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RockHound (OP)
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May 10, 2014, 04:46:51 AM |
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Guys just found out a major player has just left the game, Industrial and Commercial Bank of China Ltd. (ICBC). Not sure if this will impact the price, however they are the largest bank in China, and the largest bank in the world by assets. Du Jun, the co-founder and vice president at one of China's leading digital currency exchanges Huobi.com, told Reuters that to move as a severe blow to the industry. . “We online exchanges as well as the entire industry are facing a serious challenge. Without an incoming cash flow, it's hard to operate an exchange,” Jun stated. Still currently locked-in @ $360 wall on Bitstamp  News is approximately 8 Hrs old now and I haven't noticed any movement in the price - perhaps the floor has past? This is an awesome demonstration in somebody chasing the market ...lolz I think ..."you are going to miss out biatch  " Hows your emotional state ....lets check in about 6 more hours...  Wife thinks I'm a bit of a biatch at times too Lost my job last year and we had to move back to the UK, just lucky to find out about the bitcoin protocol in August and finally made our first investment. We've been fortunate to have already made a nice return and my Localbitcoins selling is taking off. This is our only form of income at the moment, so we both decided to go all-in of sorts with our Redundancy and Super Annuation/Pension. It's a huge proportion of our savings so just trying to get best deal we can, not sure when I'll be able to work again. You're right though, have been following Bitcoin news a lot more than usual since we sent the funds over to BStamp  If we end up acquiring volume @ $480 that's cool, if we manage to acquire @ $360 , even better. Emotional states are good at the minute, I will certainly feel a bit of relief once we've got our BTC. Once you get filled ..you will chillax ... 420 is a great price If i was you 25% @ current market 25% @ 420 (if u can get it ) 25% @ 380 (if u can get it) 25% @ market converted into LTC I take it is for mid-long term investment ...once u are filled life will be good ..but u need to get some skin in the game now not when "it goes lower"  Full disclosure I am "ALL IN" and its all good ..Mat & other bears selling the doom & gloom is water off a ducks back ..As long as u are not planning to sell out in the next 4 weeks ....this plan is very low RISK ....waiting to be filled @ 380 IS high RISK Cheers YipYip, Thanks for your advise, can tell you know what you are talking about! Somebody else posted earlier about staggering our acquisition for protection. The more I think about it, does make a lot of sense - will definitely consider. It's great hearing from experienced traders, there's a good community on here. Do you still hold ~25% LTC? My break down is 35% btc 65% LTC (6 figures fiat) like yourself I have my (SMSF aka aussie 401k) invested in crypto I have a couple of $K fiat in doge,vert,dark & groestl ..(I do have 60m scrypt GPU farm that funds the alt investment) Historically LTC has been awesome for me & many others ...it is the silver to btc gold and as long as btc goes so will ltc Ltc is also a lot more user friendly when day trading with 10-25$ chips Trust me take a position and you feel really cool ... after going through 2 previous bubbles this time I dont have all my fiat in mining...investment is the way Mining is a short term safe pathway ...invesment is a longterm game with an awesome pay off Hey brother hope you've had a good day man! Cheers for getting back - That's an interesting % portfolio your holding. Wasn't expecting! re: 65% LTC, mathematically I would have to agree with you, honestly, don't have the nerve to go hard on LTC Good of you to share your portfolio with us! Hopefully we will take our position very soon. Will keep you updated on our long-term investment. |
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RockHound (OP)
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May 10, 2014, 05:31:09 AM |
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Stop looking for news events to move the market.
The market moves when the market wants to move and the news events get stapled to it with hindsight.
Perhaps China is already priced in? (doubt it), perhaps it is still to be priced in? (most likely). Either way, you don't know the myriad of mechanisms involved that will lead to certain players dumping coins or eating up as many as they can buy, even if you have a 'news event' to refer to.
