About to fall below the 50 day moving average...short/intermediate term bearish

[MoreFun]

Add a long term bull trend line and we are obviously at very critical point.

The next few days for bitcoin are critical^TM

 

Truest post of the day

Truth is, bitcoin could not care less about lines, rectangles, circles and numbers that we draw on it's price graph; unlike stock market, it does not have a board of directors to explain weak performance to - it just exists, while we silly humans try to make sense or profit out of it.

Really???




Although generally I like and agree with most of your comments...

[vuduchyld]

Add a long term bull trend line and we are obviously at very critical point.

The next few days for bitcoin are critical^TM

 

Truest post of the day

Truth is, bitcoin could not care less about lines, rectangles, circles and numbers that we draw on it's price graph; unlike stock market, it does not have a board of directors to explain weak performance to - it just exists, while we silly humans try to make sense or profit out of it.

I actually agree with you, but I think it's funny that we read over and over and over again how the next few days are SOOOO critical.  I took the trademark gesture as one of sarcasm.

[Dalmar]

Truth is, bitcoin could not care less about lines, rectangles, circles and numbers that we draw on it's price graph; unlike stock market, it does not have a board of directors to explain weak performance to - it just exists, while we silly humans try to make sense or profit out of it.

There are loads of bots operating in the bitcoin market who copy strategies from the general stock market. Hence, why there is an overlap in TA of stocks and bitcoin.

[keithers]

http://bitcoincharts.com/charts/bitstampUSD#rg360zigDailyztgSza1gSMAzm1g50za2gSMAzm2g200

I hope you all can see the chart by clicking on the above link. Basically the 50 DMA acted as resistance from March (700) until the middle of May when it broke out of its downtrend around 450. It then became support and BTC bounced off the 50 DMA around 550 in June and again in the last few days at around 610. This has been very bullish, but the recent inability to break even the 640 level tells me we are about the test the 50 DMA again here in the next few days around 615-620.

This third test of support might not hold which would likely cause a short to intermediate term bearish move possibly reaching 550 rather quickly.

Best case scenario would be either the 50 DMA holds a third time and finally bounce towards 700 or we selloff towards 550 and form a triple bottom...
Worst case scenario imo would be we can't even hold 550 and go back into the 400s for some more consolidation...

These are short term predictions because BTC may end up being worthless or a million dollars in the long run of course.

I just sold 2 coins and only hold .25 BTC now at a 440 breakeven. If I see positive momentum forming I won't be afraid to buyback since I am a LT bull.


Welt

If you were holding 2.25 BTC total, I think your best bet would just be to hold onto what you have for the long term and just start incrementally adding.   Even if prices tank, and you re-buy...there is not too much profits to be had.   IMO, you should work on building up your holdings (if your finances permit)..

[jcoin200]

Will bots (or whales) allow the price to rise substantially?  It seems like they can make enought money just by knowing when to get in or out, not necessarily by holding

[piramida]

Add a long term bull trend line and we are obviously at very critical point.

The next few days for bitcoin are critical^TM

 

Truest post of the day

Truth is, bitcoin could not care less about lines, rectangles, circles and numbers that we draw on it's price graph; unlike stock market, it does not have a board of directors to explain weak performance to - it just exists, while we silly humans try to make sense or profit out of it.

Really???

well mostly; of course I know that bitcoin price is a product of human psychology, so any lines that convince a large number of humans would affect the price as well. In that regard, bitcoin price follows TA. But saying there are some critical days for *bitcoin* is funny because it's nothing but us deciding how many dollars we want to exchange for one bitcoin. Bitcoin, the network, does not give a fuck.

[okthen]

Will bots (or whales) allow the price to rise substantially?  It seems like they can make enought money just by knowing when to get in or out, not necessarily by holding

Depends on the type of bot.
If Bitstamp turns on one like Gox's Willy, to the mooon!

Though I'd prefer that we rise slower and bot free.

[seleme]

Gimme 3000$ even if Pope would pump it. 

[Torque]

Add a long term bull trend line and we are obviously at very critical point.

The next few days for bitcoin are critical^TM

 

Truest post of the day

Truth is, bitcoin could not care less about lines, rectangles, circles and numbers that we draw on it's price graph; unlike stock market, it does not have a board of directors to explain weak performance to - it just exists, while we silly humans try to make sense or profit out of it.

Really???

well mostly; of course I know that bitcoin price is a product of human psychology, so any lines that convince a large number of humans would affect the price as well. In that regard, bitcoin price follows TA. But saying there are some critical days for *bitcoin* is funny because it's nothing but us deciding how many dollars we want to exchange for one bitcoin. Bitcoin, the network, does not give a fuck.

The next few days for bitcoin day traders are critical^TM; Bitcoin don't give a Fuck^TM

Fixed 

[vuduchyld]

The next few days for bitcoin day traders are critical^TM; Bitcoin don't give a Fuck^TM

Fixed 

Bahahahaha!!!

[natewelt]

I was bearish and sold the majority of my coins in the 620s. The price has languished since I sold and at the moment there is no reason for me to add any coins. I would like to see BTC breakout of its current downtrend as well as hold 550 before I add any coins.