It may not be necessarily a bad news, at the very least Ripple will kick Mt Gox out of business, this alone should be the greatest news to Bitcoin in a decade.  not even funny to joke about that bitcoin is hugely dependent upon MtGox right now. I am not joking. Putting the future of Bitcoin in the hands of a centralized exchange with an unprofessional team will do more harm than good to Bitcoin in the long run. Ripple will be centralised too and potentially do a lot more harm than one large exchange ever can. MtGox is just one of many exchanges I've never used. |
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Here is my prediction for next weeks trading on Mt.Gox  Lol can't see it happening though. If it did there'd be uproar. Theres a better way to deal with bitcoins if you don't like them, send in a trojan horse -> Ripples |
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Heres an update to that support line on a 2 month log chart  Maybe the bears will have the last laugh, its close. As I said in the bear thread: Looks like we finally got a little bit of movement again. No test of old lows so far, but the day isn't over yet.
Thoughts?
The bull case still has some ground to stand on, but they need to hold it here. Daily RSI bouncing below 50 may make that difficult. The weak response to touching that support has me a bit concerned I have to admit, I was hoping for a stronger reaction than that. |
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Ripples are a trojan horse in the crypto currency realm !!!
Money like gold, silver and bitcoins are assets with no liability. This is money that sets you free.
Fiat currency and ripple represent debt. The purpose is to keep you as a debt slave. The aim of ripple is to take over and replace bitcoins with promises to bitcoins, all the while pretending it is good for bitcoins. It allows the ripple controllers to inflate the bitcoin economy (and in fact any economy). Inflation is theft, pure and simple.
Ripples is a scam. Check the link in my sig.
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Heres an update to that support line on a 2 month log chart Maybe the bears will have the last laugh, its close. |
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I don't think anything popped... This was just a large sell off by 1 or more organized people/groups. Went down less then 10% then in less then an hour recovered 50% of the loss.
That moving support line is looking pretty good though:)
You're right. It did look a bit like a pop when i first glanced at it on the 10 day chart though !  NO ITS BEAR HOUR!!! Ooops forgot that, sorry  |
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I don't think anything popped... This was just a large sell off by 1 or more organized people/groups. Went down less then 10% then in less then an hour recovered 50% of the loss.
That moving support line is looking pretty good though:)
You're right. It did look a bit like a pop when i first glanced at it on the 10 day chart though ! |
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Pop! ..... and bounce ? I've updated that line on this log chart here  That looks very much like a validation of the line to me! Up up and away... |
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I tend to agree with namelessone that its still unproven if this was the peak of the bull run or in fact just a huge correction. The lines of support and resistance have been swinging from a bearish outlook, to more and more bullish recently though.
I like to think I'm quite neutral at the moment, if price drops i'll buy lots of cheap bitcoins, if it starts rising my current bitcoins will be going up in value but i won't be able to buy as many new ones.
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I reckon prices might be higher than $200 USD before long  |
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Heres a chart from my blog  It will be interesting to see what happens when the price hits this line in the near future. Will we get a bounce up in price. I think there’s a decent chance that may happen and if it does the chart will start to look rather bullish again. If you’ve been sitting out, maybe its soon time to get back into bitcoins? |
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Funny how this is the same exact rhetoric was used against LTC, now that battle was lost Bitcoin zealots have a new scapegoat to attack.
Theres a world of difference between LTC and Ripple, Litecoins has all the same benefits and attributes as bitcoins, just with some parameters tweaked. Ripples are debt and the economy is centrally controlled. I'll endorse bitcoins, and all its clones but definately not ripples. |
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Have added the ripple scam website to my sig. edit: its not working how do you add a url to your sig ?http://ripplescam.org/Ripples are a way persuade people to forget bitcoins, and move back into inflationary centralised debt. |
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Heres a slightly different view of it that I plotted, on a 2 month log scale  My green line is the top of a very long term trend I've been following, the price has dipped well below it a couple of times after the recent price crash. However those dips came after tremendous falls which to me feels similar to trying to hold an inflated balloon under water. Its bullish that we are remaining above that trend and that we've broken out of the recent downtrend. |
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I agree this down trend has been broken
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Heres my latest chart which is 3 months, on a log price scale  I'm modified my thinking in terms of a closing wedge rather than a down channel now. The red line is the top line of the down trend channel I've been drawing on charts in this thread. Down trend is about to meet long term support (you have to look at a chart going back to 2011 to see where the green line comes from! If we assume this wedge is valid for the sake of argument. Which way will it break ?  |
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I have updated my recent analysis (I can see why you guys have so much fun with this line drawing business)  While the tone is rather playful  , the general gist of the above chart holds some weight in my opinion it does ... +1 Liking the chart, never thought of putting choo choo trains on my charts yet |
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Its a bit early to throw in the towel yet Babylon, bitcoins are process and there is gradual progress happening all the time. Don't expect instant results, it will take years
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Resistance is being tested right now.
If it goes through that would be a bullish sign, I'm expecting it won't and price will dip. This is only guessing based on lines of support and resistance, often support fails or resistance fails, that doesn't mean the analysis was invalid only that the market is taking on new behaviour. This sort of thing is impossible to predict with certainty.
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