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February 15, 2014, 07:49:19 PM
Last edit: February 15, 2014, 07:59:38 PM by threecats |
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I do not like agreeing with Fonzie. I find a lot of what he posts is total FUD drivel.
However in this instance I think the current 3 day EMA charts, first pointed out in a reddit thread early this morning, bear careful consideration by anyone with more than a little skin in the game.
Today bfx /stamp has been repeatedly propped up and pumped between 649 and 665 all day long, despite a obviously thin line of support just below. Most recently 5 minutes before this post. Nothing organic about today's price development at all imo.
The last two two crashes and rebounds occurred in a declining and arguably overvalued market. Add the damage done to the public image by malleability, crashes, Gox, Silk Road 2 etc - making it hard to imaging a surge of new adopters during the coming weeks. If I was a CEO getting ready to roll out BTC adoption, i would be hedging and evaluating. Only rich eccentrics like the Overstock guy can act in a vacuum.
My girlfriend lives in a different country. This last week at dinner parties, work etc when the subject of Bitcoin comes up, the immediate reaction from everyone the table was Drug money / illegal / no way / heard it crashed etc. Unscientific sample, but you get the idea.
All this under a long shadow of the possible influx of coins from Gox and SR2 into the market. Or a collapse of Gox and the ensuing shitstorm. Or a slow lingering Gox death. Market mood?
I am a believer in BTC. I do believe the ecosystem of startups and potential is healthy and exciting and continues unabated. But speculation is a different arena altogether.
I am also a realist. The current waters are tubulent. I have gained so much from everyone here in this forum. I do not mean to spread doom and gloom. In chaos lies also opportunity. I would just encourage everyone to take care.
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