Mat appreciate your opinion - unfortunately I hear most current eventS via the media. Bitcoins price is multivariate, but a lot of folks on here have attributed recent drops due to China's present situation, that's why I felt it pertinent. No offense intended. Obviously news events affect the price of Bitcoin in that they often relate to real world Bitcoin investing phenomena. i.e. PBOC intends to shut down all Bitcoin exchanges. This leads to Joe Blow in China fleeing from the market in a panic. But, had Bitcoin been trading flat for months, would this news have had the same effect? Bitcoin was already through the roof parabolic and had already formed a very ominous double top and was ready to take a plummet anyhow. The news only hastened and perhaps accentuated what the market was wanting to do anyways. What I am saying is don't go chasing headlines. Reading through Yip Yip's responses, he is probably right in that the trend is set to reverse, but that doesn't mean that Bitcoin won't go right down to the $200 range first. It might, it might not. Question is that if you buy NOW, with such a large chunk of your savings and thus future security at stake; how are you going to react if/when the market goes against you? I have seen me closing short positions right at a point where I am advocating other people short. i.e. my rational thinking 'knows' that the market has ran it's course and is about to correct but my emotional state can't take the torture of the chance of having my whole position liquidated and taking a 100% loss. So I cemented a very large loss on that one grossly misguided short trade and guess what? Had I just held out and adjusted my position a bit (cos otherwise my liquidation price point would have been triggered and I would have been wiped out), then I could have broken even. So, just consider how rationally you will behave if you take Yip Yip's advice and buy-in NOW only for the market to take another leg down. Last time I seen him give someone this advice, it was me he was 'advising', and Bitcoin was at $520. Get your self to the TA drawing board and mark down the two important long term trendlines. One of which is going to be breached within a few days. Actually, here is a screenshot for you: The long term resistance line dates back to the Dec 2013 highs. If this were to be breached, that would strongly suggest that the down wave has completed and would be bullish. The long term support line goes way back to the foot of the big ramp up, when Bitcoin was still just around $10. If that were to be breached, it would suggest that the phase of the grand cycle for which that line was a support is over, at at some point in the future, Bitcoin would need to be testing the 'even grander cycle' support line beneath it, which intersects the support line shown in the screenshot, but dates back to the Nov 2011 low, and is presently hovering around the $100 mark (I amn't suggesting that Bitcoin will go to $100 btw). Also shown in the screenshot is a resistance trend line that has been in force since Jan 6th 2014. What I am doing, is that I am waiting for that to be breached and confirmed before taking a long in the $400 range. Currently that would mean prices of around $470. If it were to occur (I really don't think it will), then I would be watching like a hawk for price action up and around the major resistance trend line above it. If Bitcoin fails to take out that then I would close 100% my position. Right now, with Bitcoin hovering around $440 on ultra low volume. The only wise investment decision to take is do nothing and wait for a breach of the trendlines for the market to show you unequivocally what it's intentions are.Hi Mat, how's it going mate - Cheers for the post and sorry for the late reply, been busy all day Yeah YipYip makes a good point about the potential reversal. As a safe guard, we were thinking of immediately liquidating 80% BTC funds on Localbitcoins and then buying back equivalent amount @market, in this case, $200 range, if the market turns south. This is only way I can think of? Thank for the chart! Projected resistance and trend-lines, intriguing. Good tactic your using there, took me a while to get my head around Volumetric based barriers. Mate, reckon you got decent chance for $470 action. Volume is low, all round! Effectively being patient and waiting for high volume movement. We are currently still at the $360 wall on Bstamp. Brother it's gonna take days, weeks to make this acquisition  Virtuous Bitcoins |
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RockHound (OP)
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May 10, 2014, 05:37:36 AM
Last edit: May 10, 2014, 05:59:43 AM by RockHound |
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Guys just found out a major player has just left the game, Industrial and Commercial Bank of China Ltd. (ICBC). Not sure if this will impact the price, however they are the largest bank in China, and the largest bank in the world by assets. Du Jun, the co-founder and vice president at one of China's leading digital currency exchanges Huobi.com, told Reuters that to move as a severe blow to the industry. . “We online exchanges as well as the entire industry are facing a serious challenge. Without an incoming cash flow, it's hard to operate an exchange,” Jun stated. Still currently locked-in @ $360 wall on Bitstamp News is approximately 8 Hrs old now and I haven't noticed any movement in the price - perhaps the floor has past? This is an awesome demonstration in somebody chasing the market ...lolz I think ..."you are going to miss out biatch " Hows your emotional state ....lets check in about 6 more hours... Wife thinks