Technician
Short

Watch This Level: Testing First Defence Zone #BITCOIN #BTC

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
2903 14 25
Getting really interesting, testing the major support area .


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Normally I like your ideas, but I don't get this one. How is a logarithmic support relevant at Bitcoin prices below <$10?
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you are right, it didnt help a lot compare to price > 100
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Looks broken with a small throwback
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I agree. Question is if the few Bitcoin hedge funds buy here.
+1 Reply
Tim Drapper :D He'll catch all our coins like how he always does.

In 2 auction, bought the top and market starts taking a big dump.
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IvanLabrie LastBattle
I don't think buying all those BTCs was a good idea, but we'll see.
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I think it's already broken. I think logarithmic chart is missleading. Downfall with an increasing speed is following now if Putin doesent do something immediately.
Most of the BTC owners do not get the charting console at all, they simply got their coins long ago and hold them. They will not sell automatically so there will be a delay from the time the support level being broken and the time most of the BTC owners realizing and then manually acting by opening NEW sell orders.
-2 Reply
Yes I agree, its only a matter of time. Current price of 300 is not sustainable for the market to absorb 300 * 4500 coins mined per day. New money just isn't catching up to the pace of inflation (until 2016 at least, for the next block reward halving)
The lower the price goes, the even more coins that have to be sold by the miners themselves to pay off electricity bills, instead of actually keeping them.

It may be a bear market, but don't give up on Bitcoin completely ;) every stock/commodity have its bear market and this isn't surprising.
+2 Reply
cool007zqw LastBattle
How come 300 * 4500 BTC per day? Isn't it 25*6*24?
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LastBattle cool007zqw
That's the current price * 4500 coins..

A price of 280 = requiring $1,260,000 USD fresh money everyday to keep a stable bottom price.
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