Topic: So, are we going up or down? (Read 3709 times)

More or less I meant that. Buy when it dips and sell when you need to, ie. Need to buy stuff.

Interesting. I have not bought any BTC though exchanges yet (partly for those reasons) so I may have to check them out. I wish Currency Fair would take on BTC as I have had a fairly good experience with them so far.

Time to spread out and reduce the impact of any single exchange. For example, I moved everything to bitcoin-24.com this week because they don't require any documents or "verified status" to send me my € when I want them.

No, he said buy low and sell when you need fiat.

The OP said don't bother with speculating, just buy low and sell high. In other words, don't bother speculating, just speculate.

Why smile?

Made me smile.

Yes, I think that prices will stabilize for some time.  People don't want to see another bubble.  Although it goes along with the Bitcoin news.  The last one was triggered by a series of good news (mainly Mt.Gox goes North-America, but also Namecheap, Amazon, WinPoker, etc. all in a few hours apart).

When difficulty start to rise though (ASIC), I suspect there will be a dramatic raise in the BTC price, probably followed by another crash/correction.  The difficulty won't have to raise so much though, that bubble will mainly be driven by the speculation and hype about imminent difficulty raise.

Also, throw in some major bad news and people will lose confidence in BTC and price will go down.  BitInstant is just a glitch, and it was surrounded by good news. But what if it occurred while there were no other news, while the mediatic attention would have turned solely at it?

So, it resumes to this...  If you want to know if BTC will raise or fall, you must not attempt to predict it directly, but you must instead be able to predict news surrounding Bitcoin.  That is the driving factor in the end.

Look at it, the last raise from 35$ started to happen suddenly and sharply.  Here on the forum, everyone was asking 'Why does the price raise suddenly?".  I didn't saw much anyone writing that it could be due to the Mt.Gox news until a day or 2 later.  People just looked at the prices rising and massively bought.  There's always a reason behind every moves.  And if people can't find it, and see that the price raise too quickly, then it leads to inevitable correction.

However, Bitcoin is much more mature than in 2011, and have a lot more attention and investors, so I don't think we'll see a crash like back then, unless something really bad happen to the Bitcoin network itself (which could be a possibility also...  51% attack, yet to be discovered vulnerability/security breach in the Bitcoin protocol itself, etc.).

So, always keep in mind that Bitcoin is play money.  A curiosity.  It may get you rich.  But it can make you bankrupt.  It's a game!  If a breach of Bitcoin is found, there's no turning back.  There's no one who will stop accounts in hope for better days.  It will be game over.  So invest wisely, always knowing that it's a gamble.  Don't ever invest money/mining hardware/etc that you're not ready to lose.

I sold a big chunk my speculative coin at 33 before the run up. Just leaving my "Never sell" coins.

Yeah I was disappointed to miss out on more, but I was delighted that this paid off all my initial bitcoin investment (and some!). Really the latter is far more important than 'theoretical' possible gains.

I see the recent crash as ending up being more of a correction, perhaps I have been fooled but fortune favours the brave, and everything is play money now! So, leveraged back up my remaining speculative coins back to what I had before I sold (bitfinex - did I learn from bitcoinica losses... appatantly not hehe). Enough margin to cover a serious move, but I really don't expect one.

These ghosts from the past have a habit of cropping up, people need something to fixate on, especially with something so fundamentally un-valueable (should that be invaluable? ) as bitcoin.

I absolutely don't like the idea of testing $32 again, to the extent that I may prefer the price to stay here for a month than to break out immediately over $50 and fall to $32. We really should bury this ghost from the past, if we can't get rid of it, people will not stop using it to judge if bitcoin is "overvalued", "in a bubble", while it's just in itself a meaningless price point.

I agree with you. Noteworthy is that I see almost nothing between $15-$25 and absolutely nothing in the final blowoff above $35.

Between these is where the crash will stop, and in case you sold, I would be quick to buy as I don't expect it to last for long. (If it does, it is not a big deal to buy a little too early.)

I think 31.5 is more important, and very strong resistance.



32 was the bubble high, initial crash back to 23ish, when the double top came in it could not breach 31.5 (first chart)

This time round (second chart) we saw first approach to 31.5 on 22nd, price backed off and regrouped to make two solid tests of it on 26th and 27th, then break out on 28th. It was always going to be a hug break out with so much riding on it and so much inevitablity (if you are a permabull like me that is! hehe)

The spike back down was almost a token gesture of checking if it was resistance, with so much buying pressure pushing it straight back up. (As an aside I think we see that with the recent 'crash' which I actually see as more of a solid test of resistance levels. the fact it went no lower than 32 and came back *so* strongly is huge bullish signal for me.)

Of course I'm not a big beleiver in TA, other than it tends to work because people believe it does I'm more about the permabull fundamentals. The invitability of worldwide adoption, the enforced scarcity. I'm already on negative costs basis so I have a good chunk of coin that will never leave my wallet until it *is* money

But I'm short from 45

Depends on whether you use single trades, daily close or vwa...

I would put it this way: A decisive volume above $50 pretty much eliminates the major crash scenario. Then we would either resume bulltrend or enter a consolidation around $50.

I would be very wary for anything below that. Yes, trades over $45 reduce the probability of crash scenario but I would not buy now. That we failed to take over the level 18 hours ago is definitely bearish.

2 hours ago it looked doomed, ready to crash through $40. But is now recovered to $43. Not too late to go short


IF rise to $45 and strong but not too hasty action there, we could avert the crash.

IF downward action in $41-$44, big probability for another flashcrash come weekend.

IF sudden rise to $50, bull trap (->crash)

IF immediate crash, well

No matter what, if the strong hands decide to sell, they do (->crash). There is absolutely not enough BTC in weak hands to warrant a classic bubble burst yet.

Yeah - maybe I formulated it the wrong way.  At what price would a 'dead cat bounce' be improbable? I've heard the usual retrace for a dead cat is 80% isn't it?  So it was around 45 - broken, but not definitively.

50 would be a good start

What price it needs to break to eliminate the 'dead cat bounce' possibility?

Yeah, the big players want it down, it's silly me, the small time player, who 2 days ago spent $10M to buy overpriced bitcoins, now I just want to kick myself....

Hooray to Proudhon for being the guy ropes on the tent that is Bitcoin.

 

Oh proudhon ...