12hr head & shoulders completed on heavy volume. Trend reversal confirmed. Time to go long. Major resistance at $440-$450.
Major resistence is at $420. Don't look to the past. Look at the here and now( order book)! 1. order book can change instantly, not a reliable indicator 2. the past indicates support/resistance levels and their respective volumes, or how many players traded and will remember that particular price. support becomes resistance and vice-versa. sure it can change. But now there is a wall at $420 with 4000 coins. This could deter people to buy at $415 because the price will likely no rise for the next time. I don't like TA. In my opinion price is the result of supply and demand. But if many traders believe in TA this will get a self-fullfilling prophecy. But I would say: If people try to predict the future with chart analysis, they are right at 50 50. I bought new coins after we broke that 26k wall. This has more impact than charts! PS: There is no resistance or support level at $420 in the past. Neither is it a round number (like $400). Why is there such a resistence now? The wall could get moved up or down, or be taken away entirely. Some walls are skiddish, some are permanent. There's no way to know. Sometimes they are useful. During strong trends they are not as they get easily moved/pulled. TA is simply a way to predict when the trend might reverse. And that's what you should be doing when trading... following the trend. Volume tells me how much money and how many coins were accumulated and distributed when the 26k wall was eaten. You are part of it, so was I  That is TA. Support/resistance levels don't occur every time the market pauses. We could be consolidating for the next move up. 420 may well be a resistance level. But 450 will be a more significant one. Markets are fractal in nature. The farther out you zoom, the more significant patterns and predictions become. So heavy volume support points on the daily chart will become more significant resistance than lesser volume support on, say, a 1 hour chart. |
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12hr head & shoulders completed on heavy volume. Trend reversal confirmed. Time to go long. Major resistance at $440-$450.
Major resistence is at $420. Don't look to the past. Look at the here and now( order book)! 1. order book can change instantly, not a reliable indicator 2. the past indicates support/resistance levels and their respective volumes, or how many players traded and will remember that particular price. support becomes resistance and vice-versa. |
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now we only need ltc above 4 and it will be perfect
shhhh my ltc bot hasn't bought back in yet. |
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12hr head & shoulders completed on heavy volume. Trend reversal confirmed. Time to go long. Major resistance at $440-$450.
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will probably not even get to 390...
you spoke too soon i didn't expect someone to leverage short 750 coins right now...lol but it's fine...we'll be up anyway Does leveraged short mean the exchanges are lending them money?? they lend bitcoins to short Technically they are lending other people's bitcoins, and the lenders are making interest. |
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What sort of uptrend do you guys think would cause shroomsy to stop complaining about goddamn traders and dumpers? You think anything less than a perfectly linear rise would do it (straight line)?  He obviously doesn't understand how markets work. Best to ignore until he graduates middle school. |
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who says i have any bitcoin? i just believe in the cause of fair money.
Be careful with this, remember the Feds took down the mob by proving tax evasion, not actual crimes. If the US government (with all of the data collected by NSA, etc) is able to prove that at one point you acquired a certain number of coins then it is easy for them to force to you admit to one of the following, either: 1) You sold the coins, in which case you better have reported that past sale to the IRS and paid taxes, or 2) You still control the coins or 3) They got stolen... * runs filing police report * "Private keys lost in a boating accident" |
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Yeah, finally dropping the ignore on the Shroomster.  What kept you I find him entertaining. Blitz even quotes him in his sig, along with the completely obnoxious non-entertaining troll. You mean Jorge? |
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Adam, that sucks man. I had some marital issues a couple years ago... really tough emotionally, but we worked it out. Ultimately neither of us wanted to be with anyone else. Worst case scenario, when you're Bitcoin rich maybe she will come crawling back  In other news, looks like a bottom forming on the daily chart. If we get another dip the remaining sellers will be shaken out at the right shoulder, leaving the runway clear for bulls to take back control. |
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502 sitting at $335 on Stamp
Knock this down quickly and confidence should return
It was gulped down in one bite. |
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Are you into Bitcoin ? Sure you are. Have you bought some coins recently, or do you get paid in Bitcoin for done work? Or may be you invested smart money into Bitcoin at a time back in 2009, when the rest of the world didn’t even know of it’s existence? Doctor of what now? |
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I'm expecting rainbows and unicorns today everyone. Don't let me down.
