Bitcoin looking very weak at mid $600

FeedbackLoop

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Quote from: semaforo on March 12, 2014, 01:41:29 AM

http://www.google.com/trends/explore#q=bitcoin&geo=KE

http://www.google.com/trends/explore#q=bitcoin&geo=NG

http://www.google.com/trends/explore#q=bitcoin&geo=GH

There is definitely money in Africa- especially Nigeria- I have heard people there deal in cash by the truckload. There is some lag there because of less tech fluency, but on the other hand, most of the governments are too weak to enforce any kind of a bitcoin ban. I have a feeling that bitcoin will kill a few African states in the not too distant future.

Thanks!

Funny that the little sub-peaks seem to correlate so well!

semaforo

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http://www.google.com/trends/explore#q=bitcoin&geo=KE

http://www.google.com/trends/explore#q=bitcoin&geo=NG

http://www.google.com/trends/explore#q=bitcoin&geo=GH

There is definitely money in Africa- especially Nigeria- I have heard people there deal in cash by the truckload. There is some lag there because of less tech fluency, but on the other hand, most of the governments are too weak to enforce any kind of a bitcoin ban. I have a feeling that bitcoin will kill a few African states in the not too distant future.

FeedbackLoop

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Quote from: semaforo on March 10, 2014, 05:22:33 PM

Trend indicates that interest is spiking in Nigeria and Kenya, the hubs of the African economy.

Care to share sources on this? Thanks.

chesthing

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"Trend indicates that interest is spiking in Nigeria and Kenya, the hubs of the African economy."

Awesome. Can't wait for the emails telling me I can expect a huge btc windfall due to a lost hard drive. All I need to do is paypal $1000 to claim my prize.

semaforo

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   Honestly, I agree with the intuitive approach. I am thinking we may see weaker btc buying power for a while as the dust settles from all the bad press.

   Ultimately, however, there is no such thing as bad press- now more and more people know about bitcoin- and for every ten people who think it's unsafe, there is one who is going to really read about it and understand the implications and get on board. Trend indicates that interest is spiking in Nigeria and Kenya, the hubs of the African economy. Many money transfer services already offer locked in exchange rates, so volatility isn't really an issue as far as enhancing the efficiency of the remissions market. There are definitely a lot of people waiting for prices to go down to buy who might panic buy at any signs of a major rally. There is no reason that the spread of bitcoin would be any different than the spread of the internet- rather, faster, especially as smartphone wallet software becomes more widespread.

   It still seems highly unlikely that the past year will look like anything other than the flat part at the beginning of the bitcoin adoption chart in 10 years.

Cassius

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Quote from: TERA on March 10, 2014, 04:33:01 PM

Quote from: igorr on March 10, 2014, 12:33:21 PM

Quote from: MatTheCat on March 09, 2014, 12:46:44 PM

Seems like the little surge earlier today was from the noveau riche TA 101A society.

It occurred as 4Hr MACD and PSAR were switching to long signal. Bitcoin rose on low volume, with huge dumps up near the top consisting of much of the big green 15 minute bar that appears to drive the price up. Since then nothing. Any volume has been downwards volume.

I had lower 600's, higher 500's as consolidation/accumulation zone but seeing the complete lack of interest at the mid $600's has me thinking my money would be better placed in lower 500's.

trend does not look good

How do people draw these types of charts? What calculations do you use for the placement of each line, and to get the slope?

1) Close eyes.
2) Remove finger from backside. Stab at chart.
3) Repeat with other hand. Join lines.
4) Repeat process for new lines. Doesn't matter how many as they won't mean anything anyway.
5) Select colour. Shade in between lines to denote Something Bad.
6) Repeat with second colour, which will also denote Something Bad.
7) Post to as many threads as you can with vague apocalyptic warnings.

Zule

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Quote from: MatTheCat on March 09, 2014, 12:46:44 PM

How do people draw these types of charts? What calculations do you use for the placement of each line, and to get the slope?

The first line goes from the bear's ass, thats obvious.

TERA

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Quote from: igorr on March 10, 2014, 12:33:21 PM

Quote from: MatTheCat on March 09, 2014, 12:46:44 PM

Seems like the little surge earlier today was from the noveau riche TA 101A society.

It occurred as 4Hr MACD and PSAR were switching to long signal. Bitcoin rose on low volume, with huge dumps up near the top consisting of much of the big green 15 minute bar that appears to drive the price up. Since then nothing. Any volume has been downwards volume.

I had lower 600's, higher 500's as consolidation/accumulation zone but seeing the complete lack of interest at the mid $600's has me thinking my money would be better placed in lower 500's.

trend does not look good

How do people draw these types of charts? What calculations do you use for the placement of each line, and to get the slope?

