SecondLeoTheSecond
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Activity: 53
Merit: 0
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February 07, 2018, 01:37:34 PM |
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We'll face resistance now.
Likely short lived though.
From here it's either down fast and soon with next stop 3,3k or up to 10,2k in about a week. Upside more likely.
And the next resistance back up should be around 9,2k. Still going with the 10k timeline. The 3k3 scenario is mostly ruled out until the next hit of 10k. |
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Last of the V8s
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Activity: 1652
Merit: 4386
Be a bank
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February 07, 2018, 01:41:12 PM |
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Quantum pseudo-telepathy  |
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BtcMan2009
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February 07, 2018, 01:42:14 PM |
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There now as I also assumed for a start level 6k stood and the rebound from it went, I wrote about it earlier. Now even in news change of a background of news and this beginning of formation of a new bottom is observed. Perhaps there will also be a new updating of a bottom, but think there will be sharp rebounds and it is informidable. Truth already where that nearby. So far I think of any big growth to say a little early. Most likely so far the movement sideways for several months. The price will probably stick at $6666 for a while.
Seems like floating around 6800, trying to go higher, but stable Curious what tomorrow will bring, hope there is some good news from that American governement meetup. Wow sad satate of bitcoin to hope for good news from US gov. On the news there is nothing good, it's a little alarming. But the level of 6k really wonderful, at least near the truth. Very similar that goes out near the hearth. |
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savetherainforest
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February 07, 2018, 01:43:02 PM |
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Hehehehe!!!... its so f^*king nice here when ya'll are sleeping, there is no f*^king 50 page spam that I need to go trough and read!!! Yay!!!  Keep going bitcoing!!! Go! Go! Go!.. Choo! Choo! CCMF!!!  I have no time to go over 50 pages. Here's a recap: - CCMF; - Who sold at the bottom; - Rockets; - Hodl. Am I right? You forgot Glade, but it's over now. Winter is not over yet... there is still snow in the tropics this time of the year! Let us bring out those jamaican summer bobsleds. |
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LFC_Bitcoin
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One of the world's leading Bitcoin-powered casinos
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February 07, 2018, 01:47:27 PM |
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$8530 on Stamp - Is the worst over, is the bottom in?
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Herman Hesse
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February 07, 2018, 01:57:31 PM |
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I am still cautious.. mid- to long-term I am very bullish.. but short-term (next 2 weeks) it is possible that we could test 6k again... hope not but it could happen...
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BTCMILLIONAIRE
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February 07, 2018, 01:58:16 PM |
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It was just a typo. Things have a tendency to take on a life of their own though, like the Ugandan Knuckles conglomerate of memes for example.
I spit on you. You are not de reel qween. My brudda. I never said I was. |
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WindForce
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Activity: 221
Merit: 10
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February 07, 2018, 02:01:05 PM |
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I am still cautious.. mid- to long-term I am very bullish.. but short-term (next 2 weeks) it is possible that we could test 6k again... hope not but it could happen...
That dip to 6k seems now what's called a "fake head". Let's hope we hold that 8K support and build some bullish momentum, then next stop will be 12K |
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fabiorem
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February 07, 2018, 02:07:07 PM |
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I hope this is not the violent bounce predicted by TERA, or my sacrifice to appease Karhu would be in vain.
We are not going to the moon anymore. We are going to Jupiter.
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toknormal
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Activity: 2632
Merit: 1181
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February 07, 2018, 02:12:02 PM |
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Looks like the propellor correction to me. Everything toketh from the same hymn sheet. I don't think you get such deep reversals in a genuine bear market. The correction's manifested immediately at all ranges, including weekly chart and they're starting to even out now. 12-hour momentum has gone positive. There will be some reversals down on the way back up higher lows I think.  |
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Wekkel
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Activity: 2968
Merit: 1485
yes
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February 07, 2018, 02:25:48 PM |
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Look folks, just put all background noise about tether, India guv, Roubini FUD and other distractions out of your minds. Here's what's going on. The correction is technical, pure and simple. If you checkout this chart from 2015/2016/17, you can see that bitcoin grows in these 8-monthly bubbles which burst in the "propellor correction" fashion I described. The pattern's always the same:  That is: • market starts rising out of a bowl • gets to a point where it overheats • nosedives sharply all the way down to retest just below the previous "propellor spike" • retraces halfway up the initial correction and stabilises • drifts slowly down from there to settle from where it starts the next cycle During 2017 these corrections got closer together as we've had both greater market depth AND unprecedented growth during the year. So instead of our 8-monthly crash and recovery we've had 3 of those consolidations (that manifest in the lowest resolution weekly chart) in the last 6 months instead of 1. The last one was in November, peaking at $7500. Together, those 3 consolidations amounted to an aggregate 77% retrace spanning 6-8 months. ($7500, November, $1825 end May).  