I feel $890 will be the resistance point for this drop, but I question whether we will be able to hit it.
I think if we drop to $880 then a large sell off will occur. Funny thing is the drop isn't coming from china, but they are following.
I think if we drop to $880 then a large sell off will occur. Funny thing is the drop isn't coming from china, but they are following.
I'm not ballsy (read: stupid) enough to have fiat sitting around on exchanges to take advantage of little dips like this.
I know there are ways of insta-buying BTC, but none of them are available to me, so I'll be watching from the sidelines again...
And that's precisely the reason for higher volatility. As people become wiser and not letting their funds on exchanges, the order books become thinner.
Fat order books = High risk for exchange "hacking" / lower volatility due to inertia (=fat order book)
Thin order books = Better prepared for exchange "hacking" / bigger volatility
I have to admit I don't have a huge fear of "hacking" with BTC-E. It is always a risk and I wouldn't store life savings there or anything, but they have been one of the most reliable in that regard for a very long time aside from the temporary DDOS downtimes that happen every now and then.
Personally I don't really believe the hacking narrative half the times hence the "". Most of the time it's inside job. I mean Karpeles had like 200k coins stashed somewhere? Bitfinex had top-notch security and everything went out the window to make the impossible->possible? Mintpal got bought and then got "hacked"? Yeah right.
So, from that perspective, people should be careful.
Or just start using Bitsquare.