UGLY chart for BTC trading

[tclo]

I don't know if many people here understand chart action and "technical analysis" but I suspect many do...at least those "evil speculators". 

Anyway the BTC chart looks a lot like the last post-bubble a couple of years ago..very little has changed.  It was a speculator driven bubble and it deflated down to $2 and this one will probably drop down to $20 or lower in time.   If there is no more high profile currency crises, you can stick a fork in BTC's price.

And yes I know some of you said that it's impossible to predict highs and lows and had no idea that the price would fall from $260 but this is just the way the real world works.  It is history repeating itself over and over and over and I would hope the majority of the people on the board recognize this. 

I will be buying some BTC at $20 and will hold it until the next bubble, which could be in another two years or never but it's a calculated risk.  $20 might be too high but sound like a decent entry point.

This whole thing has been so fascinating and entertaining these past few weeks.  With so many new players in the market, we should have even more action for awhile.  But with no "fundamentals", there's no reason for the price of BTC to go up much...to the only direction is down until something else crazy happens in the news.

[gradient vector]

Bitcoin price is attention driven. Hopefully this will change in a few years.

[bitcoinminer]

I for one can't wait until the next bubble and the next GOXXXING of people en masse.

[glitch003]

If there is no more high profile currency crises...

I think it's a pretty safe bet that there will be more currency crises.  In fact, given an infinite amount of time, it's a certainty. 

It doesn't have to happen tomorrow, I'm not in any rush.

[MarKusRomanus]

I'm in it for the long haul. I have yet to actually buy Bitcoin, so this looks like an opportunity.

[jp]

I think this is good. The last price shot up in such a short period of time - that's not healthy for a currency looking for its identity. This price decline will get rid of the speculators and allow for organice growth. This is good for those of us who are in it for the long haul, which I'd imagine is most of the active members on this board.

[Malawi]

Second that motion.

But I think the price may fluctuate quite violently the next few days.
But the slow steady growth is the sign of a winner.

[Impaler]

I said from the start were were seeing a grand repeat of July 2011, people learn nothing and have pathetically short memories.

[tclo]

I said from the start were were seeing a grand repeat of July 2011, people learn nothing and have pathetically short memories.

Yes it seemed obvious before, during, and after.  Well just be glad they are on the other side of the trade from you.  Or happy to be holding at $260 and watching the price drop $200 from there in a few days, which is where it is right now.

[tclo]

But the slow steady growth is the sign of a winner.

Then BTC has been a major loser in your estimation...going from $20 to $260 and then down to $50 in two or three weeks.

I agree that it could slowly appreciate in the future.  I don't know why that means people would sit there and watch it drop 80% on them in a week rather than selling and buying back 5x as much to sit on and hold for the long term.  But I guess takes time and effort and not everyone wants to spend that.  To each his own and just enjoy the ride.

[Ares]

I believe this is a necessary and inevitable cleansing.

Before this recent climb to 266, who were the ones with 4 figure amounts of coins? Largely, "weak hands". Now, I just witnessed multiple 4-figure btc sell-offs, and asked myself, who is buying? The answer: serious investors (yes, there are a lot who are just selling and buying back lower, but for the other cases...). Billionaire Kevin O'Leary, for example, was on the media the other day saying he was looking to invest 1%+ into bitcoin. He is not alone.

I believe we are witnessing the shift from the scared to the strong which had to happen sooner or later and "shook out the weak hands".

You can't say the fundamentals haven't significantly improved since the last bubble.

I bet it holds at $50

[dancupid]

Make a wish

[Malawi]

Make a wish

I wish that the other bone should break next time.