What this means according to precedent is that we NEED to retest at least that 7500 (+or- 20%) region before progressing. It's just the bitcoin way. This is an uncapitalised asset class that's rapidly capitalising and there's so much clamour to get in that it can't do it smoothly. The low of $8455 we saw on Bitstamp a couple of hours ago may or may not be the bottom of the wick. To complete the full depth of the needed correction we may have to revisit the $7500 level or even 6k at a pinch to really bake in the last runup but that could just as easily manifest as a momentary panic "fat finger" dump before retracing back up the decline to around the $13k level which is 50% of the consolidation we've had since the peak. How Does this Compare to the 2013 bubble ?In fact the 2013 rally and that nightmare 18 month recovery followed exactly the same pattern. The reason it took so long to recover is because it went straight from $126 all the way to the top in 7 straight weeks without any of these bubble-bursting corrections on the way (or even mini corrections). That meant that the last support level was the so called "Cyprus spike" way back in April 2013 when it spiked at $266. And sure enough - according to form - it went all the way back to retest that level and a bit more for good measure. Note this is very different to the situation we have now on 3 counts: 1. the rise from $1000 to $19k (16k realistically) is comparable in relative terms but has taken a whole year instead of just 7 weeks 2. we have 3 fairly hefty consolidations which more or less overlap each other and we've almost arrived at the last of those already 3. the correction is rapid and deep which is a good sign because it snaps the market quickly back into a more reasonable trend that can be sustained (see previous "propellor corrections how they've played out). Note: the angle between the support level and the 3 retracement lines in the 2013 chart below. You can see from that that the closer the retracement occurs to the peak blow-off, the higher the bottom will be. 2014 went low because it retraced so slowly and didn't hit the fan-line for a whole year. Conclusion is, this means the bottom will be in fairly quickly and it's likely to be in the region of the $7500 level +/- 20% in my opinion followed by a fairly rapid (21 day) retrace to the upside as shorts close and off-book demand goes back onto the order books. If not, there are still a furter two consolidation levels available below that but it'd be a brave shorter that would put a lot of money behind adverse trades at those levels given the precedents IMO.  Nailed it. Quoting for posterity. |
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Mythase
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February 07, 2018, 03:03:35 PM |
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Is it me or I have a feeling the alt season is finally coming to an end.
The alts didn't bounce as hard as I expected, or if they did, they didn't hold long.
Yesterday commission hearing was bullish for bitcoin, but bearish for alts in my opinion.
So, is the alt season f-f-f-finally ending? Or I'm just seeing shit....
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BTCMILLIONAIRE
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February 07, 2018, 03:08:14 PM |
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Is it me or I have a feeling the alt season is finally coming to an end.
The alts didn't bounce as hard as I expected, or if they did, they didn't hold long.
Yesterday commission hearing was bullish for bitcoin, but bearish for alts in my opinion.
So, is the alt season f-f-f-finally ending? Or I'm just seeing shit....
You're just seeing shit. Bitcoin is still "down" from a short-term perspective and pretty much all altcoin valuations are denominated in BTC, not USD. Once Bitcoin starts tracing back up, altcoins will probably go down in terms of BTC while roughly tracing their "original" USD valuations. Then once Bitcoin starts moving sideways, alts will play their usual catchup game. In the meantime, whichever alts have strong changes in fundamentals will go up regardless of the current market situation. But in short, there's certainly no reason to assume that altcoins are "ending". They are primed to be the equity of the future, especially if regulators actually start embracing cryptos. Of course, that does not include complete and utter shitcoins with no value proposition. |
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Bitcoinaire
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February 07, 2018, 03:13:23 PM |
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The bitfinexed dude is gonna go crazy, he was tweeting every 20 minutes how tether is a scam and bitcoin will crash and burn. He sold early, around $1500, and received $40,000 from donations for his lawsuit against bitfinex.
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European Central Bank
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Activity: 1288
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February 07, 2018, 03:15:12 PM |
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Is it not possible the bitfinexed guy exit scammed with his legal funds?
Whatever happened he's put up a valiant fight but bitfinex have the funds to out troll everyone.
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julian071
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February 07, 2018, 03:17:56 PM |
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Was out of the office a couple of days. Today I heard a couple of collegues actually sold at the bottom! Shaking out the weak hands really works..... =(
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Paashaas
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Activity: 2842
Merit: 2583
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February 07, 2018, 03:30:05 PM |
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I'm still kind of coming to grips with the fact that a man just put his version of a lambo IN ORBIT...with a final destination of MARS...
I Like what Mr. Musk did with that car  (This pic is real)  I somehow missed the car in that. Had to go back to double check, damn that guy is all the good kinds of crazy. Starman will be in oure solar system for many many years to come. Repeating the same track from 'David Bowie' -Space Oddity- You can even watch ''The Hitchhiker’s Guide to the Galaxy''  And that ''Don't Panic'' on that touchscreen. You can follow Starman's live stream here. https://www.youtube.com/watch?_sp=080f132e-9ded-4bab-b36a-b5c49d26b832.1518016157691&time_continue=6&v=aBr2kKAHN6M |
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