Prepare to retest $266 and possibly drop below for a bit

[keystroke]

I think we might have to break down below the ATH of early 2013 for a bit. It won't be pretty and it will certainly cause a lot of pain -- pain by design. Markets can be nasty. Good luck and hold on tight. If we can go down there and then come back up it will prove we are an unstoppable force, ready for anything. I will be buying around $266 if we get there.

[Luckylui]

I think we might have to break down below the ATH of early 2013 for a bit. It won't be pretty and it will certainly cause a lot of pain -- pain by design. Markets can be nasty. Good luck and hold on tight. If we can go down there and then come back up it will prove we are an unstoppable force, ready for anything. I will be buying around $266 if we get there.

I shall be waiting!

[Luckylui]

I am still hurting from Moola scam
I wish I got them back!!

[unent]

The TA crowd won't be happy until we break down below the ATH of early 2013. It might be a self fulfilling prophecy that we go down that far.

[keystroke]

Exactly. Might be a grind down over the next month or so. Markets need to be brutal like this. Only the strong survive and all that.

[ravenjt]

Surely the strong sold out at 1,000 a year ago and will quadruple their btc when they buy back in at 266

[FatherBob]

...Markets need to be brutal like this...

It's only doing this because it loves you.

[keystroke]

Surely the strong sold out at 1,000 a year ago and will quadruple their btc when they buy back in at 266

The strong already have a large amount of their net worth in BTC so it makes sense to stay diversified. They might get back a little just for the thrill of it though.

[leopard2]

Yes it can break 266 and go to 200ish, so that is a good buying range; I doubt that large investors will cash out - just not enough alternatives - so money will remain in exchanges and used for buying back at low prices.

I am more worried about industrial miners and governments.

[criptix]

if we break 270 it will be huge, because btc never went down the previous ath.
i can already see all the people pressing sell until we reach 1xx.

but i believe 270 with hold

[Dilla]

I am constantly checking and have my fiat ready for the $200's range. Will be exciting to see how low it will go.

[leopard2]

the thing to keep in mind is that lots of people wait for lower prices

at the same time, large BTC owners cannot simply take the cash out; most exchanges will ask too many questions; if you owned 10 000 coins which exchange would you trust so many coins and $$$? Especially in a crash scenario?

See the issue?

And then withdraw to which bank account? Questions, taxes, closed accounts ... No, I believe large investors will either not sell or sell and re-invest.

Small fish like us cannot move the market.

[goldsun]

I think we might have to break down below the ATH of early 2013 for a bit. It won't be pretty and it will certainly cause a lot of pain -- pain by design. Markets can be nasty. Good luck and hold on tight. If we can go down there and then come back up it will prove we are an unstoppable force, ready for anything. I will be buying around $266 if we get there.

Ready for anything, really? What will you say once we get into the same position as now, but maybe in another price range?

I am not sure if it's just gowing down and then come back up and be ready for anything. It will take something more than just that. People said once merchants starts to accept bitcoin, the price will rise. So many merchants that are accepting bitcoin now, and the price is still falling. It wasn't like this when there wasn't many merchants around.

[unent]

the thing to keep in mind is that lots of people wait for lower prices

at the same time, large BTC owners cannot simply take the cash out; most exchanges will ask too many questions; if you owned 10 000 coins which exchange would you trust so many coins and $$$? Especially in a crash scenario?

See the issue?

And then withdraw to which bank account? Questions, taxes, closed accounts ... No, I believe large investors will either not sell or sell and re-invest.

Small fish like us cannot move the market.

Before last Christmas there were far fewer exchanges for the whales to cash out from, and people were already mistrusting Mt Gox. Now the whales can cash out far more and probably do not mind answering a few questions and paying taxes. If the price crashes further they may well reinvest some cash but they may also withdraw a large chunk of cash.

[keystroke]

Looks like it is happening.

[samson]

Looks like it is happening.

It sure is

[keystroke]

I've now bought back a total of about 2/3 of what I had sold around $1,100.

[BitCoinNutJob]

I've now bought back a total of about 2/3 of what I had sold around $1,100.

Sick trading skills dude, you must of made a ton.  Cant say i was as lucky as you, mtgox messed up my buy in strategy on the way back down for the most part.

[picolo]

I think we might have to break down below the ATH of early 2013 for a bit. It won't be pretty and it will certainly cause a lot of pain -- pain by design. Markets can be nasty. Good luck and hold on tight. If we can go down there and then come back up it will prove we are an unstoppable force, ready for anything. I will be buying around $266 if we get there.

Good call, we went all the way down to 255$ and it might not be over.

[applesRyummy]

Yes it can break 266 and go to 200ish, so that is a good buying range; I doubt that large investors will cash out - just not enough alternatives - so money will remain in exchanges and used for buying back at low prices.

I am more worried about industrial miners and governments.

I would not be surprised that we do go to ~200 if the price falls below ~266. However that is a very big if. The ~260 level appears to be a new resistance, at least in the short term