Panic Selling To Come

[smoothie]

Later this month or early next month there will be panic selling pushing the price down to the $1.50 to $4.00 level.

Looking at the chart of close prices on a weekly basis for mt. gox the market will test the $6.00  weekly close once again and likely will break it.

We have had nothing but failures and let-downs:

1. Mt. Gox Hack
2. Bit-o-mat exchange failing.
3. Mybitcoin.com
4. Bruce Wagner's past being revealed and Bruce not following through on his word and promises he made concerning his show.
5. Alt-chains are coming out that pose as test scenarios/experiments that will eventually add more usable and desired features into a block chain than bitcoin.
6. There are an excess supply of bitcoins created everyday of which there is no new money or incentive for investors to buy them with.


I'm sure there are other bearing topics but I'll stop there.

[1715083953]

1715083953

[1715083953]

1715083953

[Jixtreme]

Life on planet Earth is a complete failure. Here's my proof: A long time ago, an asteroid struck the planet, which caused the extinction of the dinosaurs. Since then, many other forms of like have also gone extinct. Total global extinction is IMMINENT!!!

[Surawit]

What? Excuse me mister, what do you think you are doing posting in here without slavish devotion to the cult of the bitcoin? It's the currency of the future! There is literally nothing on this earth that can halt the success of the coming cryptocurrency age! It's going UP, UP, UP!

The trend for the next few months will be downward but I don't think prices will drop as fast as you suggest... There are still many dumb people around, who somehow still have money left to buy bitcoins. You are right about no new money though.

[gw4tt]

Price will most likely move to the $0.005 level. People will be too busy investing in tulips to care about bitcoin, therefore $0.005 is imminent.

[smoothie]

What? Excuse me mister, what do you think you are doing posting in here without slavish devotion to the cult of the bitcoin? It's the currency of the future! There is literally nothing on this earth that can halt the success of the coming cryptocurrency age! It's going UP, UP, UP!

The trend for the next few months will be downward but I don't think prices will drop as fast as you suggest... There are still many dumb people around, who somehow still have money left to buy bitcoins. You are right about no new money though.

I guess it dropping from $15 to $5 was also not something that could happen. That's a 66% drop. If we take the previous high of $12 then that says it could drop to $4 or lower.

I never said it would stay down there either.

[Minsc]

The trend for the next few months will be downward but I don't think prices will drop as fast as you suggest... There are still many dumb people around, who somehow still have money left to buy bitcoins. You are right about no new money though.

If I was rich, I would buy lots of bitcoins till I get a million, then buy slower.  I wouldn't care what the price does.

[ElectricMucus]

Despite all this bear roaring, this lows low being higher than last months lows low could be seen as a trend reversal.

[zby]

Later this month or early next month there will be panic selling pushing the price down to the $1.50 to $4.00 level.

Looking at the chart of close prices on a weekly basis for mt. gox the market will test the $6.00  weekly close once again and likely will break it.

We have had nothing but failures and let-downs:

1. Mt. Gox Hack
2. Bit-o-mat exchange failing.
3. Mybitcoin.com
4. Bruce Wagner's past being revealed and Bruce not following through on his word and promises he made concerning his show.
5. Alt-chains are coming out that pose as test scenarios/experiments that will eventually add more usable and desired features into a block chain than bitcoin.
6. There are an excess supply of bitcoins created everyday of which there is no new money or incentive for investors to buy them with.


I'm sure there are other bearing topics but I'll stop there.

All of that is old news now - most of it was already priced a month ago and number 4 was priced last week.  Today we have the piece by Krugman and that MIT Technology Review - not too enthusiastic - but both mean bitcoin is reaching out of geeky media.

[smoothie]

Despite all this bear roaring, this lows low being higher than last months lows low could be seen as a trend reversal.

Draw a trend line on the bottom end of the market and tell me we did not break it.

[smoothie]

Later this month or early next month there will be panic selling pushing the price down to the $1.50 to $4.00 level.

Looking at the chart of close prices on a weekly basis for mt. gox the market will test the $6.00  weekly close once again and likely will break it.

