Analysis

[windjc]

I'd love to see some lovely charts about this bounce back, resistance levels, points to determine whether the next leg down tests support or breaks it, etc.

[1653408564]

1653408564

[Pruden]

If you rely on what masterluc said, the process of finding a bottom will be long and painful. Don't rush in too fast.

He also said that in april, just before the obvious bottom of 50$, when he announced he was back in. In case you did not notice, 400$ are the new 50$. 

[John999]

If you rely on what masterluc said, the process of finding a bottom will be long and painful. Don't rush in too fast.

He also said that in april, just before the obvious bottom of 50$, when he announced he was back in. In case you did not notice, 400$ are the new 50$. 

No I did not notice but thank you for the tip 

[cAPSLOCK]

I'd love to see some lovely charts about this bounce back, resistance levels, points to determine whether the next leg down tests support or breaks it, etc.

Look at post 992... that does (informally) what you are asking.  It takes time to make a strong argument with charts and such...  which I always appreciate, but there's a lot of good information in smaller posts as well...  I find it interesting that there seems to be a general consensus amongst the traders.

[Rampion]

So stop "arguing" with the market, and stop dividing investors and traders into "weak" vs."strong" hands, because you sound like cultists when you do.

They ARE cultists. Bitcoin cultists. They don't want to make money, they want to be right.

Yes, some of us have a very pronounced "cultist" side regarding Bitcoin, and we are not in it only for the fiat profits.

Probably that's one of the things that make Bitcoin so resilient, while on the other side greed is the best fuel to make it go viral. Effective combination.

Do you think Satoshi created Bitcoin to "make money"?

Strange assertion coming from someone who despises (and rightfully does so IMO) scamcoins. Normally those who admit being into BTC just to make money are very much into alts pump and dumps.

[cAPSLOCK]

Meh... I think bitcoin is pretty special too but every speculative bubble investment has a hoarde  of robe wearing, chanting, tambourine waving converts.  Bitcoin is no different.  Also there will always be grumpy naysaying, conspiracy seeing bears too.

But the ones who turn from group A to group B are by FAR the most intolerable thing imaginable.

And to bring this post on topic:

When you see the membership of group C starting to peak...  We are finding a bottom.  

PS. Yeah… I know that's mostly bs up there, but I've seen it be true many times before.

[samurai1200]

Meh... I think bitcoin is pretty special too but every speculative bubble investment has a hoarde  of robe wearing, chanting, tambourine waving converts.  Bitcoin is no different.  Also there will always be grumpy naysaying, conspiracy seeing bears too.

But the ones who turn from group A to group B are by FAR the most intolerable thing imaginable.

And to bring this post on topic:

When you see the membership of group C starting to peak...  We are finding a bottom.  

PS. Yeah… I know that's mostly bs up there, but I've seen it be true many times before.

If A = speculators and B = conspira-bears, who is group C? Converts?

[oda.krell]

Yes, some of us have a very pronounced "cultist" side regarding Bitcoin, and we are not in it only for the fiat profits.

Probably that's one of the things that make Bitcoin so resilient, while on the other side greed is the best fuel to make it go viral. Effective combination.

Do you think Satoshi created Bitcoin to "make money"?

Strange assertion coming from someone who despises (and rightfully does so IMO) scamcoins. Normally those who admit being into BTC just to make money are very much into alts pump and dumps.

Excellent point, never thought of it like that. Goes into my btc quotes file.

[cAPSLOCK]

Try number 2 for the price to break resistance at 630.  Second chance?

[samurai1200]

Try number 2 for the price to break support at 630.  Second chance?

My guess is a ping (bounce off resistance).

Market depth shows lots of ask pressure and hardly any bid pressure. First 1000 btc on ask @ $645, first 1000 on bid @ $580.

http://bitcoincharts.com/markets/mtgoxUSD_depth.html just fyi

[cAPSLOCK]

Try number 2 for the price to break support at 630.  Second chance?

My guess is a ping (bounce off resistance).

Market depth shows lots of ask pressure and hardly any bid pressure. First 1000 btc on ask @ $645, first 1000 on bid @ $580.

http://bitcoincharts.com/markets/mtgoxUSD_depth.html just fyi

I changed my post to use the correct word, but too late I see.

Looks like 2x now its bounced off...  Now let's see if it will challenge support.  I have a pile of cash on Gox.  Makes me nervous.  I want to reenter just to have it back in a safe wallet.  But I don't think its time yet.

[Ivanhoe]

Try number 2 for the price to break resistance at 630.  Second chance?

Done.