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To those who are still short and currently talking their book:
Look at yesterday's daily candle, then compare it to every other daily candle during the past year that resembles it. That is all.
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No. The USD is backed by the full faith and credit of the US government. As are my deposits in real banks, which are insured by the FDIC for at least $250,000.  ...unlike Bitcoin banks: NeoBee (lol ran), TradeFortress (lol ran), and Ukyo (lol ran), which, unfortunately, are not So in the event that multiple banks get wiped out again, how do they pay for it? Is there a fund with cash in the bank? Do any of our alphabet agencies actually have reserves? No they do not. Just look at Social Security--it's a bunch of IOUs. |
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Weak hands are simply those with a higher buy-in price and who cut their losses when it drops too far. So the guy who bought at $800 would be a weak hand. Those who bought sub $100 are strong hands.
Don't take it personally, it is what it is.
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Now that the big selling pressure is relieved, I do believe we will go upwards for awhile.
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Got a piece of the $300 wall last night, will probably add it to my cold storage.
Otherwise waiting with fiat for my signal. Should happen today sometime.
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 SO who here timed the market swings? Not by looking at 3m charts. Lowest I go is 15m. 12h & daily looking pretty hot right now. |
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Anyone feel like sharing their "bankroll" when playing on the exchanges?
Mine is...well it's not really anything but about 0.30 btc total. I don't think I will be earning any serious amount of money with this, but this is the amount I am willing to risk, or rather, that I can afford to lose.
traders always say to only play with like %10 of your holdings, its just not wise to think you can call tops and bottoms, that kind of thinking will have you go all out on a bounce that turns out to be trend reversal 0.30 btc is about that much yeah, 10% of my holdings. I've been here since late Apr 2011, but unlike a lot of people I failed to amass large amounts of bitcoins, even though back then I had upwards of 100, a year later I had ten times as much litecoins, past tense yes. I use a small percentage of my stash. I've managed to trade up from BTC6 to BTC20 since June. Thanks, Litecoin. Good time to buy some, btw, as it follows lock-step with Bitcoin. Silly Chinese traders, they love it |
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I would think individuals approach mining operations for accumulation purposes all the time, so yes, in theory.
What percentage of their mined coins they sell, now that is the question. Miners don't exactly advertise with flashing neon signs. They also don't sell 100% (some are long term holders) and tend to be engineer-types. While they understand the protocol and its future implications very well, they are less comfortable with personal relationships and would be rightfully careful about who they enter into a business deal with. Their need to stay anonymous is understandable. If it were me, I would much rather sell to someone like Barry Silbert of Second Market than someone I've never heard of with plans to crank the market down for his own profit. And if I ever suspected that something like that might be happening (and making my entire investment worth less in the process) I would end the deal immediately. Come to think of it, miners and speculators have very opposite personality types.
Like I said, no market scheme can work forever once other players pick up on it. I think he may try for another few pushes downward but if "the player" can only coax the beast to move a few dollars down, there's not much point. Manipulation is a risky venture and only works if you are in absolute control. The moment that comes into question, you stop in order to protect profits.
I don't see how that can be true. Its is economically unfeasible for miners to survive on this "market scheme". Miners might be long term holders but they have had their own piece of the pie stashed away for awhile already. The coins being minted presently. By industrial, VC funded, warehouse-type miners are most certainly all sold to Bitcoin brokers. It is perfectly reasonable to assume confidential supply agreement are being drafted everyday between miners-brokers-private buyers. I'm sorry to say but it is pretty likely Barry Silbert is one of these brokers who will sell to any private party willing to pay his price. Please don't fool yourself into believing there is such a thing as an agreement between these market participants not to dump the price. I was not aware there were VC funded mining operations. What incentive does this provide over buying coins directly? I'm not necessarily saying that miners have any idea what is happening with the coins that they sell. But certainly they want the price to stay higher rather than lower, and you might do some blockchain investigating if you suspected it was true that clients were dumping coins, causing you to sell more of them to pay rent and utilities. The major exchange addresses are known. But this is all speculation anyway. What is likely happening is that whales are swinging their large sacks of coin around to buy in cheaper. |
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