Gang, I must admit that I am a bit confused at this point. We broke the $505 resistance mark on Bitstamp which is very bullish, but we only did it for a very short period and only slightly. In the meantime, China has not emerged past their key resistance points. Thus, there are contradicting indicators.
At the same time, we broke $505, right? This really should be the end of the storm. I want thoughts from people in response. Not frantic words of BUY BUY BUY or SELL SELL SELL... just thoughts. What are you all seeing (with details)?
all i see now a days is the manipulation. i might be seeing things... i often find myself seeing wtv i want to see.
here we are, just trending, low vol. low movement, stable and every so slightly up, and the rest is clear as day.
Affirmative. We are getting dicked. I half wonder if some of them aren't looking at the Lawsky BitLicenses and thinking that they now have a limited window to screw us over whereas before they were thinking they could pump the market for a while and then screw us over.
But I am a slightly paranoid, pessimistic type. So take with a grain of salt
there can be no doubt this move was a leverage hunt.
it was calculated it and beautifully executed
look at the bounce at 540, the longs almost got out of the squeeze, but they we're up against a monster BTC whale on a mission, and he clearly knew if this was going to work, it had to be now, momentum is hard to squash.
Yes, I actually bought in the very second of the Bitfinex crash (and on Bitfinex) because the 3200 wall had held up on Huobi and OKCoin and the price was kicking back up... it should have been the bottom... and then bam!! The dump. That's why I am warning people not to try to get too cute about predicting the bottom... I made that mistake once earlier this week and almost paid dearly for it -- I mean, the price ended up settling only 20 above, but there was a slight delay before another cascade and in the moment you have no clue where it will stop... I could see somebody selling way low in that circumstance.
As for me, I weathered it -- lost a percent and a half by exiting through BTC/LTC which hadn't caught up to the action... then made back 4 percent when everybody else got the same idea and LTC got a small pump. Walked out of the storm ahead... almost had a heart attack in the process.
Ergo, my advice is simply don't get too cute when you know that there is manipulation. Wait for a bottom to establish. I know there has to be some suckers who wade in the water early if we are ever truly going to get a bounce back, but let them not be the folks in our little community.