ALERT: Bitcoin Crashes 60% in one day after setting another record.

reply to post by CosmicCitizen
Our financial system is built on too many lies. The amount of gold mined in human history doesn't take into account the hidden Chinese vein of gold they kept secret for a few thousand years.

Many other factors will continue to show that Crypto-currencies don't stick to normal financial logic. I'm watching Litecoin much closer than Bitcoin by the way. For various reasons.

reply to post by TheUnusualSuspect

Mike Adams was stating the obvious to those who are students of the markets and not smitten by the novelty of the bitcoin concept and concomitant phenomenon (craze). I was saying much the same thing (with less passion) on previous threads and even made a prediction that after a correction/stall in the 140-150 area (altho we didnt drop < 100 like I expected first) that we would get a blow off that would go to at least 233 but probably not exceed 300 and would probably peak out in the 260s. "Bingo! in the front row."

Central banks and governments insist on a monopoly on the issuance of the currency (even tho our currency is now fiat and not specie as required by the Constitution) and will therefore attack new non-state (digital or otherwise) currencies like bitcoin. Altho I cannot prove that they took it down on the recent flash crash wave it was inevitable as Mike Adams suggested. What we are witnessing is "the greater fool" phenomenon that leads to bubbles and crashes. This new computer savy generation of speculators do not think that they are "fools"...insisting instead that indeed "it is different this time." Sadly it is not - it never is.

Originally posted by eManym
For those interested in mining bit coin and have an above average video card can get a wallet and mine from their desktop system. Although very slow, 1 bit coin could possibly be earned after a few months of hash solving. The only problem with that is it taxes the video cards GPU and not much else can be run on the systems. Only non graphic intensive software. Is it worth it?

Rule of thumb is that individual mining does not pay much. It's not only that your video card becomes unavailable for other workload (such as games), it's also the amount of electricity you will burn through doing this. You need to scale up, which is done by federation of resources. I'd say it's very niche and only a small expert minority can run a profit.

Originally posted by ChaoticOrder
the so called "crash" was simply a predictable correction to counter that sharp rise and bring it back to where it wanted to be.

edit on 11/4/2013 by ChaoticOrder because: (no reason given)

Just another "commodity" to be manipulated by those with the means to do so. Who caused the sharp rise in the first place.


Follow the cookie crumbs.........

Bitcoin Bubble Burst Over for Now! BTC dropped 80% to Major Support in the 55 area. BUY EM! if you trade or use them. Elliott Wave wise it appeared that we had a complex B wave (abcde:B>190~) and now we are nearing the low of 5:C (the low is likely in & the 5th wave should fail above the 55 low).
It is amazing how fibonacci is playing out there:
High: approx 2.618 x 100
Drop: fiboncci 210
Low: fibonacci 55
Fibonacci Series: 0,1,1,2,3,5,8,13,21,34,55,89,144,233.....

EW analysis: It looks like a 5th wave failure (5:C) at 67.34~....well above the low (which is a sign of strength).

Bitcoin back to 90+ from the lower support area and higher low for the orthodox wave failure. This BTC trades well.

reply to post by CosmicCitizen

BTC rallied to 130 and now back down to higher support in the mid 80s (A up; B down).....look for a C wave up now to at least 160.

community.rapid7.com...
Botnets and the War on Bitcoin

Bitcoins are just sitting quietly while the precious metals collapse...in fact, they seem poised to rally on the chart (maybe the PPT is leaving it alone now as they focus on the PMs).

Bitcoin failed holding higher support in the mid 80s and retested (lower low for the move) critical Major Support at 50.00....IF we fail here the bull market in BTC is definitely offer (vs a major correction) and we will drop to at least ''10 cents on the dollar'' from the high (ie 265 down to 26.5). All alternatives to the USD are under attack and going into bear markets it seems.

reply to post by CosmicCitizen

BTC rallied to the 136 area from Major Support at 50...it should hold 98~ on any correction and then try for 160 where it will probably fail (as will gold and silver on their rally attempts to close gaps from last week).

Bitcoin just hit my target in the 162.50 area (nice run from rock bottom support at 50.001). I wish they had futures on this little greased pig - it sure moves (and quite predictably also).

reply to post by CosmicCitizen

it sure moves (and quite predictably also).

Could that be because there are so few players or investors that the whole thing can be manipulated?
Wasn't that the main reason people were using bitcoin?

reply to post by samkent

I am not keeping track of the volume (altho I did notice that it spiked on the crash day)...and even that would not tell the number of players/investors in this market. My take (being a market "technician") is that the lack of manipulation (I am not doing it altho I have broadcast target levels) makes it behave true to the laws of nature (ie elliott wave structure and fibonacci numerical relationships). Being relatively "thin" however could mean that someone who was BIG and who knows how markets work "could" manipulate the market.....this market often looks like a puppy being jerked around on a choke chain!

reply to post by CosmicCitizen

The 160s capped the rally (just above my call),,,,so far the 120s have held it up but we look poised now for a dip down to 105~ish with a bounce and then attempt to trade 98-100.

reply to post by CosmicCitizen

In the last 3 hours (see preceding post) BTC had a "dip" to 104 and "bounce" to 119.....it should fail up here and make an attempt to trade just below 100. You have to admit that these technical market calls on Bitcoin (BTC) have been spot on (I just read the charts for it like I do for gold & silver, etc).

BTC failed in the mid to upper 120s (Resistance from low to mid 120s and higher) and just dipped under 100 to the low to mid 90s. This should be a tradeable low; if it fails, however, then it could retest 50 (and it will eventually go to 20 or lower)....but for now I expect a sizeable bounce.