Seriously though why did we get this excessive selling? Nothing went wrong with bitcoin, just the ETF not coming for now. I understand a correction but this was massive.
This was nothing. Expecting more |
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On the russian forums, masterluc is saying this could be wave 3 of (i) 3? Or just part of the supercycle wave 3. Google translate is hard to understand. Long term he is predicting $9500, from extrapolation of previous bubbles, and is saying this move will go far. Seems very clearly bullish https://www.tradingview.com/chart/BTCUSD/fvhCAiH9-EW-development/OR. We are in wave 5 of a new pace of trend. Might be 1600 for top. Spent several of my valuable minutes reading your crap and clicking your link. That post from luc with the EW update is 2months old and not valid any more. His prediction of 9500 is from last year and still valid but nothing new. Don't waste our time. Thought the master had a new update. |
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Shouldn't fear the boom/bust cycles. They are innevitable for a new technology when gaining adoption. We have already had several boom/busts in bitcoins life and we are still here. Yes it sucks right after the bubble bursts but that's how it is. No point in having such fear for it.
Asking for the price of bitcoin to appreciate to several thousands of dollars but at the same time not wanting any bubbles is asking for too much imo
And yes of course it's better for bitcoins store of value function and potential medium of exchange function if the price is more stable but bitcoin is still just WAY to small to ask this now.
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Vinny Lingham indicator. Has been very reliable in the past. Great forecasts. Here, he also says he expects an ETF rejection. Also says any dip in price would not dip below $700. So this tells me 2 things 1. ETF is going to get rejected (expect a drop in price (after a top)) 2. If a price drop does happen, we have out first realistic target for a drop. $700 Bonus: Knowing Bitcoin, $700 is more like $650. For example, recall the drop to $754 that held support at $780. Spikes i mean. Anyway.  He's saying never see bitcoin in the 700s again so that means not under 800 not 700. |
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Nice to see some movement. Let's hope this is a proper leg up. It's about time.
It's about time you get a leg up with a weekly RSI over 70??? You guys don't know what you are talking about. Also the bullishness here speaks for down movement. Weekly RSI is supposed to trend above 70 '16 May - Jun -------- weekly RSI > 70 ---- $430 ----> $780 '16 Nov - '17 Jan ---- weekly RSI > 70 ---- $720 ----> $1160 today ----------------- weekly RSI > 70 ---- $1000 --> ...  Using past examples where the RSI went higher than 70 has absolutely no significance. RSI over 70 is overbought period. Don't have time to get into stupid arguments that waste my time. Leaving again for better and more intelligent places. |
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Nice to see some movement. Let's hope this is a proper leg up. It's about time.
It's about time you get a leg up with a weekly RSI over 70??? You guys don't know what you are talking about. Also the bullishness here speaks for down movement. |
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looking the buy orders on Kraken i smell incoming panic buy i would say...
i keep looking the buy and sell orders for quite a long time now and if i am correct we will start upwards trend from today for long period of time (i not comment the up and down of ~20 euro)
looks to me that people start realize that with BTC they can change their future and i am happy about that.
Hahaha love how you think you can predict the market on a longer time frame by looking at the order book. |
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Industrial miners have invested enormous capital in order to generate coins. If they can temporarily buy coins for less than it costs to produce them, they rationally will.
Of course not all miners have exactly the same cost per coin. But in a highly competitive market, which this clearly is, that cost tends to converge (more efficient miners drive less efficient ones out of business).
Current cost of mining a coin is not < $600. If it were, while market price has been at least over 20% that for several months, more investment would pour into mining in order to reap that differential, driving up costs.
Miners are not simple enthusiasts anymore, and have not been for a while. They have reserves, and they determine how best to invest their surplus. This is a mature business.
I still don't understand why miners would buy coins instead of simply not mining. Do carrot farmers buy carrots when the grocery store has a sale and sells them for less than the farmer can produce them for? If carrots were durable and the farmer would expect rising carrotprices, why not? A farmer that goes from farming to speculating is probably not that common. But in bitcoinland there might be a healthy % that do but who knows. Sry for OT |
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If price were to drop below miner cost per coin, then miners would immediately start buying coins. So no, we are not going to the four, five or six hundreds.
