Bitcoins are officially donkdown

[sonatine]

i am the reverse wormhole.

[Sanlmar]

Almost no where else can a $200 buy order move the chart. Talk about bit thin mkt.

I'd like to buy .019 @ $762 please. Do I get to keep the cup for free?

[Dan Druff]

So it currently sits at $784, after hitting a recent low of $650.

I have noticed something, though. Tell me if I'm off base here.

Here is the pattern I've observed with bitcoin:

1) Run up for awhile

2) Quickly fall down and lose as much as 50% of value (occasionally even more)

3) Rise back up to some stable level. Sometimes the stable level is where it was previously, sometimes it's less.

4) Repeat

Now, here's what it RARELY appears to do: Fall, rebound a little, and then fall a lot farther. It seems like there are sustained periods of rise, and sustained periods of fall, but not many rise-fall combinations, aside from when it's fluctuating between the high point and crash point.

So wouldn't the following be a good investment strategy:

1) Wait for bitcoin to start falling significantly (today is a good example)

2) Keep a close eye on trading values. As soon as it starts to spike back up instead of continued falling, buy immediately.

3) When prices level off (or start to slip again), sell.


I think this might work because bitcoin almost always continues running up a good deal (like 25% or more) after a crash recovery starts, so getting in as soon as possible during a crash recovery, and then selling once the recovery ends, seems like a profitable strategy.

Who agrees/disagrees?

[BetCheckBet]

So it currently sits at $784, after hitting a recent low of $650.

I have noticed something, though. Tell me if I'm off base here.

Here is the pattern I've observed with bitcoin:

1) Run up for awhile

2) Quickly fall down and lose as much as 50% of value (occasionally even more)

3) Rise back up to some stable level. Sometimes the stable level is where it was previously, sometimes it's less.

4) Repeat

Now, here's what it RARELY appears to do: Fall, rebound a little, and then fall a lot farther. It seems like there are sustained periods of rise, and sustained periods of fall, but not many rise-fall combinations, aside from when it's fluctuating between the high point and crash point.

So wouldn't the following be a good investment strategy:

1) Wait for bitcoin to start falling significantly (today is a good example)

2) Keep a close eye on trading values. As soon as it starts to spike back up instead of continued falling, buy immediately.

3) When prices level off (or start to slip again), sell.


I think this might work because bitcoin almost always continues running up a good deal (like 25% or more) after a crash recovery starts, so getting in as soon as possible during a crash recovery, and then selling once the recovery ends, seems like a profitable strategy.

Who agrees/disagrees?

So your strategy is buy low sell high?

Seriously though this strategy is analogous tto doubling up in blackjack. Will work most of the time for small profit and the other time you will get taken for a shitload when bitcoins collapse (and they will at some point).

[Sanlmar]

So it currently sits at $784, after hitting a recent low of $650.

I have noticed something, though. Tell me if I'm off base here.

Here is the pattern I've observed with bitcoin:

1) Run up for awhile

2) Quickly fall down and lose as much as 50% of value (occasionally even more)

3) Rise back up to some stable level. Sometimes the stable level is where it was previously, sometimes it's less.

4) Repeat

Now, here's what it RARELY appears to do: Fall, rebound a little, and then fall a lot farther. It seems like there are sustained periods of rise, and sustained periods of fall, but not many rise-fall combinations, aside from when it's fluctuating between the high point and crash point.

So wouldn't the following be a good investment strategy:

1) Wait for bitcoin to start falling significantly (today is a good example)

2) Keep a close eye on trading values. As soon as it starts to spike back up instead of continued falling, buy immediately.

3) When prices level off (or start to slip again), sell.


I think this might work because bitcoin almost always continues running up a good deal (like 25% or more) after a crash recovery starts, so getting in as soon as possible during a crash recovery, and then selling once the recovery ends, seems like a profitable strategy.

Who agrees/disagrees?

All prices rise and fall. The question is "what is the overall trend".

But you might be describing what they call buying the dip looking for a bounce. Trying to look for the bottom ( a leveling off after a huge drop) is what some people do. That is a strategy people use often with great success.

I think this might work because bitcoin almost always continues running up a good deal (like 25% or more) after a crash recovery starts, so getting in as soon as possible during a crash recovery, and then selling once the recovery ends, seems like a profitable strategy.

To address this specifically, these drops are what can be described as Oversold conditions. So, yes, a bounce from bargain shoppers is to be expected. Look for a leveling off and a rise - don't be first - then buy.

There are guys that look for these situations exclusively and trade them. The guy I mentioned, Vad Graifer loved the most extreme instance of "capitulation" and looked to nail that bottom bounce... just nicking a few bucks. It's a living.

Druff be nimble, Druff be quick.

[Detroit]

http://nypost.com/2013/12/06/selling...asy-as-paypal/

[ftpjesus]

One of the Forex brokers is now allowing USD/BTC trading on CFDs at a 10% margin with 100 BTC contracts doing the math however is nasty to buy one contract right now your looking at 9-10k for a single contract you can buy as small as .01 contract which means 1 btc at 10% so if you really want to play in btc you can get in for 80-100 and ride the topsy turvey world.. Personally it has the potential to make money but also destroy your trading acct quick the 10% margain requirement isn't horrible you have to drop pretty low to lose your trade but at the same time the vix on btc's is such that the whipsaws alone would make me nervous as hell.. The potential to scalp is no doubt there but as far as buy/sell and wait any significant time would be a bad bad idea.

In case anybody is curious this is the forex broker trading btc cfd's now.. www.myfxchoice.com they do accept us clients minimum is $100 to open an acct and no I don't get referral credit as I gave ya the home page.

[sonatine]

this is one bouncy fucking cat.

[sonatine]

wow nerds are turning on bitcoins right and left.

[sonatine]

also im sorry but elton john needs to hang it up. when you need to perform your standards alto so you can come _close_ to hitting the range in the original, i mean, im sorry but its done, its over.

[sonatine]

oh in case anyones keeping track bitcoins have shed 50% of their value in 48 hours.

[tony bagadonuts]

Druff be nimble, Druff be quick.

Druff will end up with a japanese candlestick up his ass if he's not careful.

[TheXFactor]

Is everybody selling?

Micon must be shitting himself right now.

[WillieMcFML]

Is everybody selling?

Micon must be shitting himself right now.

ultimate game for a degen, such sick swings

he may have lost half a million today?

[Sanlmar]

Druff be nimble, Druff be quick.

Druff will end up with a japanese candlestick up his ass if he's not careful.

Menorah with ascending candles

[vegas1369]

Graph of the last 5 minutes...

[Sanlmar]

Where are we on the bubble chart?



Listening to Druff, and I am sure he is representative of many, there seems to be sentiment that this will rebound.

It will prolly do it's best to print a Doji star at the bottom of these three candles - then it will bounce 33%

Or is this thing so completely fractured - was this capitulation? It seems hard to believe but I say no.

[BeerAndPoker]

Bitcoin Market to Micon:

[Sanlmar]

Bitcoin Market to Micon:

Unlike the kid who got kicked... Bitcoin's friends are afraid to fight back.

[sonatine]

huge recovery taking place.