I'm a bit of a biatch at times too Lost my job last year and we had to move back to the UK, just lucky to find out about the bitcoin protocol in August and finally made our first investment. We've been fortunate to have already made a nice return and my Localbitcoins selling is taking off. This is our only form of income at the moment, so we both decided to go all-in of sorts with our Redundancy and Super Annuation/Pension. It's a huge proportion of our savings so just trying to get best deal we can, not sure when I'll be able to work again. You're right though, have been following Bitcoin news a lot more than usual since we sent the funds over to BStamp If we end up acquiring volume @ $480 that's cool, if we manage to acquire @ $360 , even better.Emotional states are good at the minute, I will certainly feel a bit of relief once we've got our BTC. I'm newer at this than you are but that sounds like a good mentality to take. If you have the stomach to wait, I would wait for $380. If you want to play it "safer", then I don't think YipYip's plan is a bad one. Again, if you feel unsure about waiting, maybe 50% now, and then the rest at $360 or $500 (whichever comes first)? Hi Bazil240, welcome to the forums man! Mr YipYip makes a lot of sense mathematically, but we will be patient for now and wait for large volume movement (large Red 12Hr candle on bitcoinwisdom) At best only 5% investing now at current market. Stomach definitely going to be tested over the next few days Waiting suks! |
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RockHound (OP)
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May 10, 2014, 06:11:30 AM |
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Looking to buy in the next down turn.. but I never left or plan too.
For a lot of us bitcoiners, we want to see it's value worth $4000+ in near future. So keep on hold of yours brother, though your buy-in may have been higher than current price, it'll work out as a great average price when you bought-in, I'm sure Most of the professional traders that have replied on this thread, agree BTC's a long-term investment |
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RockHound (OP)
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May 11, 2014, 07:31:06 PM |
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How's it going guys? Hope today's down dip was good for some of you! I still have a large buy-in order @ $360 on Bitstamp, we've been waiting now for 3 days Do you guys think we'll test that $400 barrier, honestly? |
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MatTheCat
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May 11, 2014, 08:16:24 PM |
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How's it going guys? Hope today's down dip was good for some of you! I still have a large buy-in order @ $360 on Bitstamp, we've been waiting now for 3 days Do you guys think we'll test that $400 barrier, honestly? The short signal will be if Bitcoin dips down below $428ish, and fails to come back up and/or stay back up. For various reasons, I think $360 is a fucking good bet for a bit of crashy bouncey action....just don't place 100% of your buy-ins at $360, on the button. |
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knightcoin
Full Member
 Offline
Activity: 238
Merit: 100
Stand on the shoulders of giants
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May 11, 2014, 08:27:55 PM |
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of course I will buy my btc back ... one day eventually ... hell I really sold it low ... |
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MatTheCat
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May 11, 2014, 09:26:25 PM |
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of course I will buy my btc back ... one day eventually ... hell I really sold it low ... He sold it at $430. That is the price that Bitcoin is now so he has a chance to be back in more or less the same position as he was in when he sold. Question is, if he was a newcomer to the market, would right now, at $435 really be such a great point to buy in at? I am looking for a long opportunity, am I buying right now? No chance! |
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T.Stuart
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May 11, 2014, 10:38:57 PM |
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I think $360 is a fucking good bet for a bit of crashy bouncey action....
Can't wait till Mat gets on the train, all happy like...  |
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RockHound (OP)
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May 11, 2014, 11:00:23 PM |
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How's it going guys? Hope today's down dip was good for some of you! I still have a large buy-in order @ $360 on Bitstamp, we've been waiting now for 3 days Do you guys think we'll test that $400 barrier, honestly? The short signal will be if Bitcoin dips down below $428ish, and fails to come back up and/or stay back up. For various reasons, I think $360 is a fucking good bet for a bit of crashy bouncey action....just don't place 100% of your buy-ins at $360, on the button. On to it mate! patiently chasing next tail end of 12Hr Net Crash n' Bouncy Red candle. Won't do 100% on the button, if we've past $400 barrier will be sure to get in-touch with you for a discussion. |
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RockHound (OP)
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May 11, 2014, 11:02:05 PM |
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I think $360 is a fucking good bet for a bit of crashy bouncey action....
