Bearish Scenario

[ElectricMucus]

No TA

With Silk Road down Bitcoin now has now no practical use. Buying stuff over Bitpay has no practical advantage over other methods and it's volume is negligible if you exclude ASIC sales.
Bitcoin is now 99% concerned with itself, that is either mining or investing, any sensible individual gonna look for a exit in the following months. Then you true believers will be finally on your own.
It's now a pure financial bubble.

Have fun!

[el_rlee]

No TA

With Silk Road down Bitcoin now has now no practical use. Buying stuff over Bitpay has no practical advantage over other methods and it's volume is negligible if you exclude ASIC sales.
Bitcoin is now 99% concerned with itself, that is either mining or investing, any sensible individual gonna look for a exit in the following months. Then you true believers will be finally on your own.
It's now a pure financial bubble.

Have fun!

You still have some stock from "the Road", ha?

[ElectricMucus]

Nah I'm here for the comedy.

[oda.krell]

Damn! Why doesn't the market just do what I think it should do. What a deeply irrational market!

[ElectricMucus, all the time, on every topic]

[oda.krell]

But, yeah, I also expect we'll go down. Just not as much as you seem to think.

[ElectricMucus]

Damn! Why doesn't the market just do what I think it should do. What a deeply irrational market!

[ElectricMucus, all the time, on every topic]

I don't expect the market to be rational, I'm just pointing out what would happen if it is.

[afbitcoins]

No TA

With Silk Road down Bitcoin now has now no practical use. Buying stuff over Bitpay has no practical advantage over other methods and it's volume is negligible if you exclude ASIC sales.
Bitcoin is now 99% concerned with itself, that is either mining or investing, any sensible individual gonna look for a exit in the following months. Then you true believers will be finally on your own.
It's now a pure financial bubble.

Have fun!

Might have guessed you'd come out with something like this Mucus.  You say bitcoins have no practical use! Thats like saying cash has no practical use.

You have no TA, I'm not surprised.

Time will tell whos right

https://bitcointalk.org/index.php?topic=306221.msg3291312#msg3291312

[ElectricMucus]

Ok here's your precious TA
I don't really trade on that method though, just so it's consistent with common practices here.

[Tzupy]

A rational person doesn't need TA to know that we are clearly in a bear market since the 5th September.
It's a funny one, with limited seller pressure, due to the relative scarcity of the coins and also a bullish mood.
So some of you may have trouble recognizing the EW patterns, but they are there.
The gist of the issue raised by EM is what will happen after the 5th sub-wave of capitulation?
Will the price be in the 80$  - 90$ range and a new bubble period will form, or will the bubble
deflate completely and the price will reach 50s, maybe even 40s? IMO it depends on how many
of the 'missing' coins will reappear in the market during capitulation, with the intention of cashing out.
But cashing out of Gox is still a problem AFAIK, so as long as Fort Gox 'works' this way, the complete
deflation scenario seems unlikely to me. During capitulation the price should drop by about 50$,
IMO only if if drops a lot more, then EM's scenario could be close to the truth.

[afbitcoins]

A rational person doesn't need TA to know that we are clearly in a bear market since the 5th September.
It's a funny one, with limited seller pressure, due to the relative scarcity of the coins and also a bullish mood.
So some of you may have trouble recognizing the EW patterns, but they are there.
The gist of the issue raised by EM is what will happen after the 5th sub-wave of capitulation?
Will the price be in the 80$  - 90$ range and a new bubble period will form, or will the bubble
deflate completely and the price will reach 50s, maybe even 40s? IMO it depends on how many
of the 'missing' coins will reappear in the market during capitulation, with the intention of cashing out.
But cashing out of Gox is still a problem AFAIK, so as long as Fort Gox 'works' this way, the complete
deflation scenario seems unlikely to me. During capitulation the price should drop by about 50$,
IMO only if if drops a lot more, then EM's scenario could be close to the truth.

There is resistance at the level you describe, but very little chance we'll go below $100 any time soon. I predict we'll break up through that resistance around end of November time, until then yes price will meander sideways, maybe looking slightly bearish at times.

[adamstgBit]

A rational person doesn't need TA to know that we are clearly in a bear market since the 5th September.
It's a funny one, with limited seller pressure, due to the relative scarcity of the coins and also a bullish mood.
So some of you may have trouble recognizing the EW patterns, but they are there.
The gist of the issue raised by EM is what will happen after the 5th sub-wave of capitulation?
Will the price be in the 80$  - 90$ range and a new bubble period will form, or will the bubble
deflate completely and the price will reach 50s, maybe even 40s? IMO it depends on how many
of the 'missing' coins will reappear in the market during capitulation, with the intention of cashing out.
But cashing out of Gox is still a problem AFAIK, so as long as Fort Gox 'works' this way, the complete
deflation scenario seems unlikely to me. During capitulation the price should drop by about 50$,
IMO only if if drops a lot more, then EM's scenario could be close to the truth.

There is resistance at the level you describe, but very little chance we'll go below $100 any time soon. I predict we'll break up through that resistance around end of November time, until then yes price will meander sideways, maybe looking slightly bearish at times.

what no, bitcoin is obviously a raging bull and a break out is imminent.

[Tzupy]

Are you serious when stating 'a break out is imminent'?
IMO a significant drop can start in 1 - 2 days, to end the first sub-wave of wave B.

[adamstgBit]

Are you serious when stating 'a break out is imminent'?
IMO a significant drop can start in 1 - 2 days, to end the first sub-wave of wave B.

180 by friday. infinity by the 17th 

[RodeoX]

With Silk Road down Bitcoin now has now no practical use. ...

Never used SR. But I use bitcoin all the time for other things. I could care less about SR and their closing has no effect on my spending habits. If bitcoin were dependent on the decisions of crackheads then it would already be gone.

[Tzupy]

Are you serious when stating 'a break out is imminent'?
IMO a significant drop can start in 1 - 2 days, to end the first sub-wave of wave B.

180 by friday. infinity by the 17th 

OK. Quoted for future reference.

IMO by the 17th we could be in the 135$ - 140$ range, but that's not even close to infinity. 

[notme]

With Silk Road down Bitcoin now has now no practical use. ...

Never used SR. But I use bitcoin all the time for other things. I could care less about SR and their closing has no effect on my spending habits. If bitcoin were dependent on the decisions of crackheads then it would already be gone.

+1

[derpinheimer]

Cant say I've ever found a use for bitcoin aside from buying illegal substances...

Which is why I just like to trade it.

[adamstgBit]

Cant say I've ever found a use for bitcoin aside from buying illegal substances...

Which is why I just like to trade it.

lol, what a noob.

[notme]

Cant say I've ever found a use for bitcoin aside from buying illegal substances...

Which is why I just like to trade it.

Remittances and internet industries that have a high rate of credit card fraud are two use cases where Bitcoin is hard to beat.

[ElectricMucus]

With Silk Road down Bitcoin now has now no practical use. ...

Never used SR. But I use bitcoin all the time for other things. I could care less about SR and their closing has no effect on my spending habits. If bitcoin were dependent on the decisions of crackheads then it would already be gone.

+1

Your experiences aren't representative for everybody involved in bitcoin,
You are a minority and I said bitcoin is to remain for the true believers.