It was starting to slide fast until about 7:50am when the East coast was waking up and decided to buy up some of that volume
If the tail confirms then you're looking at ranging between 7400 and 9800 until the next leg down. Below is the volume profile curve for this latest move. The bounce off 7400 I'm sure includes a little alpha moving some money out of the stock market into BTC for some short term gains before the next BTFD (i.e. 2650 on the S&P).
Im a little surprised that we did not really see any massive single day drops, say -50% . Its been more if a slow drip, which may be worse because people keep supporting it on the way down expecting it to rebound like it has every other time there has been a correction.
Thats what I thought at 9000, but you know you were in a bubble when all previous supports fail to do anything for you! Looking at the bitcoin subreddit, seeing a few people throw in the towel, which is terribly sad to see.
This guy bought bitcoin using his credit card, with plans of paying off the monthly payments with his profits from bitcoin, which he bought at $17k.. " bitconnected1369redditor for 2 days [score hidden] 53 minutes ago I bought bitcoin at about 17k on its way up. Am I worried? No. I believe in the technology and I believe believers will be rewarded handsomely. I bought it on my credit card through Coinbase and had planned the repayments would be paid out of bitcoin profits. First payment due in a couple of weeks and I believe we will start to rise up before then. If we don’t, I can always sell a little bit of the crypto to make the minimum payment. "
Man, some people are dumb. That guys in for a lifetime of pain if he doesn't learn how to manage his money.
Its pretty typical behavior for bubbles, the feeling that nothing can possibly go wrong because clearly it only goes up. And if it goes down, you simply hold for a few more weeks and it will be back up again.
Crypto bulls - are you still bullish? Just curious, not sure if bulls are concluding that maybe they were wrong, or are they concluding that maybe after fear finishes and the weak hands get out, it will go back up? I'm a bear, but I never believed in crypto other than the occasional temptation to do a quick swing trade in it - which I never pulled the trigger on.
They are. An easy way to gauge this is to watch Ebay or Craigslist listings for bulk sales of GPU's. When you start seeing 1070's on sale for $200, then I know the craze is over.
