Temporary bounce to $600? But we're still going doowwwwwwwwnnnnnnnnnnn

[massivebitman]

NY obviously didn't get the memo that we going dowwwwwwwwwnnnnnnn

Maybe they woke up and thought there are cheap coins but that's ignoring the obvious fact that there are millions of dollars of Chinese money that still need to leave the system, as well all the money from the speculators

I'm off to bed now, I look forward to seeing $400 when I wake up

[Wilhelm]

No more cheap coins for you 

BUY BUY BUY!!!!

[Jochen]

Panic FTW.
WE ALL NEED TO HODL!

[massivebitman]

No more cheap coins for you 

BUY BUY BUY!!!!

I doubt that very much.. Think about it, the second biggest economy cashes out and also stops buying bitcoins...  Good news has past it's peak... 3600 new coins generated a day

The balloon has run out of hot air, we're sliding down for a while

[thezerg]

Trend is definitely down.  But this is an interesting double bottom with the flash crash last week.  Also, bottom of April was around 2x the 2011 peak.  $500 is near that WRT the April peak.  We are approaching bubble fully popped.  No-one can expect to call the bottom exactly.  So it might make sense to acquire some coins here and keep some in fiat just in case.

[dg2010]

I'm very confident that $400 was the bottom. As you say, historically post crash we seem to trend down towards 2x the pre-crash price.

These are great times to trade. It's low enough that I'm confident that it will recover to a ATH within 8-12 months, which means at least 100% gain in my holdings and it's moving quite a bit that I can try and snipe some additional day trading profit.

If it goes to $200 well I have enough FIAT to snap up a decent chunk of coins but it's simply not happening. $300 is even way too cheap right now.

[MatTheCat]

I'm very confident that $400 was the bottom. As you say, historically post crash we seem to trend down towards 2x the pre-crash price.

These are great times to trade. It's low enough that I'm confident that it will recover to a ATH within 8-12 months, which means at least 100% gain in my holdings and it's moving quite a bit that I can try and snipe some additional day trading profit.

If it goes to $200 well I have enough FIAT to snap up a decent chunk of coins but it's simply not happening. $300 is even way too cheap right now.

What don't you understand about 44% of the Bitcoin market being forced to liquidate their positions by their government?

[humanitee]

I'm very confident that $400 was the bottom. As you say, historically post crash we seem to trend down towards 2x the pre-crash price.

These are great times to trade. It's low enough that I'm confident that it will recover to a ATH within 8-12 months, which means at least 100% gain in my holdings and it's moving quite a bit that I can try and snipe some additional day trading profit.

If it goes to $200 well I have enough FIAT to snap up a decent chunk of coins but it's simply not happening. $300 is even way too cheap right now.

What don't you understand about 44% of the Bitcoin market being forced to liquidate their positions by their government?

FUD. Chinese can keep their Bitcoins, they aren't forcing them to sell them.

[thezerg]

Trend is definitely down.  But this is an interesting double bottom with the flash crash last week.  Also, bottom of April was around 2x the 2011 peak.  $500 is near that WRT the April peak.  We are approaching bubble fully popped.  No-one can expect to call the bottom exactly.  So it might make sense to acquire some coins here and keep some in fiat just in case.

Bottom is nowhere close. Not enough capitulation and despair in the air.

Yes, that is a point.  But I don't know what sentiment is like in China.  This global currency might behave a bit differently WRT despair.  At the same time, for those who sold 800+ it makes sense to take some profits (in BTC) now.

[porcupine87]

Trend is definitely down.  But this is an interesting double bottom with the flash crash last week.  Also, bottom of April was around 2x the 2011 peak.  $500 is near that WRT the April peak.  We are approaching bubble fully popped.  No-one can expect to call the bottom exactly.  So it might make sense to acquire some coins here and keep some in fiat just in case.

So because the bottom of April was 2x the high of 2011 now it is possible that this bottom is at 500$? Are you sure? Please show me ANY trader or investor who thinks like that? Because it happened one time, it happens a second time?

I read this all the time here. Look, the high of the April bubble was 10times higher than the bubble of 2011. So there the next bubble has to burst at 2500$. Right?

[dg2010]

What don't you understand about 44% of the Bitcoin market being forced to liquidate their positions by their government?

