oda.krell
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Activity: 1470
Merit: 1007
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December 10, 2013, 11:44:00 PM |
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Good advice. It's tough to do while I hold a day job ;)
Then the second part of "either act fast, or don't act at all." should apply :D |
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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xephyr
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December 10, 2013, 11:47:21 PM |
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Though, I've done fairly well going by a simple rule that the market value tends to be attracted to the mean, and I've basically gone by a strategy of as soon as I see hype about a bubble, double the current value, take 10% off for error's sake and put up a standing order for that value.
Once it sold, I check the mean value and put up a standing order to buy back at 20% over the mean. Doing that I clawed my way up from 0.1 to 0.3 BTC. If I buy back now I do not lose anything, I sold this time when the value of 0.3BTC was $984, and did a short term trade to round off the number at $300 from $298.61 which was annoyingly close to $300. Its not an optimal strategy, but it did something for me. I've been expecting something that didn't happen, and put a standing order in for $400 to play it safe. It was a long way to fall, I couldn't see it going all the way back down to below the value where the bubble started like one normally sees. I was off by $150 with the dip that happened, it bottomed out at $550. The current behavior of the market has completely dumbfounded me, so I haven't been able to do any proper damage control. I want to learn something but I can't understand what is going on and what I might expect, even reading through this thread I'm unlcear whats going on.
So yeah, I'm confused more than anything. I'm not trying to be thick, but markets aren't easy to grasp. I don't really want to do nothing, so I'm still willing to make a chance. Would it be reasonable to expect a dip? I don't know. Surely flying this high above the mean is not sustainable?
If you believe we are in a long term bull market when you buy bitcoin is not very relevant except for short term anxiety you might have to endure if the market goes against you. Anyone who buys and holds for six months has been well rewarded so far. It is very hard to call short term bottoms but you can wait for a day when the market sells off on heavy volume to gain a better entry price. But be prepared for a paper loss and hold long term, have patience. On the other hand if you believe we just started a bear market the recent price action gives you a chance to cash out. So are you a bull or a bear? |
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JustAnotherSheep
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December 11, 2013, 01:27:38 AM |
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This thread lacks triangles  This would fit the bulltrap scenario I think |
Is it a bull? Is it a bear? No, it's just another sheep.
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MAbtc
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December 11, 2013, 01:29:28 AM |
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Bitcoin, give me one ending diagonal that breaks down.  |
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Bimmerhead
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Activity: 1291
Merit: 1000
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December 11, 2013, 01:48:53 AM |
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Masterluc, please weigh in on this surprisingly resilient price action but with low volume. We need some guidance!
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zby
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Activity: 1592
Merit: 1001
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December 11, 2013, 05:09:55 AM |
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Masterluc, please weigh in on this surprisingly resilient price action but with low volume. We need some guidance!
The volume is currently 75 at Btcchina and 20 at MtGox and Bitstamp - this is not a low volume. |
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cAPSLOCK
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Activity: 3738
Merit: 5127
Whimsical Pants
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December 11, 2013, 09:06:19 AM |
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Masterluc, please weigh in on this surprisingly resilient price action but with low volume. We need some guidance!
The volume is currently 75 at Btcchina and 20 at MtGox and Bitstamp - this is not a low volume. Nope. The rise continued at a good volume over the last day. We are now, however at the very moment at a very precarious little cliff. If this is a bull trap this is just about the perfect opportunity for the jaws to close... Cross your fingers longs. We will see in a few hours IMO. |
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windjc
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Activity: 2156
Merit: 1070
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December 11, 2013, 09:18:55 AM |
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Masterluc, please weigh in on this surprisingly resilient price action but with low volume. We need some guidance!
The volume is currently 75 at Btcchina and 20 at MtGox and Bitstamp - this is not a low volume. Nope. The rise continued at a good volume over the last day. We are now, however at the very moment at a very precarious little cliff. If this is a bull trap this is just about the perfect opportunity for the jaws to close... Cross your fingers longs. We will see in a few hours IMO. I think we get 1 more push up before we test. But who knows... |
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cAPSLOCK
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Activity: 3738
Merit: 5127
Whimsical Pants
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December 11, 2013, 02:04:31 PM |
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We are now, however at the very moment at a very precarious little cliff. If this is a bull trap this is just about the perfect opportunity for the jaws to close... Cross your fingers longs. We will see in a few hours IMO.
I might just change my name to Masterlock.  Let's see if it builds a base after this profit taking is over. Doesn't look crashy to me. |
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ft73
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December 11, 2013, 03:13:40 PM |
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I see a healthy chart on Bitstamp, a rather ugly chart on MtGox. Weird.
