and we are officially off to test the previous high at around $270

[jasonjm]

just a matter of time now, odds are very high. Don't see why any large specs would bother buying until they see what happens at 270.

that 270 doesn't hold and this could get ugly.

I had a 50k buy order in at 270 but now I'm just gonna wait and see what happens there.

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[Skoupi]

How did you end up with $270? 

[jasonjm]

its the approximate previous spike high give or take a few dollars

go look at bitcoin chart

i think it was around april 2013 if I am not mistaken, im sure someone here will give exact date and exact $ level.

[galbros]

A month ago I would have thought it highly unlikely, but the recent trend is clearly in that direction.  Really disappointing since a lot of news seems to be pretty good.

[Melbustus]

its the approximate previous spike high give or take a few dollars

go look at bitcoin chart

i think it was around april 2013 if I am not mistaken, im sure someone here will give exact date and exact $ level.

April 10th 2013, $266. I remember that day pretty well. Gox froze and was down for hours. When they reopened, trading zigzagged between $50 and $150 violently for a while. That terminated the spring-2013 run-up.

[jasonjm]

precious metals getting raped too. Euro and GBP as well.

definitely 2014 has been the year of the US dollar.

[oda.krell]

Possible. Less than $100 away from it at the moment, definitely not "impossible" anymore, as was the claim a month or two ago.

I would add the caveat that, if everyone expects a drop to x, it often stops just a tad /short/ of x, so I don't know about the exact target, but going back to the 200s now looks like a real possibility, unless we see a drastic return of buying pressure (to the point where the weekly closes green).

Quite the bear market we're in :/

[y3804]

Undoubtedly, Huobi will pump bitcoin if it ever falls back to 260ish, like they did on every psychological opportunity this year

IMO it's dangerous to short for a quick buck from here down to 300ish.

[Wandererfromthenorth]

Unless someone just starts to buy up all the BTC on the asks and triggers short squeezes and chain reactions all around (very probably won't happen), the $200s are almost a sure thing I would say.


Of course the road would be full of dead cats, bull traps and slow bounces, but going there it seems.

[Kontridder]

Love it

[jasonjm]

Undoubtedly, Huobi will pump bitcoin if it ever falls back to 260ish, like they did on every psychological opportunity this year

IMO it's dangerous to short for a quick buck from here down to 300ish.

anyone doing anything with bitcoin on margin is very likely to eventually get their ass handed to them. This is not one of those items anyone should try get fancy with IMO

[hyphymikey]

I don't think "odds are very high" but I wouldn't mind picking up some coin under $300

[jasonjm]

I don't think "odds are very high" but I wouldn't mind picking up some coin under $300

eh?

we down 70% off the high, whats another less than 10% to take it to 270

odds are very very good

[inca]

I don't think "odds are very high" but I wouldn't mind picking up some coin under $300

eh?

we down 70% off the high, whats another less than 10% to take it to 270

odds are very very good

So are the odds of us reversing back up.

Selling and seeing if we follow the trend lower is a bit risky but may be ok. Shorting here hoping for larger falls is madness.

[jasonjm]

I don't think "odds are very high" but I wouldn't mind picking up some coin under $300

eh?

we down 70% off the high, whats another less than 10% to take it to 270

odds are very very good

So are the odds of us reversing back up.

Selling and seeing if we follow the trend lower is a bit risky but may be ok. Shorting here hoping for larger falls is madness.

well anyone who trades bitcoin on margin is asking to eventually get their ass handed to them. I have never recommended shorting bitcoin.

but I am recommending standing aside to see where this goes.

its not just bitcoin getting hit, gold, silver, euro, gbp, soybeans, oil, in fact anything that isnt the US dollar.

[inca]

I don't think "odds are very high" but I wouldn't mind picking up some coin under $300

eh?

we down 70% off the high, whats another less than 10% to take it to 270

odds are very very good

So are the odds of us reversing back up.

Selling and seeing if we follow the trend lower is a bit risky but may be ok. Shorting here hoping for larger falls is madness.

well anyone who trades bitcoin on margin is asking to eventually get their ass handed to them. I have never recommended shorting bitcoin.

but I am recommending standing aside to see where this goes.

its not just bitcoin getting hit, gold, silver, euro, gbp, soybeans, oil, in fact anything that isnt the US dollar.

Bit late in the bear market for me to duck out. I think i'll just stick it out and actually buy more. Most people who were thinking about selling probably already have. Barring a black swan the gains by selling and buying back in are probably not worth the hassle for me to decrypt my coins from coin storage.

[blitzbad]

glad to see more and more people start to see the incoming downfall of bitcoin, $270 is never the end of this final capitulation, you will see $100 $1x and single digital for sure

today, permabulls and scammers can hardly fool more people to buy their bags in this ponzi pyramid schemes any more which is good,

people start to admit the fact and cut their losses, buy bitcoin if you want to get poor quick

[jasonjm]

glad to see more and more people start to see the incoming downfall of bitcoin, $270 is never the end of this final capitulation, you will see $100 $1x and single digital for sure

today, permabulls and scammers can hardly fool more people to buy their bags in this ponzi pyramid schemes any more which is good,

people start to admit the fact and cut their losses, buy bitcoin if you want to get poor quick

possibly.

who knows.

but there are not many (any?) alternatives to fiat currency that are as easily portable as bitcoin. So i reckon its worth the (substantial) risk.

[misterycoins]

I believe there are millions $$$ just waiting for the right time to enter

[transient858]

just a matter of time now, odds are very high. Don't see why any large specs would bother buying until they see what happens at 270.

that 270 doesn't hold and this could get ugly.

I had a 50k buy order in at 270 but now I'm just gonna wait and see what happens there.

I am more pessimistic than you.

If price go around 100-200 area, I might buy 10-20 coins like lottery ticket.