Bitcoin price stuck between 500 to 600$.
Watta observation!
Topic: BTC 513-Reason for current fall of price? (Read 2557 times)
Watta observation!
Bitcoin price stuck between 500 to 600$.
http://s23.postimg.org/ezstv72jf/image.png
print screen windows 7
Prices trend on the daily charts has been downtrend from the time it broke long resistance occurring at support level of $557. As shown in the figure above, when this barrier was broken, it had huge negative impact for Bitcoin. Buying support has gone missing as candlesticks show seller have upper hand at the specified time which can be simply justified by buying of some large properties( or some related activity) in Bitcoin liquidating them at exchanges. It was observed that Bitcoin formed 'Double Bottom' on pervious occasion which couldn't sustain for long time due waning buying habit.
Cheers,
ZeroSum Believer
print screen windows 7
Prices trend on the daily charts has been downtrend from the time it broke long resistance occurring at support level of $557. As shown in the figure above, when this barrier was broken, it had huge negative impact for Bitcoin. Buying support has gone missing as candlesticks show seller have upper hand at the specified time which can be simply justified by buying of some large properties( or some related activity) in Bitcoin liquidating them at exchanges. It was observed that Bitcoin formed 'Double Bottom' on pervious occasion which couldn't sustain for long time due waning buying habit.
Cheers,
ZeroSum Believer
I was able to buy at 475 and then the price crashed on btc-e giving me buys as low as 380 and even 340, just near the lows 
BTC is right now trading at 513.13 on Bitstamp. Inspite of many positive feedback, we haven't seen upwards price moment in past few months. Now, when CFPB warned customer of Bitcoin calling it 'wild west', we've seen downwards moments. Why is it so that positive news dosen't have same impacts as negative news?
What do you think?
One thing you will notice a lot in any market is fall is faster than rise. The reason is its easier to incite panic than is to gain confidence. Think about it.What do you think?
As for why the crash, well there could be multiple reasons which people can associate it with. Ethereum people talking about dumping their coins or Bitfinex HKG dropping coins or Dell deal and what not or if you ask a TA - some SMA or MACD turning bearish and what not. It could be also be a simple squeeze for some to buy a bucket load of coins (bitcoin is easy to manipulate that way). So there are multiple reasons.
I for one, have been on short side since 620ish July starting on a long term chart, based on my trading system. Just liquidated my position and put in a buy order at 475. Missed by 5 bucks, so waiting for it to go down more
BTC is right now trading at 513.13 on Bitstamp. Inspite of many positive feedback, we haven't seen upwards price moment in past few months. Now, when CFPB warned customer of Bitcoin calling it 'wild west', we've seen downwards moments. Why is it so that positive news dosen't have same impacts as negative news?
What do you think?
What do you think?
No need to think. The initial root-cause analysis says that the avalanche effect started off at Bitfinex HKG exchange (by dropping a truckload of coins ofcourse) and other opportunists started encashing on arbitrage and prices dropped in all exchanges.
Guess this will keep on happening since the exchanges have variable scale/technical ability or/and no incentive to act against manipulation. The price stability is a distant dream.
I see fall in BTC price as good buying opportunity and it has benefitted me most of the times though I never bought BTC at $1200 
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and whoever bought it over 1200$ surely not enjoying where its heading, maybe they are just waiting for something similar to what happened in last November..! .
I see fall in BTC price as good buying opportunity and it has benefitted me most of the times though I never bought BTC at $1200 .
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This fall is no doubt a lil unexpected , but it was not derived by some bad news because there aren't any, So being optimistic I do think btc will recover quickly although I don't have any substance to back my claims but I do think all the positive news coming around these days will have impact sooner or later just waiting for when..! I hope before the end of the year
Do you seriously believe that people sold their coins because there was a report saying bitcoin is the wild west?
No not at all! That is common analogy, I've heard of.. that's why I was curious to discuss more on current price. Bitcoin economy is just few billions and it would be quite easy to manipulate or create ripples is nascent economy. Are such things happening? What is the status? I was curious to discuss... I've been studying trading activities, wallet creation, mass adoption, general interest and other related factors. They're reached whole new level but still no effect on price. Strange!
Whats going on in market?
Nothing wrong. It is a buy market. So keep buying and wish it goes down below 500 mark before bouncing back.
Do you seriously believe that people sold their coins because there was a report saying bitcoin is the wild west?
No not at all! That is common analogy, I've heard of.. that's why I was curious to discuss more on current price. Bitcoin economy is just few billions and it would be quite easy to manipulate or create ripples is nascent economy. Are such things happening? What is the status? I was curious to discuss... I've been studying trading activities, wallet creation, mass adoption, general interest and other related factors. They're reached whole new level but still no effect on price. Strange!
Whats going on in market?
I firmly believe this was due to that $1.4 million sale of property in the US and the $50K sale of Dell hardware in BTC , who knows how many more such deals!
People still want to cling onto fiat rather than Bitcoin, so the moment these guys got the BTC, they might have decided to convert into Fiat immediately to cash out their money. This led to a fall in the market price. I think things should stabilize soon and BTC should go back to the $540 levels. Either way, i am still holding 1 BTC even if it crashes to the ground :p.
Do you seriously believe that people sold their coins because there was a report saying bitcoin is the wild west?
No not at all! That is common analogy, I've heard of.. that's why I was curious to discuss more on current price. Bitcoin economy is just few billions and it would be quite easy to manipulate or create ripples is nascent economy. Are such things happening? What is the status? I was curious to discuss... I've been studying trading activities, wallet creation, mass adoption, general interest and other related factors. They're reached whole new level but still no effect on price. Strange!
Whats going on in market?
Do you seriously believe that people sold their coins because there was a report saying bitcoin is the wild west?
BTC is right now trading at 513.13 on Bitstamp. Inspite of many positive feedback, we haven't seen upwards price moment in past few months. Now, when CFPB warned customer of Bitcoin calling it 'wild west', we've seen downwards moments. Why is it so that positive news dosen't have same impacts as negative news?
What do you think?
What do you think?
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