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August 22, 2015, 12:30:30 AM Last edit: August 22, 2015, 12:41:53 AM by spacecakes |
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The market is looking bad, boys. It's something that's been on my radar for many months, and after the last correction in Dec '14, the market has done basically nothing, If you look at the graph, 5 year or Max of the DJIA, you can see that for the most part of this year, the movement has been sideways and is now spilling over.
It hasn't looked this bad since 2011 - and if it moves more than 2100 points, it will officially be worse, and will be the biggest correction to date since 2008 crash.
The price point I'm watching is 16300 on the DJIA - surpassing that point both surpasses the previous 2011 decline of around 2080 points, and it also surpasses the last point of support from the Dec '14 correction @ 16380. The next point of support is 15k, and then onward, I don't see why 15k would hold, if 16.3 doesn't, but hell, weirder things have happened.
I feel like this would be a great time to have Bitcoin but nothing about Bitcoin looks good atm with BitcoinXT/NotBitcoinXT and the prospects of a fork, premature or otherwise. I've noticed that GHS has been dropping and the difficulty hasn't adjusted, the only thing I can think of is that people are fearful for the future of mining, mining contracts, and bitcoin's current price.
If the market were to crash, and shit hit the fan, would all this "bad news" floating around about a bitcoin fork prevent people from buying into BTC for protection?
China is not looking good, Russel Index isn't looking good, Our market's aren't looking good, there is basically no denying that many of the countries in the world are currently involved in purposefully manipulating the price of their currency, either to make their exports more competitive, or just to prove that they can (referring to the fed rate hike that's supposedly in the books for this September, though I'll believe it when I see it lolol).
I think the scariest part of all is that we have much further to fall, with much less central bank support, what are they going to do? QE 4? QE 5? How long till our dollar is worthless ? lol how long till this doesn't work anymore, it barely works now lol.
I am taking the chance and buying bitcoin anyways - So don't fuck it up HEARN/ANDRESEN.
EDIT: Added info on DJIA. I also feel I should mention that BTC is not the only thing I am buying to protect myself and/or profit. I'm short S&P futures, I own precious metal, and I'd love to have some BTC.
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