Closely monitoring 970$ on Gox ...
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gizmoh
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Activity: 1428
Merit: 1000
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December 11, 2013, 03:54:09 PM |
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I see a healthy chart on Bitstamp, a rather ugly chart on MtGox. Weird.
Closely monitoring 970$ on Gox ...
China has lead this downfall, their inability to break 6000 and an increasing ask wall. Seems new money ain't flowing no more.. |
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maz
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December 11, 2013, 04:33:55 PM |
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I see a healthy chart on Bitstamp, a rather ugly chart on MtGox. Weird.
Closely monitoring 970$ on Gox ...
China has lead this downfall, their inability to break 6000 and an increasing ask wall. Seems new money ain't flowing no more..+1 |
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Brisance
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December 11, 2013, 08:49:08 PM |
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Technical analysis aside there seems to be a willingness from the market to push forward.
Fundamentally Bitcoin keeps getting more bad news thrown it's way however one may interpret that news as good or bad. JP Morgan filed for a patent on a Bitcoin like transfer protocol that was mis-reported that they have a patent when in fact they only filed for a patent which will take more than a year to finalize.
France has warned it's citizens about the dangers of trading Bitcoins, MtGox continues to lag and Goxx the community and BTC-e keeps losing traders money.
The recent list goes on and on, either the community shrugs it off and pushes forward or we get yet another correction.
My advice is watch out for 900 there has been a lot effort to hold it even though we have dipped below it several times so I'm watching to see if it continues to hold to confirm another push to 1k.
There was a lot of very heavy buying pushing us into 1k from more than 1 whale, they may not wish to see their investment tank so I'm watching 900 closely for confirmation of another push to 1k.
I would recommend extreme caution if we get to or just past 1k I foresee a lot of people wanting to exit there as they don't want to get left holding the bag if we were to drop again. If we don't hold 900 I foresee playing around in the mid 750's to mid 850's for a day or so until either more bad news or something positive.
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JustAnotherSheep
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December 11, 2013, 11:58:23 PM
Last edit: December 12, 2013, 12:22:18 AM by JustAnotherSheep |
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I think so to, im speculating we are now drawing the second shoulder on an inverted head and shoulder that started on dec 5 and have neck line from 1100 to 1000 (on gox). The target price should be a bit higher than ATH.
Looks more like a cup n' handle!   Now to see if there will be another rally forming the handle, in that case I guess we'll see a continuation of Wave 5 |
Is it a bull? Is it a bear? No, it's just another sheep.
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samurai1200
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December 12, 2013, 05:26:21 AM |
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Well this is a little weird. Cup and handle is typically a bullish continuation. But JUST before the start of this formation we had a double top.
If you include the double top formation, the formation of a "handle" would make the whole pattern look like an inverse head and shoulders (bearish).
Also, bitcoin don't give a shit.
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lebing
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Enabling the maximal migration
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December 12, 2013, 08:03:06 AM |
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Also, bitcoin don't give a shit.
/thread |
Bro, do you even blockchain?
-E Voorhees
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samurai1200
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December 13, 2013, 08:25:58 AM |
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It seems like that handle is being drawn exactly as predicted  On extremely low volume... not sure if/how that effects its validity, but that is a pretty clear picture, innit? |
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bitone
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December 13, 2013, 11:15:26 AM |
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I think so to, im speculating we are now drawing the second shoulder on an inverted head and shoulder that started on dec 5 and have neck line from 1100 to 1000 (on gox). The target price should be a bit higher than ATH.
Looks more like a cup n' handle! Now to see if there will be another rally forming the handle, in that case I guess we'll see a continuation of Wave 5 It seems like that handle is being drawn exactly as predicted No, it is wishful thinking! Cup and handle have no sharp "V" bottom AND volume should dry up on the decline and remain lower than average in the base of the bowl. So no Cup and Handle. |
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myself
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Merit: 1000
chaos is fun...…damental :)
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December 13, 2013, 03:02:16 PM |
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No, it is wishful thinking!
Cup and handle have no sharp "V" bottom AND volume should dry up on the decline and remain lower than average in the base of the bowl. So no Cup and Handle.
lets cut some noise  |
Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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Ozymandias
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December 13, 2013, 05:31:19 PM |
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Anyone else seeing the triangle that should be breaking in the next day or two? If the breakout, whichever way it goes, is on significant volume than it would follow that it would set the short-medium term trend. It's crunch time for both bears and bulls!
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