Can't wait till Mat gets on the train, all happy like... Brilliant! Gotta get me one of those - Cheers Stuart |
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RockHound (OP)
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May 11, 2014, 11:05:32 PM |
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of course I will buy my btc back ... one day eventually ... hell I really sold it low ... hang in there bud, looks like I too will be waiting for $360 range. Hopefully within a couple of weeks, don't think I can hold out much longer than that |
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YipYip
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May 11, 2014, 11:17:20 PM |
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of course I will buy my btc back ... one day eventually ... hell I really sold it low ... hang in there bud, looks like I too will be waiting for $360 range. Hopefully within a couple of weeks, don't think I can hold out much longer than that This uber low volume and consolidation means it is building up steam for either 1) break below 300 2) break above 550 Also known as a squeeze we may be here for 3-4 weeks I really dont see any fundamentals to be pushing it lower so your last bastion of hope was china fud and its all out of steam Us white devils will need to put this rocket on the launch pad ourself's |
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YipYip
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May 11, 2014, 11:18:03 PM |
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I think $360 is a fucking good bet for a bit of crashy bouncey action....
Can't wait till Mat gets on the train, all happy like... AGreed ..he needs some lolz in his bearish life |
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RockHound (OP)
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May 11, 2014, 11:30:43 PM |
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of course I will buy my btc back ... one day eventually ... hell I really sold it low ... hang in there bud, looks like I too will be waiting for $360 range. Hopefully within a couple of weeks, don't think I can hold out much longer than that This uber low volume and consolidation means it is building up steam for either 1) break below 300 2) break above 550 Also known as a squeeze we may be here for 3-4 weeks I really dont see any fundamentals to be pushing it lower so your last bastion of hope was china fud and its all out of steam Us white devils will need to put this rocket on the launch pad ourself's Very wise as always YY - You know my current position, so hoping for action to move towards 1). Chinese FUD appears out of steam, agreed. Interesting month ahead! |
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knightcoin
Full Member
Offline
Activity: 238
Merit: 100
Stand on the shoulders of giants
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May 11, 2014, 11:43:55 PM |
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holy crap and I was thinking about my retirement, my bloody pension have you guys had a stroke ? and forgot your billion brain wallet ? NO  so ... |
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RockHound (OP)
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May 12, 2014, 12:47:43 AM |
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holy crap and I was thinking about my retirement, my bloody pension have you guys had a stroke ? and forgot your billion brain wallet ? NO so ... Partly!! No, what it is, is that previously working overseas we get the option to either keep pension/super annuation account running or relinquish 30% and withdrawal. We thought long and hard and decided Bitcoin offers greater financial incentive at the moment. I'm very passionate about my job and would love to do more projects in Australia and Canada but reality is, I'm not sure how long that will take. Best of luck with your retirement funds Knightcoin, keep it safe if not feeling confident in Bitcoin economy! |
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Kupsi
Legendary
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Activity: 1193
Merit: 1003
9.9.2012: I predict that single digits... <- FAIL
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May 18, 2014, 05:38:57 PM |
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About 12 hours to new fiat arrives at Stamp. The asks are low. Will the next days be last chance to buy below 450?
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RandomPedestrianN9
Member
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Activity: 84
Merit: 10
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May 18, 2014, 05:41:46 PM |
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About 12 hours to new fiat arrives at Stamp. The asks are low. Will the next days be last chance to buy below 450?
Everyday this year so far was "the last chance to buy below 1200"... |
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Kupsi
Legendary
Offline
Activity: 1193
Merit: 1003
9.9.2012: I predict that single digits... <- FAIL
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May 18, 2014, 05:50:14 PM |
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About 12 hours to new fiat arrives at Stamp. The asks are low. Will the next days be last chance to buy below 450?
Everyday this year so far was "the last chance to buy below 1200"... That's a lie. What do you think about 450 this week? |
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