Those bid walls on Huobi are some major BS, they get pulled every time they are the highest bidder.
Everyone on here believing (hoping) that the worst is over from China.
The exchanges have yet to ADMIT anything yet.
When that happens we will have another major sell off.
Plus, NONE of this matters without fresh fiat. That is the elephant in the room right now. And not a bull amongst any of you will talk about it.
Ignore it at your own peril.
Sure, sellers have slowed down here. They always take a break and let (or help) the gullible traders pump it back up.
How high can we get this time?
What data are you looking at that indicates that no fresh fiat is coming into the market?
Easy. When fresh fiat hits the exchanges like Bitstamp we see buying that is not occuring on other exchanges. For instance in November it was obvious.
Plus you can just email whatshisface at Bitfinex and he'll tell you how much new money is coming in the exchange. In November is was around $1 million a day to Bitfinex.
As for Houbi, just look at their volume. It is steadily declining every week.
Fair enough but just because people arent buying right now doesnt mean theres no fresh money waiting on the sidelines.
Plus theres a big loss of trust on exchanges and people generally arent looking to keep money on them making it more likely that it will all come rushing in once a trend reversal is more obvious.
On the one hand your saying people are idiots for buying now, China isnt over, nothing can happen until the exchanges admit defeat.
Then saying wheres the fresh money thats indicated by buying.
So what your really saying is where are the idiots?
Good I hope Huobis volume shrinks to near nothing and it gets taken off the front page of all the charts and we move on...
Well basically I'm just a little annoyed at all the people trying desperately to believe that there is a reason we are going to go up from here. They need to let it rest already. We maybe closer to the bottom than we are removed from the ATH, but there is nothing we can do to fight it. It has to run its course and to ignore all the signs is just silly.
This China thing has to unwind and then we have to have new investors. Both those things have to happen before we climb back from 420 or 400 or 340 or 270 or 150 or wherever we have to fall to.
Maybe its almost over, but except for lack of sellers - there are no current bullish signs! Thats the only one. Buy volume is pathetic. Pathetic.
People are refusing to sell. Thats the only thing keeping the market up.
Maybe it will mean we only fall to 420 or 400 eventually. Or maybe its just prolonging the eventual fall much lower.
But everything else right now is just wishful thinking.
)