Topic: The bitcoin price crashes - here's why - page 3. (Read 4810 times)
You forex "Experts" or Forex wannabee make me laugh so hard. What you saw in bitcoin price can be charted all the way back to June of last year. the same thing has happneed over and over month for month the past 7 months. There are no fundamental analysis in bitcoin possible, there is no demand for the coin. Anmd how ironic I told this whole community back in June if someone does not get off their ass and create a demand for this coin it will tumble it will fall, and if someone with 1000s of bitcoins in thier wallet doesn't wake up and do it now those 1000s of bitcoin will be worth pennies. Call me what you want, rationalize this however you want. But for ALL OF YOU idiots on here who do not UNDERSTAND currency trading let me give you somne clues. in order for a currency to hlde true value it MUST have a demand, in order for high dollar investors to really get involved, there MUST be a demand. THERE IS NO REAL DEMAND FOR BITCOIN. gambling is NOT a demand, anonymity is NOT a demand, have the ability to anonymously look on porn sites is NOT a demand.
Ask yourself if you were a multimillion dollar investor, would you rest hundreds of thousands of dollars in an investment where the best thing it had going for it was a bunch of gamblers and porn watchers?
NO YOU WOULD NOT!!!. SO why do you expect real multimillion dollar investors to.
where are the bitcoin devs? why do you never see them here? why dont they even support their own community of believers and invesdtorts. Oh yea thatys right they are in the Bahamas drinking mixed drinks showering them with the fruits of our labor. opening their Ipads once a week to seemingly work on the "protocol" which has no problems at the present. They need to get their priorities straight. Bitcoin lost everything it had going for it when Satoshi disappeared. these jokers who took over were just another get rich quick bullshit scammers. And that is why bitcoins price is never going to rebound Unless the community does something. For em I would not do a thing for bitcoin. I would do something usefull for Dogecoin than Bitcoin. At least the Dogecoin devs are trying to make a demand for thier coin they are not just sitting on thier ass waiting for a handout.
Gavin Andresen said it all when he released his stupid ignorant slap in the face to all bitcoin investors by telling new people NOT to invest in bitcoin. No matter how youb look at the add to a technological idiot it says DONT BUY BITCOINS!!!
For you developer lovers and peons who want to defend the Bitcoin devs and the people involved in bitcoin heres I CALL BULLSHIT. ANd I call your bluff and make you look stupid by your own people now
Stop defending the Devs like they are some kind of Gods, its thier responsibility to create a demand for the coin its been 6 years time for them to go to work. Its thier job to make sure the coin succeeds, time to go to work. Its been 6 years no more infancy, no more bullshit DO YOUR DAMN JOBS DEVELOPERS!!!!
Ask yourself if you were a multimillion dollar investor, would you rest hundreds of thousands of dollars in an investment where the best thing it had going for it was a bunch of gamblers and porn watchers?
NO YOU WOULD NOT!!!. SO why do you expect real multimillion dollar investors to.
where are the bitcoin devs? why do you never see them here? why dont they even support their own community of believers and invesdtorts. Oh yea thatys right they are in the Bahamas drinking mixed drinks showering them with the fruits of our labor. opening their Ipads once a week to seemingly work on the "protocol" which has no problems at the present. They need to get their priorities straight. Bitcoin lost everything it had going for it when Satoshi disappeared. these jokers who took over were just another get rich quick bullshit scammers. And that is why bitcoins price is never going to rebound Unless the community does something. For em I would not do a thing for bitcoin. I would do something usefull for Dogecoin than Bitcoin. At least the Dogecoin devs are trying to make a demand for thier coin they are not just sitting on thier ass waiting for a handout.
Gavin Andresen said it all when he released his stupid ignorant slap in the face to all bitcoin investors by telling new people NOT to invest in bitcoin. No matter how youb look at the add to a technological idiot it says DONT BUY BITCOINS!!!
For you developer lovers and peons who want to defend the Bitcoin devs and the people involved in bitcoin heres I CALL BULLSHIT. ANd I call your bluff and make you look stupid by your own people now
Stop defending the Devs like they are some kind of Gods, its thier responsibility to create a demand for the coin its been 6 years time for them to go to work. Its thier job to make sure the coin succeeds, time to go to work. Its been 6 years no more infancy, no more bullshit DO YOUR DAMN JOBS DEVELOPERS!!!!
