88 on Mt. Gox key level of support (Market Cap: $900 million)

[tokeweed]

I think we are on a long slow sideways trend for a few months.*


(* well actually I don't but now all 3 baseless predictions are covered)

and the bad news is it might take years before it trends up.

[1714884075]

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[1714884075]

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[Bitcoin BEAR]

You people must be outside yo damn minds!  

First off, $88 was broken today, which already makes you WRONG.

Second, There is no reason to believe it's going to turn around here. If it were, it would have bounced much higher already. Those little recoveries after a sell-off just don't happen anymore. There are now strong wave structures heading down, and they aren't going to be done soon.

Last, those who hold will lose at least 40% of their buying power by the end of this Bitcoin Bear market. Those who buy every twitch on the way down will lose buying power. You are only cheating yourselves with your delusions of "$200 within days" even weeks for that matter. We aren't at the bottom because there are still too many people who think it can't go lower. YOU WILL LOSE!  

Told ya!
It will go farther too!

Watch out below if we don't bounce off 88.

Any idea where the next level of support is? Scary.

So, I will re-ask my question now. Where is the next level of support? Somewhere in the 50s?

After this consolidation is complete, I expect a small bounce between $60-70 before heading lower. $50 may have a fair amount of support, but will also likely fall. Once that happens, shit gets real! 

[BitChick]

I think people are just waiting to see what happens tomorrow with Mt. Gox.  Supposedly Mt. Gox is going to allow for USD withdrawals again (from what I heard they had been manually doing some already).  If they do not though, people will panic even more sending price down.  If they follow through (I know this is something hard to bet on) then price goes up.  With some of the other news that is positive out there I think it will go up substantially but we will see.  $50 seems way to low.

[Crypt_Current]

I think people are just waiting to see what happens tomorrow with Mt. Gox.  Supposedly Mt. Gox is going to allow for USD withdrawals again (from what I heard they had been manually doing some already).  If they do not though, people will panic even more sending price down.  If they follow through (I know this is something hard to bet on) then price goes up.  With some of the other news that is positive out there I think it will go up substantially but we will see.  $50 seems way to low.

When faced with "6 in one, half dozen in the other" situations like this in BTC trading, I like to look at it this way:
There's 21 M total -- EVER.
How many do I currently have?  What percent is that of the total?

Then it's time to protect the money.

[Inedible]

I think people are just waiting to see what happens tomorrow with Mt. Gox.  Supposedly Mt. Gox is going to allow for USD withdrawals again (from what I heard they had been manually doing some already).  If they do not though, people will panic even more sending price down.  If they follow through (I know this is something hard to bet on) then price goes up.  With some of the other news that is positive out there I think it will go up substantially but we will see.  $50 seems way to low.

I think it's the other way around.

If Gox resumes USD transfers then prices will go down due to people cashing out to USD.

If Gox doesn't resume, people will convert their USD into Bitcoin (pushing prices up) and then transferring out to an exchange that can give them USD.

[derpinheimer]

I think people are just waiting to see what happens tomorrow with Mt. Gox.  Supposedly Mt. Gox is going to allow for USD withdrawals again (from what I heard they had been manually doing some already).  If they do not though, people will panic even more sending price down.  If they follow through (I know this is something hard to bet on) then price goes up.  With some of the other news that is positive out there I think it will go up substantially but we will see.  $50 seems way to low.

I think it's the other way around.

If Gox resumes USD transfers then prices will go down due to people cashing out to USD.

If Gox doesn't resume, people will convert their USD into Bitcoin (pushing prices up) and then transferring out to an exchange that can give them USD.

Well, that happened for the first day we originally heard USD transfers were stopped.

Maybe people will really panic now and get out BTC.

Or maybe they say, "Shit, this is going to hell - I'm selling before we drop more"

No matter what Gox said, it was bad news

[Frozenlock]

Why do you think the price stopped falling? (On MtGox)  
https://twitter.com/MtGox/status/352577079600099328

[BitChick]

Why do you think the price stopped falling? (On MtGox)  
https://twitter.com/MtGox/status/352577079600099328

It would be nice if they gave a better update then that.  Hopefully they will post something on their main page.  Of course, this will probably have a negative impact on the price still.  Sigh.  Oh well.

[Inedible]

Well, that happened for the first day we originally heard USD transfers were stopped.

Can you say for definite that this was caused by the stopping of USD transfers? If so, what did people do once they sold their BTC?

They now have USD they can't do anything with.