We have had nothing but failures and let-downs:

1. Mt. Gox Hack
2. Bit-o-mat exchange failing.
3. Mybitcoin.com
4. Bruce Wagner's past being revealed and Bruce not following through on his word and promises he made concerning his show.
5. Alt-chains are coming out that pose as test scenarios/experiments that will eventually add more usable and desired features into a block chain than bitcoin.
6. There are an excess supply of bitcoins created everyday of which there is no new money or incentive for investors to buy them with.


I'm sure there are other bearing topics but I'll stop there.

All of that is old news now - most of it was already priced a month ago and number 4 was priced last week.

You see the trend? The trend is pretty negatively srtong when it comes to publicity.

[ElectricMucus]

Despite all this bear roaring, this lows low being higher than last months lows low could be seen as a trend reversal.

Draw a trend line on the bottom end of the market and tell me we did not break it.

Did that already in another thread, it turned out that in order for the long-term trend to be broken we would have to go at least below 4 and creep lower.
Here is the pic again if you're interested, should be pretty hard to debunk.

http://img155.imageshack.us/img155/8804/chartlargelog.png

[zby]

Later this month or early next month there will be panic selling pushing the price down to the $1.50 to $4.00 level.

Looking at the chart of close prices on a weekly basis for mt. gox the market will test the $6.00  weekly close once again and likely will break it.

We have had nothing but failures and let-downs:

1. Mt. Gox Hack
2. Bit-o-mat exchange failing.
3. Mybitcoin.com
4. Bruce Wagner's past being revealed and Bruce not following through on his word and promises he made concerning his show.
5. Alt-chains are coming out that pose as test scenarios/experiments that will eventually add more usable and desired features into a block chain than bitcoin.
6. There are an excess supply of bitcoins created everyday of which there is no new money or incentive for investors to buy them with.


I'm sure there are other bearing topics but I'll stop there.

All of that is old news now - most of it was already priced a month ago and number 4 was priced last week.

You see the trend? The trend is pretty negatively srtong when it comes to publicity.

It turns faster then you think - this week we have Krugman and MIT Review with the effect of Google trends spike, all these old news were already priced.

[smoothie]

Despite all this bear roaring, this lows low being higher than last months lows low could be seen as a trend reversal.

Draw a trend line on the bottom end of the market and tell me we did not break it.

Did that already in another thread, it turned out that in order for the long-term trend to be broken we would have to go at least below 4 and creep lower.
Here is the pic again if you're interested, should be pretty hard to debunk.

http://img155.imageshack.us/img155/8804/chartlargelog.png

LOL a log chart? wow...good job. LOL.

[Jixtreme]

LOL a log chart? wow...good job. LOL.

Clearly your aptitude for mathematics is about as strong as your aptitude for Bitcoin economics.

You will erroneously take that as a compliment, by the way.

[smoothie]

LOL a log chart? wow...good job. LOL.

Clearly your aptitude for mathematics is about as strong as your aptitude for Bitcoin economics.

You will erroneously take that as a compliment, by the way.

How often do you see forex traders or stock market junkies using log chart to determine trends?

not often bro....

Most people aren't looking at it that way.

[ElectricMucus]

Think what you like but the chartline bounces of each trendline 3 times. 

[smoothie]

Think what you like but the chartline bounces of each trendline 3 times. 

Past performance is not suggestive of future performance.

[Jixtreme]

How often do you see forex traders or stock market junkies using log chart to determine trends?

not often bro....

Most people aren't looking at it that way.

Most people aren't mathematicians.

Also, if they're looking at trends, they're doing it wrong.

As the saying goes, "trends are an accurate predictor of past performance"

Past performance is not suggestive of future performance.

Or how you just said it... Thanks!

[ElectricMucus]

Think what you like but the chartline bounces of each trendline 3 times. 

Past performance is not suggestive of future performance.

Then why bother with charts anyway?

[smoothie]

Think what you like but the chartline bounces of each trendline 3 times. 

Past performance is not suggestive of future performance.

Then why bother with charts anyway?

Because people ask for a visual.