Is Evolution affecting bitcoin?

[Kimba_Coinarch]

We think the bitcoin price has taken a slight hit this week as a result of the bitcoins that were stolen from Evolution Marketplace customers last week. The price however seems to be picked up.

March 26th Bitcoin Trading session

We predicted the bitcoin price would test 240 as its strong support level. The aforementioned level had previously incited a strong bullish rally and therefore was hinting as a reliable downside risk after the previous upside correction towards 250. We also feared that that the bitcoin value was extending its downward momentum and retesting the presumed bottom near 236. The latter however didn’t happen, thanks to favorable buying pressure near the 240-242 area that helped stage a wonderful recovery.

The Bitcoin price unexpectedly broke out from the bearish range towards 236 and started to move upwards, setting its resistance break just near 248. The market started to move and the price managed to pass above the psychological upside risk near 250, forming a daily high near 252.

At press time, the bitcoin price is hinting to extend its bullish correction, and is hoping to retest 258 as its next upside target.

What to Expect Today?

As you can see in the chart above, the bitcoin price is trending below the 50H SMA, while the RSI has just crossed above 50 to establish a neutral scenario. Meanwhile, the MACD blue curve has also moved right above the saffron signal curve, though is currently situated in a negative territory. The technical indicators indicate a near-term bullish scenario, waiting to be shaken by a single large sell-off.

As price holds itself above the 250 support level, we can expect a smoother ride towards the initial upside target of 258, or a value just shy of it. We therefore recommend our readers place their long positions just below the aforementioned level (you can also wait for a better entry point in case smaller corrections appear, though make sure the entry point remains above 251).

If the price attempts a reversal from the current channel, price is expected to retest the 240-242 area once again. Setting your stop loss near 245 will ensure a timely exit with a nice risk reward.

Conclusion (On Daily Charts)

Current Mood: Bearish
Moving Averages: Neutral (6 Buy 6 Sell)
Technical Indicators: Strong Sell (1 Buy 7 Sell 3 Neutral)

Where do you think the price will be at the end of March?

[forlackofabettername]

fatty karpeles was just done with dumping his coins, then the silk road auctions, then evolution scam. "Slight dip"? 15% is 'slight dip'?!

Now you buy more stolen coins and then when it goes up a little the next thing is hacked and dumped. Bitcoin works like this: faithful idiots keep buying coins which have been stolen FROM THEM previously. This repeats over and over again. The stolen coins you buy today get stolen from you and dumped again next week and you will buy them again just so they can be stolen and dumped again!

THAT'S HOW BITCOIN WORKS!

[Kimba_Coinarch]

I think there is a little more to bitcoin than you have suggested.

There is so much money being invested into the bitcoin market at the moment. Take the Coinbase $75m capital raise for example. http://www.wsj.com/articles/coinbase-raises-75-million-in-funding-round-1421762403

Yes there have been a few setbacks though the positives far outweigh the negatives. Stripe are now accepting bitcoin and there has been 100% user adoption growth year on year with Blochchain reporting its 3 millions bitcoin wallet.

[dropt]

fatty karpeles was just done with dumping his coins, then the silk road auctions, then evolution scam. "Slight dip"? 15% is 'slight dip'?!

Now you buy more stolen coins and then when it goes up a little the next thing is hacked and dumped. Bitcoin works like this: faithful idiots keep buying coins which have been stolen FROM THEM previously. This repeats over and over again. The stolen coins you buy today get stolen from you and dumped again next week and you will buy them again just so they can be stolen and dumped again!

THAT'S HOW BITCOIN WORKS!

I'd greatly appreciate it if you'd try a little harder.  Seriously.

[waterpile]

fatty karpeles was just done with dumping his coins, then the silk road auctions, then evolution scam. "Slight dip"? 15% is 'slight dip'?!

Now you buy more stolen coins and then when it goes up a little the next thing is hacked and dumped. Bitcoin works like this: faithful idiots keep buying coins which have been stolen FROM THEM previously. This repeats over and over again. The stolen coins you buy today get stolen from you and dumped again next week and you will buy them again just so they can be stolen and dumped again!

THAT'S HOW BITCOIN WORKS!

here you go mate!

[chaoman]

fatty karpeles was just done with dumping his coins, then the silk road auctions, then evolution scam. "Slight dip"? 15% is 'slight dip'?!

Now you buy more stolen coins and then when it goes up a little the next thing is hacked and dumped. Bitcoin works like this: faithful idiots keep buying coins which have been stolen FROM THEM previously. This repeats over and over again. The stolen coins you buy today get stolen from you and dumped again next week and you will buy them again just so they can be stolen and dumped again!

THAT'S HOW BITCOIN WORKS!

Unfortunately this is true. I got scammed out of .4 btc and I ended up buying more btc.

[Nrcewker]

always see Bitcoin 2.0, but yet see it.

[ThunderCatSteve]

It's kind of obvious a huge margin of BTC Pricing relys on the DarkWeb Markets. When silkroad went down, the market took the biggest hit i'd ever seen. That was back when BTC was around 150$ per btc. Popularity is growing, and so is the price. So i think as long as their are fools willing to risk using darkweb and getting into bitcoins the price will continue to go up.

If i had to guess, I'd reckon that BTC will shoot up in price over the next 2 years regardless of Evolution or any of its counterparts.

[Shiver]

It happens I'm sure, but it would be a bit of a stretch to suggest that it's an all encompassing theory of everything Bitcoin.

[bri912678]

It's kind of obvious a huge margin of BTC Pricing relys on the DarkWeb Markets. When silkroad went down, the market took the biggest hit i'd ever seen. That was back when BTC was around 150$ per btc. Popularity is growing, and so is the price. So i think as long as their are fools willing to risk using darkweb and getting into bitcoins the price will continue to go up.

If i had to guess, I'd reckon that BTC will shoot up in price over the next 2 years regardless of Evolution or any of its counterparts.

In the short term everyone is waiting for the evolution coins to get dumped. Regardless of the exact figure, there were a huge amount of coins on that market and if they are dumped it will crash the price.

[Q7]

It's difficult to foresee what would happen. For instance just 2 weeks ago the rise was pretty fast and we expect it to breach 300 level but that did not happen. When it drop there was also quite a strong buying support that keeps the price from dropping further so it's kind of balanced right now. Anything could still happen and even the order book saying the sentiment is towards downside, a sudden large buy order could change everything.

[Mieehayii]

always see Bitcoin 2.0, but yet see it.

Evolution is affecting bitcoin, but now so fast.

[jehst]

Evo is gone and Agora's been down for the past 72 hours or something while BTC has dropped.

Might be a small pump when Agora comes back online as people buy BTC to make orders.

[zetaray]

Evolution is gone and the market expects a dump of the stolen coins, but it didn't happen. The market is dropped and bounced back up. Evolution is affecting bitcoin price, no doubt. It will not take long for Evolution 2.0 and Silk Road 3.0 to rise and they will affect the price the same way. Do not attempt to predict trend based on these darkmarkets.

[DieJohnny]

very interesting, so we get to buy back our stolen coins....

well at least i get them back