. You would have to pay me to do that. |
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see you guys monday.  ... to the sun? |
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