The bitcoin price opened at 268 on the BitFinex charts and fell steeply soon after the open on the back of huge sell orders which dominated early trading. The selling pressure continued to mount over the next few hoursand caused the bitcoin price to hit a low of 226. At this point, there was some attempt from the bulls to hold the price and drive it up moderately to 230-235 where it currently sits.
Day isn't over...I was able to just buy at $219 (Coinbase)...if it goes further down, I'll be even more of a buyer.
It was a day that left bitcoin believers horrified, panicked and quite probably far poorer. The bitcoin market has crashed by around 15% in the last 24 hours, driven by a mix of fundamentals and fear. Our theory is that the price fall was in no small part driven by the combination of increased bitcoin mining difficulty and the prolonged bitcoin price declines, events which have led to some large cloud mining outfits like Cex.io and GHash.io shutting down and rumors of others being in trouble (and perhaps quietly winding back their operations).
The pull back in mining has in turn impacted block propagation times, with confirmation times of up to 2 and a half hours in yesterday’s session, far longer than is ordinarily the case (see blockchain.info screen capture below). This may have added fuel to the bearish fire, with traders and miners alike selling off coins as fear took hold. Naturally we cannot be certain that our theory is accurate, but it does seem to hold some weight.
The bitcoin price opened at 268 on the BitFinex charts and fell steeply soon after the open on the back of huge sell orders which dominated early trading. The selling pressure continued to mount over the next few hoursand caused the bitcoin price to hit a low of 226. At this point, there was some attempt from the bulls to hold the price and drive it up moderately to 230-235 where it currently sits.
What to Expect Today? We are expecting atleast a brief pullback towards the 255 resistance level, at which point the question of ‘how low can we go?’ could reasonably be asked. The panic that is currently gripping the market is leading some to speculate that the next bottom will be the psychologically important 200 level, while others think the price could fall well below this. To dig into this question further, we have taken a look at the historic 1-week bitcoin price chart.
The red horizontal line in the chart marks the point from which the infamous Bitcoin bubble took off in 2013, with the price exploding to its all-time high around 1200. The patterns in the chart suggest that 133 is potentially a solid bottom in the event that bearish sentiment continues to prevail over the coming days and weeks. Looking at the nearer term, we think 200 fits the bill as a likely support level. We do not expect any violent rebound.
Conclusion (On Daily Charts)
Current Mood: Strongly Bearish
Moving Averages: Strong Sell (0 Buy 12 Sell)
Technical Indicators: Strong Sell (0 Buy 11 Sell)
See pictures at http://us3.campaign-archive1.com/?u=c030d59939a82ed2a757c343e&id=ad47849a78&e=61b9c30df2
The pull back in mining has in turn impacted block propagation times, with confirmation times of up to 2 and a half hours in yesterday’s session, far longer than is ordinarily the case (see blockchain.info screen capture below). This may have added fuel to the bearish fire, with traders and miners alike selling off coins as fear took hold. Naturally we cannot be certain that our theory is accurate, but it does seem to hold some weight.
The bitcoin price opened at 268 on the BitFinex charts and fell steeply soon after the open on the back of huge sell orders which dominated early trading. The selling pressure continued to mount over the next few hoursand caused the bitcoin price to hit a low of 226. At this point, there was some attempt from the bulls to hold the price and drive it up moderately to 230-235 where it currently sits.
What to Expect Today? We are expecting atleast a brief pullback towards the 255 resistance level, at which point the question of ‘how low can we go?’ could reasonably be asked. The panic that is currently gripping the market is leading some to speculate that the next bottom will be the psychologically important 200 level, while others think the price could fall well below this. To dig into this question further, we have taken a look at the historic 1-week bitcoin price chart.
The red horizontal line in the chart marks the point from which the infamous Bitcoin bubble took off in 2013, with the price exploding to its all-time high around 1200. The patterns in the chart suggest that 133 is potentially a solid bottom in the event that bearish sentiment continues to prevail over the coming days and weeks. Looking at the nearer term, we think 200 fits the bill as a likely support level. We do not expect any violent rebound.
Conclusion (On Daily Charts)
Current Mood: Strongly Bearish
Moving Averages: Strong Sell (0 Buy 12 Sell)
Technical Indicators: Strong Sell (0 Buy 11 Sell)
See pictures at http://us3.campaign-archive1.com/?u=c030d59939a82ed2a757c343e&id=ad47849a78&e=61b9c30df2
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