We are very oversold here on the weekly chart. I dont remember seeing the RSI so low ever ... hovering around 30ish
Some of the selling coming with spikes in bitcoin days destroyed
Some of the selling coming with spikes in bitcoin days destroyed
What's the source of that bitcoin days destroyed chart?
Could also be that a block was found and cashed out immediately... its hard to know. Overall not really seeing that much of a volume
https://blockchain.info/charts/bitcoin-days-destroyed?timespan=60days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=What's the source of that bitcoin days destroyed chart?
It's manipulated, scaled chart. Here's the real 1 year days destroyed chart, nothing unusual is happening:
Actually I think I found the source of that chart. On /r/BitcoinMarkets ... its an hourly chart it seems.
http://www.reddit.com/r/BitcoinMarkets/comments/2rb3ls/daily_discussion_sunday_january_04_2015_part_2/cne7ubeAright I'm in. This is probably the cheapest BTC I've bought in at least more than a year :p, so heck, why not... Finished my daily limits on coinbase and circle. Long term hodler... but I only put money in BTC I dont need for the next few years
so I should deposit more BTC to bitfinex or not
Very bullish. I'm gonna toss another 25k at it tmr morning when my bank opens
No offense, just trying to stay objective, but i don't think it actually looks very bullish for many people...for old timers and some real believers maybe, but for the average Joe this looks like fricking bloodbath...
Depends on what you think btc is worth
And it certainly isn't worth what the last two schmucks traded it for to each other. Value of bitcoin is ultimately its value to consumers and the wider society at large
LOL ... this puts Jamie Dimon into perspective:
Two numbers that stand out:
Over $13b in fines paid by JPM because of fraudulent mortgage practices
Over $1b in separate fines paid because of its role in the Madoff scheme.
All under Jamie's watch. But it's Bitcoin he's worried is the FRAUD
I've been feeling that the price jump has been built on FOMO speculation for a while now. I think that the real, solid base is around $6k (roughly following the longer-term linear trend), but I expect speculators to stabilize it if it reaches $10k, at the very least, and then those prices might or might not stabilize.
So IMO $6k and below is "solid", $6k-$10k is semi-solid, and everything above $10k is a house of cards. No idea what'll actually happen in the next few days, though; it's pure speculative madness. In the next hour, I wouldn't be surprised to see a drop to $10k or an increase to $16k.
I agree with this. This mostly felt like get-rich-quick types jumping on. Once they are disappointed and broke, we should settle back in around 6-10K and move sideways for a bit, which is not bad. A lot of the altcoin euphoria is out of control as well and there would be serious losses.
There's an important 50/200 MA crossover coming up on daily chart (likely tomorrow). Expect that we will overshoot a little to the downside and then a short term bottom can form there