I dispute that figure of 44%. It's simply not true. China might have accounted for a huge amount of volume but that is because they had ZERO fee's so there was lots of movement.

Whatever you do, try and take a consistent approach. If you are so negative about the short/medium term, don't try and buy in hoping to take a cut, your negative outlook will significantly affect your ability to make a logical day trade position.

[Xenoph0bia]

I'm very confident that $400 was the bottom. As you say, historically post crash we seem to trend down towards 2x the pre-crash price.

These are great times to trade. It's low enough that I'm confident that it will recover to a ATH within 8-12 months, which means at least 100% gain in my holdings and it's moving quite a bit that I can try and snipe some additional day trading profit.

If it goes to $200 well I have enough FIAT to snap up a decent chunk of coins but it's simply not happening. $300 is even way too cheap right now.

What don't you understand about 44% of the Bitcoin market being forced to liquidate their positions by their government?

No, owning Bitcoins in Chinna is possible, I believe the Bitcoins in Chinna might be more valuable than elsewhere in near future, because of hard way to get Bitcoins in Chinna. Having miner in Chinna and selling the coins privately can be quite profitable if Im right

[thezerg]

Trend is definitely down.  But this is an interesting double bottom with the flash crash last week.  Also, bottom of April was around 2x the 2011 peak.  $500 is near that WRT the April peak.  We are approaching bubble fully popped.  No-one can expect to call the bottom exactly.  So it might make sense to acquire some coins here and keep some in fiat just in case.

So because the bottom of April was 2x the high of 2011 now it is possible that this bottom is at 500$? Are you sure? Please show me ANY trader or investor who thinks like that? Because it happened one time, it happens a second time?

I read this all the time here. Look, the high of the April bubble was 10times higher than the bubble of 2011. So there the next bubble has to burst at 2500$. Right?

Yeah, I was wondering if someone was going to call me out for that.  Let's just say that the above comment is a bit of a shorthand way to say that if you believe in the fundamental long term exponential trendline is intact then to me a price of 300 to 500 looks pretty good as the bottom.  Kind of like how DJIA tracks SP500 even though it is composed of few stocks.

[esse83]

I'm very confident that $400 was the bottom. As you say, historically post crash we seem to trend down towards 2x the pre-crash price.

These are great times to trade. It's low enough that I'm confident that it will recover to a ATH within 8-12 months, which means at least 100% gain in my holdings and it's moving quite a bit that I can try and snipe some additional day trading profit.

If it goes to $200 well I have enough FIAT to snap up a decent chunk of coins but it's simply not happening. $300 is even way too cheap right now.

What don't you understand about 44% of the Bitcoin market being forced to liquidate their positions by their government?

No, owning Bitcoins in Chinna is possible, I believe the Bitcoins in Chinna might be more valuable than elsewhere in near future, because of hard way to get Bitcoins in Chinna. Having miner in Chinna and selling the coins privately can be quite profitable if Im right

China not Chinna.. and yeah ur right, this is great news! Silly of us to think otherwise really Cant wait for new ATH in China.

[takagari]

It's a hard one, at what point do we think it will stop and buy? buy now at 500 and tomorrow they are 200? lol

[superduh]

It's a hard one, at what point do we think it will stop and buy? buy now at 500 and tomorrow they are 200? lol

silly question. buy when you think it's the right time. could be at 200 or 900. you'll likely regret whatever you do don't do unless you KNOW what you are doing in the first place

[MatTheCat]

Whatever you do, try and take a consistent approach. If you are so negative about the short/medium term, don't try and buy in hoping to take a cut, your negative outlook will significantly affect your ability to make a logical day trade position.

Yep..I realise this....Played one big bounce sweet, but fell flat on my face with this one, so I am going home!

I will leave the bounce trading to those who are luckier or can time the markets better than i can.

I am out and will not be coming back in until dust settles. Hopefully (and dare I say probably) at much lower prices but I will take any prices so long as they are stable and/or circumstances feel promising otherwise.

[reannypleas]

It's a hard one, at what point do we think it will stop and buy? buy now at 500 and tomorrow they are 200? lol

No one knows bottom, but if you dont slowly buy as the price falls, you have to buy much higher after you realize bottom was one day ago and now rising up

[Holdaaja]

I love bitcoins! Just made 200$ in just 2 hours

[Raize]

Even a dead cat bounces...