Bitcoin_is_here_to_stay

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Quote from: Cassius on March 10, 2014, 02:08:22 PM

Quote from: aminorex on March 10, 2014, 01:38:28 PM

Quote from: hdbuck on March 10, 2014, 07:50:26 AM

i agree with OP, it seems since gox scandal that no new money is coming in.

maybe that's why the number of unique addresses used daily has only increased 22% since gox stopped trading.

Curious that isn't reflected in the price. My guess: a bunch of people created addresses as they realise exchanges aren't good places to keep money. Plus, possibly, speculatory money leaving the system from the exchanges faster than new money going into new addresses?
Will be very interesting to see if it continues, anyway.

Yeah, in bitcoin world new_address != new_money. And we are now seeing some very old money, being dormant for years, moving through the blockchain.

I do not know what to think^* - other than that for me price is still too high to buy. But I am OK with never buying any more BTC, worst things can happen Wink

^*On one hand, bitocoin has been very resistant to bad news, jumping back almost immediately from flash crash. On teh other hand, we see this slow falling down ...

Cassius

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Quote from: aminorex on March 10, 2014, 01:38:28 PM

Quote from: hdbuck on March 10, 2014, 07:50:26 AM

i agree with OP, it seems since gox scandal that no new money is coming in.

maybe that's why the number of unique addresses used daily has only increased 22% since gox stopped trading.

Curious that isn't reflected in the price. My guess: a bunch of people created addresses as they realise exchanges aren't good places to keep money. Plus, possibly, speculatory money leaving the system from the exchanges faster than new money going into new addresses?
Will be very interesting to see if it continues, anyway.

Cassius

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Quote from: smoothie on March 10, 2014, 01:12:10 AM

Looks can be deceiving. OP get ready to buy back in before we rocket up again.

Based on? Not saying you're wrong and would certainly agree in the medium term, but it looks like we're headed a little further south first.

aminorex

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Sine secretum non libertas

Quote from: hdbuck on March 10, 2014, 07:50:26 AM

i agree with OP, it seems since gox scandal that no new money is coming in.

maybe that's why the number of unique addresses used daily has only increased 22% since gox stopped trading.

aminorex

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Sine secretum non libertas

Quote from: chesthing on March 10, 2014, 01:28:26 PM

Igor, if you don't like btc why fuck are you here? is your life THAT empty?

Clearly he is either insane, or driven by a coherent motive. The usual motive is profit. Either he actually believes he can talk the price down, or he's paid to to it in a more direct manner.

chesthing

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Igor, if you don't like btc why fuck are you here? is your life THAT empty?

igorr

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Quote from: MatTheCat on March 09, 2014, 12:46:44 PM

Seems like the little surge earlier today was from the noveau riche TA 101A society.

It occurred as 4Hr MACD and PSAR were switching to long signal. Bitcoin rose on low volume, with huge dumps up near the top consisting of much of the big green 15 minute bar that appears to drive the price up. Since then nothing. Any volume has been downwards volume.

I had lower 600's, higher 500's as consolidation/accumulation zone but seeing the complete lack of interest at the mid $600's has me thinking my money would be better placed in lower 500's.

trend does not look good

Dalmar

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Quote from: podyx on March 10, 2014, 08:08:22 AM

where have he claimed this?

Read the description, he is still mid-term bearish based on his EW method.

podyx

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Quote from: Dalmar on March 10, 2014, 07:59:03 AM

TA king DanV who predicted a retest of the 400s when prices were in the 800-900 range in January still thinks bitcoin is headed south:

https://www.tradingview.com/v/GTvxyQ0T/

where have he claimed this?

Dalmar

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Life is short, practice empathy in your life

TA king DanV who predicted a retest of the 400s when prices were in the 800-900 range in January still thinks bitcoin is headed south:

https://www.tradingview.com/v/GTvxyQ0T/

hdbuck

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i agree with OP, it seems since gox scandal that no new money is coming in. Not saying the price wont reach up at some point but i dont expect it to be soon. maybe by september or so. Until then, i think it could easily drop back to $300.

Bit_Happy

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A Great Time to Start Something!

Quote from: merkin51 on March 09, 2014, 01:30:15 PM

It's all a complete mess now, the manipulation that drives the market has become so painfully obvious that even the most perma of perma-bulls can't deny it. The "noveau riche" as you call them are just lining their pockets further at the expense of practically everyone else. This only ends when it becomes nearly impossible (or not worth their effort) to manipulate because all the suckers have been scared off and they have no one left to shake down, but that could take a long, long time as noobs continue to pile in. People who think multi-billion investment is just around the corner are utterly deluded, who in their right mind is going to enter this market with vast sums of money?

I genuinely believed we were entering final capitulation, blood on the streets, blah blah blah, christ I'm even writing those posts myself now. What a great time to buy!!! Yeah right... bitcoin is completely fubar at this moment in time.

When enough people believe your post THAT is the time to buy.
Don't follow the lemmings.

Topic: Bitcoin looking very weak at mid $600 (Read 4577 times)