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Author Topic: why's the price going down again? is it the China 'tards dumping again?  (Read 3440 times)
TaunSew
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May 02, 2014, 06:03:27 PM
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Explain?

There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
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TaunSew
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May 02, 2014, 06:20:02 PM
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It is more likely to be American 'tards dumping again on Chinese rumors and hysteria.

China 'tards does not mean actual Chinese, just the idiots who dump each time news comes out from China.

There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
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May 02, 2014, 06:39:21 PM
 #3

The recent move from ~$420 to ~$460 was encouraging, and hopefully the next short-term high will be close to $480 or more.
Why's the price going down again?
More sellers than buyers.  Cheesy

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May 02, 2014, 06:42:16 PM
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The Chinese government is reducing the effectiveness, do not worry about the Chinese government. Too many speculators leave the remaining loyalists. Many Chinese buyers are waiting for the chance to buy as Bitcoin.
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May 02, 2014, 07:57:31 PM
 #5

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

Quote
FXBTC cited “unprecedented pressure” from the People’s Bank of China (PBOC) as well as restrictions on its banking services that have resulted from the central bank’s policies as deciding factors.

FXBTC said that long-term financial losses stemming from what it termed a “blockade” by the PBOC resulted in the management team deciding to end the service.

According to a translated statement from CryptoCoinsNews, the management team was unable to envision a successful future due to growing negative pressure from the PBOC.

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May 02, 2014, 08:02:27 PM
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"Old news" even if the story is from today.
The market already reacted to losing China (down to as low as $340), and now the recovery continues.

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May 02, 2014, 08:20:48 PM
 #7

Looks like we may see sub-$400 coins this weekend.

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May 02, 2014, 08:37:03 PM
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down from $550 to $450
 Sad
Looks like we may see sub-$400 coins this weekend.
any analysis why this will happen?
MatTheCat
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May 02, 2014, 09:06:37 PM
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any analysis why this will happen?

There is no volume outwith the Bitstamp insider circlejerking trading swishing clutches of Bitcoins backwards and forwards trying to net in as many little fishes as possible. If the little fishes aren't biting at these prices (they aren't) then it is down to the next level.

We have had our short squeezing dead cat bounce, and now the grind down continues with the sharp price dip a coming around the mountain. Look back over the 1 day chart and you will see the recurring fractal of crash-bounce-grind-down-crash, and you will see the exact same thing looks to be happening once again, but with the time intervals between 'cycles' becoming less and less.

Fact is, Bitcoin has no business being way up in 4 or even higher 3 digits at this stage and got there due to a combination of China and speculators suffering from 'irrational exuberance'. China is gone/going, the exuberance has been replaced by a largely bearish sentiment, and there are other gremlins in the mix such as the Gox-coins, hacker coins, seized coins.

If I hadn't vowed to myself to stop trading with leverage, I would short Bitcoin right now at $450. A few more days perhaps of Bitstamp circlejerk trade volume and then down we go.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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May 02, 2014, 09:48:26 PM
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any analysis why this will happen?

There is no volume outwith the Bitstamp insider circlejerking trading swishing clutches of Bitcoins backwards and forwards trying to net in as many little fishes as possible. If the little fishes aren't biting at these prices (they aren't) then it is down to the next level.

We have had our short squeezing dead cat bounce, and now the grind down continues with the sharp price dip a coming around the mountain. Look back over the 1 day chart and you will see the recurring fractal of crash-bounce-grind-down-crash, and you will see the exact same thing looks to be happening once again, but with the time intervals between 'cycles' becoming less and less.

Fact is, Bitcoin has no business being way up in 4 or even higher 3 digits at this stage and got there due to a combination of China and speculators suffering from 'irrational exuberance'. China is gone/going, the exuberance has been replaced by a largely bearish sentiment, and there are other gremlins in the mix such as the Gox-coins, hacker coins, seized coins.



So Mat, when & at what price do you think Bitcoin will bottom out?

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PRIMEDICE
The Premier Bitcoin Gambling Experience @PrimeDice
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serje
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May 02, 2014, 09:53:31 PM
 #11

any analysis why this will happen?

There is no volume outwith the Bitstamp insider circlejerking trading swishing clutches of Bitcoins backwards and forwards trying to net in as many little fishes as possible. If the little fishes aren't biting at these prices (they aren't) then it is down to the next level.

We have had our short squeezing dead cat bounce, and now the grind down continues with the sharp price dip a coming around the mountain. Look back over the 1 day chart and you will see the recurring fractal of crash-bounce-grind-down-crash, and you will see the exact same thing looks to be happening once again, but with the time intervals between 'cycles' becoming less and less.

Fact is, Bitcoin has no business being way up in 4 or even higher 3 digits at this stage and got there due to a combination of China and speculators suffering from 'irrational exuberance'. China is gone/going, the exuberance has been replaced by a largely bearish sentiment, and there are other gremlins in the mix such as the Gox-coins, hacker coins, seized coins.

