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LegendaryActivity: 992Merit: 1000 Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion January 06, 2017, 01:47:34 PM #323762 I don't see why anyone is surprised by the drop. I've watched BTC's price since 2012. I've seen almost all the bubbles. This has only happened a thousand times already.



BTC has fundamental issues that still need to be solved before "moon" can finally be reached. And I don't think "moon" is anything less than 10K+, which we all know bitcoin is capable of if it's finally allowed to reach its full potential.

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LegendaryActivity: 992Merit: 1000 Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion January 06, 2017, 02:08:44 PM #323764 There is no doubt in my mind that the peoples of this world desperately need cryptocurrency. They NEED bitcoin.



Governments all over the world are trying to eliminate cash, they are confiscating gold, stealing wealth from the people. They want all your money in a bank account so it can be tracked or taken from you at any time.



The Central Bankers, in their endless greed profit from this system in many ways, endlessly concentrating the vast majority of the world's wealth in the hands of only a few dozen people. This is creating untold suffering and a system of economic slavery that is destroying the planet itself.



The fucking world needs this fucking technology to succeed, god damn it.



We better get our fucking shit together and make this shit fucking work. The scaling issue MUST be solved, one way or another. Core needs to get on board or they need to get kicked the FUCK out.



This isn't just about personal profit, although we will all certainly be billionaires if we succeed. A convenient side effect.



But what it's really about is breaking the yoke of oppression that has been forced on this world by those who have betrayed humanity itself for their own personal wealth.



That's all I have to say.









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DonatorLegendaryActivity: 2730Merit: 1016 Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion January 06, 2017, 02:23:06 PM #323767 Quote from: Ibian on January 06, 2017, 10:39:39 AM Under the assumption that we are currently forming the handle of a three year cup and handle, how low would the price need to go and how low could it go?



A very good question!



As a rule of thumb the handle can retrace up to 1/3rd of the runup from the floor to the rim.



If we put the floor to roughly 220 and the rim to 1100, we could go down as much as ( 1100 - 220 ) / 3 = 293. That would put the breaking point of this pattern at USD 807.



Incidentally that point ($800) is interesting for other reasons:



it's the point where the rally really picked up steam and the trend got a lot steeper

if you believe in "matroska cup & handle" pattern, 800 was the rim of the previous cup

Now let me pray $800 will hold.

A very good question!As a rule of thumb the handle can retrace up tofrom the floor to the rim.If we put the floor to roughly 220 and the rim to 1100, we could go down as much as ( 1100 - 220 ) / 3 = 293. That would put the breaking point of this pattern atIncidentally that point ($800) is interesting for other reasons:Now let me pray $800 will hold.

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LegendaryActivity: 2254Merit: 1771 Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion January 06, 2017, 02:48:52 PM #323773



Not trying to be a bear and saying that the price will walk all the way back down to there. But if it got down to mid-800s for a while, I can't really say I'd be surprised. The buying from 12/20 onward was just a massive pump, likely from only a few colluding traders.



It certainly wasn't a mad rush by Average Joes all over the world, they were much too busy buying XMas presents and getting drunk to care.



I would say $800 is definitely a floor. If you look at the charts, even a partially blind man can see that the leveraged pumping began in earnest on 12/20, when bitcoin price was around $800.Not trying to be a bear and saying that the price will walk all the way back down to there. But if it got down to mid-800s for a while, I can't really say I'd be surprised. The buying from 12/20 onward was just a massive pump, likely from only a few colluding traders.It certainly wasn't a mad rush by Average Joes all over the world, they were much too busy buying XMas presents and getting drunk to care.I would say $800 is definitely a floor.

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DonatorLegendaryActivity: 2730Merit: 1016 Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion January 06, 2017, 02:59:22 PM #323774 Quote from: Torque on January 06, 2017, 02:48:52 PM



Not trying to be a bear and saying that the price will walk all the way back down to there. But if it got down to mid-800s for a while, I can't really say I'd be surprised. The buying from 12/20 onward was just a massive pump, likely from only a few colluding traders.



It certainly wasn't a mad rush by Average Joes all over the world, they were much too busy buying XMas presents and getting drunk to care.



I would say $800 is definitely a floor.

If you look at the charts, even a partially blind man can see that the leveraged pumping began in earnest on 12/20, when bitcoin price was around $800.Not trying to be a bear and saying that the price will walk all the way back down to there. But if it got down to mid-800s for a while, I can't really say I'd be surprised. The buying from 12/20 onward was just a massive pump, likely from only a few colluding traders.It certainly wasn't a mad rush by Average Joes all over the world, they were much too busy buying XMas presents and getting drunk to care.I would say $800 is definitely a floor.

I share your views on the $800 level to a large extent.



As for reasons, I'm not sure it was "colluding traders", at least not only. This doesn't really matter much to me, though. It's clear (in hindsight) that something happened at $800 (even if it's just a cup & handle playing out or other technical reasons) and that this "something" was a bit over the top and had to correct.



From these views you correctly deduct that $800 should hold.

I share your views on the $800 level to a large extent.As for reasons, I'm not sure it was "colluding traders", at least not only. This doesn't really matter much to me, though. It's clear (in hindsight) that something happened at $800 (even if it's just a cup & handle playing out or other technical reasons) and that this "something" was a bit over the top and had to correct.From these views you correctly deduct that $800 should hold.

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LegendaryActivity: 2254Merit: 1771 Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion January 06, 2017, 03:17:15 PM #323775 https://twitter.com/bobbyclee/status/817371073108815872



And yet in early 2015, when grannie and grandpa Chen were lining up at their local Chinese bank, withdrawing their entire retirement savings and dumping it into the Chinese stock market @ 10X leverage, the PBOC said nothing to them about sound investment in "volatile markets", and "risks". And yet in early 2015, when grannie and grandpa Chen were lining up at their local Chinese bank, withdrawing their entire retirement savings and dumping it into the Chinese stock market @ 10X leverage, the PBOC said nothing to them about sound investment in "volatile markets", and "risks".