janos666
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October 24, 2014, 04:52:58 AM

Shorts are down to 9k and we're still going down...not good

Bitstamp got really close to my short covering target while I slept (341.11) but Bitfinex didn't follow and now I am thinking about revising that number.
This seems to be one of those genuine dumps which usually result in a ~30% relative price drop (pre/post mean, not peak).
Last time the butcher was forced to leave but now it's back with full strength and wishes to penetrate the 300$ line again to deliver a big massacre.
According to the daily chart's indicators (MACD are crossing, StochRSI keeps going down while it's still far enough from zero), resistance seems to be futile.

However, my mind is still not ready to accept if Bitcoin can spend several days below 300$. I think it must break out from there fast (like it did last time) or fall even lower as the true "this game is officially over" panic sets in.