Not sure you can say that, the same formation happened before and was followed by more down.
Also, the circumstances were different than what they are now...
http://i59.tinypic.com/vh6wc2.pngVolume reaction was stronger this time around, FWIW.
45 minutes and 6k of volume left until we paint the highest volume 4H candle of the month:
http://i.imgur.com/zNofpDm.png12 minutes and 500 volume to go.
http://i.imgur.com/lPkQzNt.pngBitcoin can't even consolidate and is still fighting to not go below $266. I don't understand how some of you are claiming the next bubble is starting soon. Is not the most clear indicator of full denial?
So is depression and despair all it takes to get this bubble started.
OK then.
Bitcoin is dead! It is going nowhere!
(we can go up now)
Words need to be followed by actions, or it doesn't mean anything.
And anyway, even if we reached bottom (which maybe not) bitcoin is not probably going to rally any time soon.
First it needs boring months of consolidation, where people can start forgetting how painful is going down for months. So they can start slowly gaining confidence and buying again.
I thought we already have several boring months of consolidation? It has been a very long year.
Going down, down and more down doing new lows in a dead cat bounce is not a consolidation.
Has the Bitcoin price ever really flat lined? I think it has been fairly steady for a while. All of October was around $350.
That was a rebound from a huge multi-month dump plus a failed attemp to consolidate again, so it is going down at the moment.
Is not about a flatline, is about market gaining enough confidence. So market stop thinking we could make new lower lows again at any time soon.
Only permabulls and bagholders believe (or try to believe) we are going to the moon at any time soon. Rest of the market is really scary to buy and hold before this downtrend is over. That's the reality.
Did you hear "don't try to catch a falling knife"?
Can you say more about this "failed attempt to consolidate"? Who was trying to consolidate it and why do you think they failed?
Idk, this kind of language is just so tired. Most people here don't actually understand market dynamics and just repeat the same blather about pumps and dumps.
I don't disagree with you though, it's a scary time to go long, but at the same time - also a scary time to short.
Case in point:
http://i.imgur.com/jeimauM.png(inverted Huobi)
[ ... ] using BTCChina to crash. Volume reported by bitcoincharts is greater than Bitstamp, Bitfinex and BTC-E together, so it could be fake.
Since about Oct/10, BTC-China's volume has been comparable to what it was in Nov 2013 (~50--60 kBTC/day).
During the Nov bubble, OKCoin was ~30 kBTC/day, Huobi ~20, MtGOX ~25, Bitstamp ~20, BTC-e ~20, Bitfinex ~5.
After the december decrees, BTC-China they lost nearly all their volume, while Huobi and OKCoin grew.
The November bubble cannot have been solely a MtGOX internal mega-pump. There is a plausible explanation for it, which is the opening of the huge Chinese mainland market of amateur speculators. That demand required huge arbitrage activity, buying hundreds of thousands of coins in the "Western" exchanges (including MtGOX) and selling them to speculators and holders in China. Arbitragers (which were probably exchange owners) must have made tons of money that month. Willy was probably the buying end of an arbitrage pump at MtGOX, the selling end being perhaps at BTC-China.
No way in hell. MtGox could not absorb hundreds of thousands of coins being taken off the market without going well in to the 10000's/BTC
It was fake money buying real BTC. Most logical explanation.
I've heard that before. Can you explain where the BTC are if the bot actually purchased them with fake money? I've never seen any explanation proving that Gox ever had those actual BTC.
same picture for days.
But no rise.
Why?
Accumulation... Shorts should be very afraid.
same picture for days.
But no rise.
Why?
Accumulation... Shorts should be very afraid.
:-D
Don't laugh at my target :-D
Long term holder here. This chart shows where I've been loading up and what my DCA is. Exciting to almost be in the black after so long.
https://www.tradingview.com/x/nezk5TeI/