[ajax3592]

Where to generate our own "fibonacci retracement charts" ?

[lebing]

Ohi guyz I heard u liek volatilities
http://www.reddit.com/r/Bitcoin/comments/1t8j7c/proof_that_btc38_takes_cny_for_btcltcxrp_etc/

If it ends up being the case that the chinese gov is simply retarded and they are going to let the exchanges back on, we will be back over previous highs by march for sure.

[Rampion]

Yes, some of us have a very pronounced "cultist" side regarding Bitcoin, and we are not in it only for the fiat profits.

Probably that's one of the things that make Bitcoin so resilient, while on the other side greed is the best fuel to make it go viral. Effective combination.

Do you think Satoshi created Bitcoin to "make money"?

Strange assertion coming from someone who despises (and rightfully does so IMO) scamcoins. Normally those who admit being into BTC just to make money are very much into alts pump and dumps.

Excellent point, never thought of it like that. Goes into my btc quotes file.

I always thought that Bitcoin was designed on purpose to make it skyrocket very fast - it's the best way to make it go viral because there's nothing that motivates more than pure profit/greed. In fact, there are times in which I entertain the idea that Bitcoin is just a "trojan horse" which real purpose is to spread the blockchain (which has many other revolutionary purposes apart from being a way of transferring value) as fast as possible.

[samurai1200]

Try number 2 for the price to break support at 630.  Second chance?

My guess is a ping (bounce off resistance).

Market depth shows lots of ask pressure and hardly any bid pressure. First 1000 btc on ask @ $645, first 1000 on bid @ $580.

http://bitcoincharts.com/markets/mtgoxUSD_depth.html just fyi

 Guess was incorrect, whales took over.  Now to test 700. I  have a really hard time seeing a breakthrough here.  But I could be wrong again, because whales.

[lebing]

Try number 2 for the price to break support at 630.  Second chance?

My guess is a ping (bounce off resistance).

Market depth shows lots of ask pressure and hardly any bid pressure. First 1000 btc on ask @ $645, first 1000 on bid @ $580.

http://bitcoincharts.com/markets/mtgoxUSD_depth.html just fyi

 Guess was incorrect, whales took over.  Now to test 700. I  have a really hard time seeing a breakthrough here.  But I could be wrong again, because overstock.

FTFY
http://newsbtc.com/2013/12/19/overstock-com-begin-accepting-bitcoin-2nd-half-2014/

[accord01]

Try number 2 for the price to break support at 630.  Second chance?

My guess is a ping (bounce off resistance).

Market depth shows lots of ask pressure and hardly any bid pressure. First 1000 btc on ask @ $645, first 1000 on bid @ $580.

http://bitcoincharts.com/markets/mtgoxUSD_depth.html just fyi

 Guess was incorrect, whales took over.  Now to test 700. I  have a really hard time seeing a breakthrough here.  But I could be wrong again, because overstock.

FTFY
http://newsbtc.com/2013/12/19/overstock-com-begin-accepting-bitcoin-2nd-half-2014/

this isn't even confirmed, plus they may not even act on it...

[lebing]

Try number 2 for the price to break support at 630.  Second chance?

My guess is a ping (bounce off resistance).

Market depth shows lots of ask pressure and hardly any bid pressure. First 1000 btc on ask @ $645, first 1000 on bid @ $580.

http://bitcoincharts.com/markets/mtgoxUSD_depth.html just fyi

 Guess was incorrect, whales took over.  Now to test 700. I  have a really hard time seeing a breakthrough here.  But I could be wrong again, because overstock.

FTFY
http://newsbtc.com/2013/12/19/overstock-com-begin-accepting-bitcoin-2nd-half-2014/

this isn't even confirmed, plus they may not even act on it...

True, but it makes sense. They are looking for an edge vs the bigger guys and with all of the hype around bitcoin it makes sense for them to jump on the train to expand their market share and get free press. They have far more to gain than amazon or ebay, which is why I dont believe this is fake.

edit: http://blogs.marketwatch.com/thetell/2013/12/19/overstock-com-to-accept-bitcoins-ceo-says-money-is-too-important-to-leave-in-the-hands-of-government-officials/?mod=MW_home_latest_news
Well, there is the confirmation.

[oda.krell]

(sorry for another sloppy short post)

next target for me: ~750 (mtgox), ~710 (bitstamp). breaking through those, and staying above them, would be confirmation for me that we're done with this correction, at least short term -- doesn't mean we can't enter a longer bear market, but I wouldn't expect another very sharp drop then in the next days at least if we cross those.