Why would miners start buying coins? They would stop mining, is all we can be reasonably sure of. If miners stop mining the whole system stops processing transactions. Of course all miners don't stop. It's an equilibrium. |
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what happened to the sentiment in this thread?  From MasterLuc's Russian forum translated with google translate: "In any case - we have a 3-year perfect cup from 154 to 1100+ - it's very, very bullish figure. My ass feels major ambush against the Bears." Let's hope that the sentiment from Luc's ass is correct |
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Well the question is... is people being ow irrationally pessimistic or too cautious? or right now if you buy it will go lower? we can't know.
Also I think the time to get rich with bitcoin is over. I think unless you are holding 3 figure coins you are not getting rich in the next decade or so, that's why im looking at other projects but I dont see anything worth my time and money.
What do you think about Iconomy? can this give us an uber pump? I dont know about the project but the asset itself seems to be performing quite decently compared to the rest out there. At least its not stagnating.
Trying to ger rich fast is the fastest way to the poor house. |
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With the new law in it, it seems that a complete decline has begun to emerge, and this decline will not be a rise anymore. Now we have to wait for a time like June or July. Then the bitcoin can rise up again. Now it's just time to get some more bitcoins.
This is contradictory. If you believe in further decline then now is NOT the time to get more bitcoins |
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Yes there will be less capital flight buying but since that was anyhow a zero sum buy/sell it probably won't make a difference. What the Chinese can still do is buy bitcoin as a store of value and that has the potential to drive the price much higher.
The BTCC CEO said it's unlikely bitcoin is a big route for capital flight in China because of all the fees involved in buying bitcoin, withdrawing it, then selling it abroad, and withdrawing fiat. He says it's more store of value to hedge against the crashing Yuan. When Trump gets into power there is speculation his high import tax of Chinese goods policy could devalue the Yuan further, which could pump bitcoin further. I agree with this. |
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No we should thank them. They are cleaning up their exchanges and at the same time the risk of China baning bitcoin is highly reduced. If you wanted bitcoin to ever succeed this was the best that could happen imo Care to elaborate please ? Well, I think the market has been worried of a full ban by China. China making bitcoin illegal or in some other way putting in some kind of ban to reduce capital flight. If the Chinese governement actively seek to control the exchanges in order to make them comply there isn't any reason for them to clamp down further. Yes there will be less capital flight buying but since that was anyhow a zero sum buy/sell it probably won't make a difference. What the Chinese can still do is buy bitcoin as a store of value and that has the potential to drive the price much higher. Then we had the risk of these rogue exchanges being used to manipulate the price (both up and down) which was bad for volatility and overall trust in btc. Finally there is the point of the SEC that I mentioned. |
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I don't think market behaviour like this will look too impressive to the SEC pondering ETFs right now. Bitcoin has lifted her skirt to reveal a sloppy pussy, or double dick arrangement, or even BOTH.
Yes. But having the Chinese regulate their exchanges cleans that pussy up (to use your retarded analogy). The chinese exchanges were a systematic risk. It was even mentioned in some of the comments to the SEC that the exchanges could be used to manipulate the price. Clean that up and all of a sudden we have a greater chance of being aproved. |
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No we should thank them. They are cleaning up their exchanges and at the same time the risk of China baning bitcoin is highly reduced. If you wanted bitcoin to ever succeed this was the best that could happen imo |
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From masterlucs Russian thread using google translate https://m.vk.com/bitcoin_vanga"This time the pain and it is unlikely in the shortest possible time is expected to continue the feast. Those who did not sell - you'd expect the bottom and a rebound of 62%. More than confident that the level of about 1000 price soon overtake, but further - alas. Rebound is expected to be one of the following below Fibo levels. Of course 524 is highly unlikely, but those higher - quite. And then we will be long and hard to draw a counter-trend channel (handle). It takes six months to a year. This Buble something that does not happen that happened in the past and it was my anchor. 1. Before draining noticeably did not shoot light. Usually, it was and it meant the end for a few days. 2. Before any discharge has not been expressed triangle. It is not something that normally - he was always in the 4th wave at him, I was guided in counts as a surveyor on the device. In general, I am now blind, as this is the Wang. These anchors are used to work as a clock and brought me a lot of money. It's a pity. We seek the following." |
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What's pulling the rug out from under BTC price..... all gains from last few weeks slipping away  China ban bitcoin |
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is crypto done??   In China it looks like that. On previous corrections it took several gradual corrections to break critical support, now it's like hot knife through butter... But didnt you say a dump to 660$ was about to happen these days? If so its expected market behaviour Not so sudden, this is abnormal. Nothing is abnormal about this. Corrective wave. Bitcoin isn't dead. Wake up |
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