94% correction? [46% so far]

[RyNinDaCleM]

Now, for the fellow chartists: http://www.sierrachart.com/userimages/upload_2/1328458777598.png

We have 3 trendlines, let’s call them short, mid and long term.

Short term is broken, mid term is about to be tested now.

Update http://www.sierrachart.com/userimages/upload_2/1328494454347.png

Price has bounced off the mid term trendline for the second time now. We may have done a double bottom, but there has also been a kind of double top at 5.8.

Interesting stuff going on for sure.

It's the Batman trend!

[Transisto]

Sometime I feel like ignoring everyone in speculations threads,

How can you spew up so much non-sense,  Bitcoin market is based much more on fundamentals than any other penny stock.

I don't know what the F you're you're talking about,   How can btc get to 50c without any major news

[adamstgBit]

Sometime I feel like ignoring everyone in speculations threads,

How can you spew up so much non-sense,  Bitcoin market is based much more on fundamentals than any other penny stock.

I don't know what the F you're you're talking about,   How can btc get to 50c without any major news

they were thinking, they could bring down the price with their thoughts! hahaha

scary thing is, they had these thoughts and then the price went down just a little bit more.

[rebuilder]

If we assume the top is 7.22 and there is again a months long 94% "consolidation", the low would turn out to be 0.45 USD.

why would you assume any of that?

[N12]

[Early June 2011]

Sometime I feel like ignoring everyone in speculations threads,

How can you spew up so much non-sense,  Bitcoin market is based much more on fundamentals than any other penny stock.

I don't know what the F you're you're talking about,   How can btc get to $5.00 without any major news

See it?

why would you assume any of that?

Why the hell not? There’s been a rally from November to January, so if we consider it over, it’s interesting to extrapolate how much downside we had last time a 3 months rally ended.

You shouldn’t take it seriously. I don’t think it would go that far. It’s just a provoking thought experiment.

[gewure]

[Early June 2011]

Sometime I feel like ignoring everyone in speculations threads,

How can you spew up so much non-sense,  Bitcoin market is based much more on fundamentals than any other penny stock.

I don't know what the F you're you're talking about,   How can btc get to $5.00 without any major news

See it?

why would you assume any of that?

Why the hell not? There’s been a rally from November to January, so if we consider it over, it’s interesting to extrapolate how much downside we had last time a 3 months rally ended.

You shouldn’t take it seriously. I don’t think it would go that far. It’s just a provoking thought experiment.

with the possible outcome of killing bitcoin. congratulations!

think about it out-of-the-box: bitcoin trades for >5.3$ since one month, and you come here and tell us seriously you are doing a "provoking thought experiment" when you spread FUD about bitcoin droping 94% to 0.5$?!

its like doing a fire insurance on your neighbours house and then starting to play with fire at his place, tell him that you really think his house burns already, and if he says "no, it doesnt" you say "well! that is just a provoking thouhgt experiment, what IF your house burns to the ground like the house of my other neighbor did (where i also had a fire insurance and played alot with those neat lighters)?<insert trollface>" ..

 

[N12]

u mad bro? I think you need to adjust your risk management regarding Bitcoin, clearly you have too much at stake.

So someone makes a bearish thread and then suddenly everyone sells and Bitcoin dies? If so, I think it deserves to die.

[Maged]

Interestingly enough, if you compare the magnitudes of each rally and assume that they will drop as much as the first rally as a magnitude of the percentage, you get a "perfect" estimate of a 33% drop from our high of $7.22, bringing us down to $4.81.

...God damn 33% percent retracement rule.

[Crypt_Current]

So someone makes a bearish thread and then suddenly everyone sells and Bitcoin dies? If so, I think it deserves to die.

+1
We all have to bear the burden of socializing Bitcoin in order for it to succeed.  This is not such an easy task for the introverted, and it could well serve to change some individuals for the better in rather unexpected ways.

[proudhon]

Ok, so now I'm convinced that somebody just in principle wants the price to go down.

[Sysrq]

And he is doing it right now ! 

[N12]

Ok, so now I'm convinced that somebody just in principle wants the price to go down.

Wat do, proudhon? Wat do?

[muyuu]

Patiently awaiting yesterday morning prices to get some coins

[N12]

The trendline I have drawn seems to be violated now. I was wrong about the 5.45 bottom.

[Technomage]

I see this as a manipulation attempt based on the predictions of what will happen if $5.4 breaks. It doesn't make any sense otherwise, someone who simply wanted to exit the market with 40k BTC would've sold smaller amounts at a time, not all 40k at once. The market had no signs of crashing so the seller would've got a much better price by selling in smaller amounts. That dump was very intentional, the question is will people fall for it. I'm not falling for it.

[NamelessOne]

Yes exactly. I haven't yet myself. Panic doesn't appear to have been started yet. Watching things.

[N12]

It’s good to see how well Bitcoins are distributed so that people can just dump 40k, really.

What a relief! I am thankful for our early adopters. Makes it awesome to hold Bitcoins.

[realnowhereman]

It’s good to see how well Bitcoins are distributed so that people can just dump 40k, really.

What a relief! I am thankful for our early adopters. Makes it awesome to hold Bitcoins.

What makes you think it's an early adopter?

Just three months ago they could've got 40k coins for $20,000 $80,000... which is not outside the grasp of an average person.


(edited to fix my stupidity)

[Mushoz]

It’s good to see how well Bitcoins are distributed so that people can just dump 40k, really.

What a relief! I am thankful for our early adopters. Makes it awesome to hold Bitcoins.

What makes you think it's an early adopter?

Just three months ago they could've got 40k coins for $20,000... which is not outside the grasp of an average person.

They never got far below 2 dollars each, which makes 80k $ for 40k coins.

[realnowhereman]

It’s good to see how well Bitcoins are distributed so that people can just dump 40k, really.

What a relief! I am thankful for our early adopters. Makes it awesome to hold Bitcoins.

What makes you think it's an early adopter?

Just three months ago they could've got 40k coins for $20,000... which is not outside the grasp of an average person.

They never got far below 2 dollars each, which makes 80k $ for 40k coins.

Duh.  Sorry; that's what I meant.  Pillock that I am.