If I hadn't vowed to myself to stop trading with leverage, I would short Bitcoin right now at $450. A few more days perhaps of Bitstamp circlejerk trade volume and then down we go.


So you suggest we should sell BTC on trading platforms? Say opening position price and closing position price Smiley

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May 02, 2014, 10:00:40 PM
 #12

...
If I hadn't vowed to myself to stop trading with leverage, I would short Bitcoin right now at $450. A few more days perhaps of Bitstamp circlejerk trade volume and then down we go.

thats encouraging then Wink

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MatTheCat
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May 02, 2014, 10:23:05 PM
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So you suggest we should sell BTC on trading platforms? Say opening position price and closing position price Smiley

My buy in tranches are between $260 and $300.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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May 02, 2014, 10:26:33 PM
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So you suggest we should sell BTC on trading platforms? Say opening position price and closing position price Smiley

My buy in tranches are between $260 and $300.

Good Luck with that ...Wink

OBJECT NOT FOUND
MatTheCat
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May 02, 2014, 10:45:21 PM
 #15

Good Luck with that ...Wink

Yeah...I sure hope I aint aiming too high and don't rely on upper most reaches of bounce just to break even!

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
YipYip
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May 02, 2014, 10:52:06 PM
 #16

Good Luck with that ...Wink

Yeah...I sure hope I aint aiming too high and don't rely on upper most reaches of bounce just to break even!

Ok so lets mark this weekned as your best buyin oppurtunity at the prices you are looking for ...sound reasonable??

If we get through this weekend and we dont even get close ..(we may retest the 410 support ) will you own that sub 300 is a pipe dream in this current market ?


OBJECT NOT FOUND
MatTheCat
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May 02, 2014, 10:58:03 PM
 #17

Good Luck with that ...Wink

Yeah...I sure hope I aint aiming too high and don't rely on upper most reaches of bounce just to break even!

Ok so lets mark this weekned as your best buyin oppurtunity at the prices you are looking for ...sound reasonable??

If we get through this weekend and we dont even get close ..(we may retest the 410 support ) will you own that sub 300 is a pipe dream in this current market ?



I am not saying sub $300 this weekend. I am saying next significant support level is $260. Sooner or later, Bitcoin is going to have to test the upper resistance or the lower support. It seems pretty obvious to me which is the more likely of the two scenarios to play out.

Being long Bitcoin right at this moment is a pretty dangerous thing to be........Y'all be skating on thin ice.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
YipYip
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May 02, 2014, 11:13:33 PM
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Good Luck with that ...Wink

Yeah...I sure hope I aint aiming too high and don't rely on upper most reaches of bounce just to break even!

Ok so lets mark this weekned as your best buyin oppurtunity at the prices you are looking for ...sound reasonable??

If we get through this weekend and we dont even get close ..(we may retest the 410 support ) will you own that sub 300 is a pipe dream in this current market ?



I am not saying sub $300 this weekend. I am saying next significant support level is $260. Sooner or later, Bitcoin is going to have to test the upper resistance or the lower support. It seems pretty obvious to me which is the more likely of the two scenarios to play out.

Being long Bitcoin right at this moment is a pretty dangerous thing to be........Y'all be skating on thin ice.

The only way "it is thin ice" is if i plan to sell in the next 4 weeks... otherwise I am sitting pretty Cheesy

Giove us a timeline on your 260 retest otherwise its like the chinese fud that never ends

OBJECT NOT FOUND
bitcoinsrus
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May 02, 2014, 11:27:37 PM
 #19

Good Luck with that ...Wink

Yeah...I sure hope I aint aiming too high and don't rely on upper most reaches of bounce just to break even!

Ok so lets mark this weekned as your best buyin oppurtunity at the prices you are looking for ...sound reasonable??

If we get through this weekend and we dont even get close ..(we may retest the 410 support ) will you own that sub 300 is a pipe dream in this current market ?



I am not saying sub $300 this weekend. I am saying next significant support level is $260. Sooner or later, Bitcoin is going to have to test the upper resistance or the lower support. It seems pretty obvious to me which is the more likely of the two scenarios to play out.

Being long Bitcoin right at this moment is a pretty dangerous thing to be........Y'all be skating on thin ice.

 Grin

MatTheCat
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May 02, 2014, 11:30:56 PM
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The only way "it is thin ice" is if i plan to sell in the next 4 weeks... otherwise I am sitting pretty Cheesy

Giove us a timeline on your 260 retest otherwise its like the chinese fud that never ends

There is no timeline.

I have figured out that I trade best going long and relying on intuition to get a feel for if I am doing the right thing or not.

I went long ($450), intuition told me that it was a dangerous thing to be doing, but 'safe in the meantime', so I exited my position whilst it was still 'safe' ($464). A couple of days have passed since then.






Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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