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Author Topic: $4 is the new $2  (Read 2572 times)
cypherdoc
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March 11, 2012, 04:59:30 PM
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i believe this to be the case.  

in fact, the move down from $7.20 to $4 magically represents a 61.8% Fibonacci retrace, a good place to bottom.

so would you be wise to be buying in the $4's or selling/shorting in the $4's?
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Blitz­
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March 11, 2012, 05:01:33 PM
 #2

Agree. But look what 5.2 is: http://www.sierrachart.com/userimages/upload_2/1331485270182.png

You buying up? Grin

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
cypherdoc
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March 11, 2012, 05:03:22 PM
 #3

Agree. But look what 5.2 is: http://www.sierrachart.com/userimages/upload_2/1331485270182.png

You buying up? Grin

thats only reserved for pillow talk. Wink
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March 11, 2012, 05:04:09 PM
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Agree. But look what 5.2 is: http://www.sierrachart.com/userimages/upload_2/1331485270182.png

You buying up? Grin

The new $7.20?
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March 11, 2012, 05:06:01 PM
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i should also point out that $4 has generally agreed to be a minimum for mining profitability. 

also that the advent of Bitcoinica shorting in September contributed to an undershoot down to $2.  that has now evened out.
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March 11, 2012, 05:09:53 PM
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Nah, forget it.

The S3052 newsletter most likely prevented that for now. Unless THE SUPER RALLYYYYYYYYY BITCOIN IS MAINSTREAM NOW WE ARE GOING TO OVER NINE THOUSAND kicks off, I still am convinced we will challenge 4.5 again, but it might happen much later, after a ridiculously small corrective rally in BTC terms (1 or 2 USD up perhaps). I hoped we would do a final capitulation with a serious reversal like from 0.55 last year so I can hold for weeks and months to come, but no.

This is now postponed. Next up: Hot potato.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
proudhon
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March 11, 2012, 05:13:28 PM
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If this goes on much longer this'll turn into the longest period of relatively flat prices in bitcoin trading history so far.
Blitz­
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March 11, 2012, 05:13:51 PM
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If this goes on much longer this'll turn into the longest period of relatively flat prices in bitcoin trading history so far.
Bitcoin is finally getting stable.

 Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 11, 2012, 05:20:53 PM
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also that the advent of Bitcoinica shorting in September contributed to an undershoot down to $2.  that has now evened out.
And the (lack of) Bitcoinica leverage was responsible for 7.22 and 4.64. So 50% of that move would be 4.6. What now? Grin

We need this to be MUCH more common here, so,

Full disclosure: I am long BTC.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
proudhon
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March 11, 2012, 05:25:33 PM
 #10

If this goes on much longer this'll turn into the longest period of relatively flat prices in bitcoin trading history so far.
Bitcoin is finally getting stable.

 Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin

S3052
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March 11, 2012, 05:36:00 PM
 #11

If this goes on much longer this'll turn into the longest period of relatively flat prices in bitcoin trading history so far.
Bitcoin is finally getting stable.

 Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin



Stable would be good for bitcoin merchants, but realistically, this is not going to happen at current levels. More likely there will be wild swings in the next couple of years before there is some stabilization.

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zby
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March 11, 2012, 05:38:24 PM
 #12

I don't see bitcoin reaching out of the geek ghetto.  The 'Good Wife' episode generated great hopes - but I don't see any follow up to that.
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March 11, 2012, 05:44:13 PM
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Stable would be good for bitcoin merchants, but realistically, this is not going to happen at current levels. More likely there will be wild swings in the next couple of years before there is some stabilization.
That’s the joke. Bitcoin will never be nearly stable until its price discovery reveals either 0 or 4-5 digit.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
S3052
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March 11, 2012, 05:45:58 PM
 #14

>> Blitzboom. 100% agree

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Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

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cypherdoc
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March 11, 2012, 05:51:51 PM
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face it; Bitcoin will never be stable as long as the Federal Reserve keeps printing USD's.

and the more it prints, the more Bitcoin goes...
S3052
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March 11, 2012, 05:53:19 PM
 #16

Agree Cypher.
And soon we will see  a strong inverse correlation of BTC and stocks

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cypherdoc
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March 11, 2012, 05:56:34 PM
 #17

Agree Cypher.
And soon we will see  a strong inverse correlation of BTC and stocks


Now we can agree in the direction of stocks.  i'm short.  we reached my objective target of clearing the May highs and now is the time to wrong foot everyone.
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March 11, 2012, 06:13:22 PM
 #18

Agree Cypher.
And soon we will see  a strong inverse correlation of BTC and stocks


Now we can agree in the direction of stocks.  i'm short.  we reached my objective target of clearing the May highs and now is the time to wrong foot everyone.

Congrats!!!!

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Blitz­
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March 11, 2012, 06:17:44 PM
 #19

Stable would be good for bitcoin merchants, but realistically, this is not going to happen at current levels. More likely there will be wild swings in the next couple of years before there is some stabilization.
That’s the joke. Bitcoin will never be nearly stable until its price discovery reveals either 0 or 4-5 digit.
Following up on that thought: Shorting can give you 100% profit + if you borrow it, potentially unlimited loss, going long potentially unlimited profits with limited loss. Grin

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 11, 2012, 07:13:02 PM
 #20

i believe this to be the case.  

in fact, the move down from $7.20 to $4 magically represents a 61.8% Fibonacci retrace, a good place to bottom.

so would you be wise to be buying in the $4's or selling/shorting in the $4's?

i sorta agree...


but i see it like this

2$ was when bitcoin wanted to see how low it would go

5$ is its actual value

4$ is meaningless its not the "bottom" its just a whole dollar less then its actual value

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