Maybe people will really panic now and get out BTC.

Or maybe they say, "Shit, this is going to hell - I'm selling before we drop more"

No matter what Gox said, it was bad news

So if USD isn't resumed and they sell, they still can't mitigate that risk. The only thing they can do is transfer out and sell at a different exchange which does allow USD transfer.

I can't see anyone thinking "I'm going to sell my Bitcoin for a currency I can't receive." rather than "I'm going to take my bitcoin to sell elsewhere and I better do it quick before the price falls further".

[derpinheimer]

Well, that happened for the first day we originally heard USD transfers were stopped.

Can you say for definite that this was caused by the stopping of USD transfers? If so, what did people do once they sold their BTC?

They now have USD they can't do anything with.

People BOUGHT on day one. Some people paid a premium to get out and sell on Bitstamp [hence the quick fall to 90]

Those who had their asks enjoyed a nice premium price for the risk they are taking in holding.

Maybe people will really panic now and get out BTC.

Or maybe they say, "Shit, this is going to hell - I'm selling before we drop more"

No matter what Gox said, it was bad news

So if USD isn't resumed and they sell, they still can't mitigate that risk. The only thing they can do is transfer out and sell at a different exchange which does allow USD transfer.

I can't see anyone thinking "I'm going to sell my Bitcoin for a currency I can't receive." rather than "I'm going to take my bitcoin to sell elsewhere and I better do it quick before the price falls further".

A great deal of the bitcoin price is based on psychology. I say, "This news is going to make people panic. I think others might sell and put the price down. I should beat them to it."

Then the others who went, "Crap, I didnt really think it was that big of a deal - I'm out too"

So, bad news -> beating people to selling. Even if you cant cash out, most people are confident it will be back online sometime in the future.

[Wagner2014]

Now at 75 Mt Gox 73 on Bitstamp...market cap is down to 800MM...this is moving faster than I thought...

[Wagner2014]

Now at 67...I said I thought there was little support after 88...so the question again...where is the next level of support?

[Bitcoin BEAR]

Now at 67...I said I thought there was little support after 88...so the question again...where is the next level of support?

I answered it yesterday! In bold below

You people must be outside yo damn minds! 

First off, $88 was broken today, which already makes you WRONG.

Second, There is no reason to believe it's going to turn around here. If it were, it would have bounced much higher already. Those little recoveries after a sell-off just don't happen anymore. There are now strong wave structures heading down, and they aren't going to be done soon.

Last, those who hold will lose at least 40% of their buying power by the end of this Bitcoin Bear market. Those who buy every twitch on the way down will lose buying power. You are only cheating yourselves with your delusions of "$200 within days" even weeks for that matter. We aren't at the bottom because there are still too many people who think it can't go lower. YOU WILL LOSE! 

Told ya!
It will go farther too!

Watch out below if we don't bounce off 88.

Any idea where the next level of support is? Scary.

So, I will re-ask my question now. Where is the next level of support? Somewhere in the 50s?

After this consolidation is complete, I expect a small bounce between $60-70 before heading lower. $50 may have a fair amount of support, but will also likely fall. Once that happens, shit gets real! 

With that said... I told yall again!
We'll see a retrace to the upper $[censored], then we drop into the $50's where there should be some support.
Once that is broken, the next stop is in the $30's.

[BitChick]

or the $90's?   

Well that is where we are today anyways.   Hopefully we don't go down to $30! 

[Inedible]

or the $90's?   

Well that is where we are today anyways.   Hopefully we don't go down to $30! 

Personally, I don't care what price it goes to so long as it remains stable.

Stability is what gives merchants rise to panic or not adopt Bitcoin.

Once these ups and downs are over then things will get better.

[SOSLOVE868]

Bears are out of coins ,they must be very angry and only can watching the price go up up and up ...

[SOSLOVE868]

or the $90's?   

Well that is where we are today anyways.   Hopefully we don't go down to $30! 

Personally, I don't care what price it goes to so long as it remains stable.

Stability is what gives merchants rise to panic or not adopt Bitcoin.

Once these ups and downs are over then things will get better.

Stability will coming in the future ,when people fully aware that BTC is valuable..

Several conditions below will applied when BTC get stability.
1:Price will go stable when those people get their coins at very low prices go out of Coins.
2:liquidity got improved, Currently the liquidity of BTC isn't meet the needs of some rich users. (either when price of BTC increase to new level,like 1000USD or an alternative way to exchange large amount of BTC at negotiated fixed rate without affect market price)