Long-term BTC view from China News Long

Bitcoin / U.S. dollarBitstamp

Description

⋅ Jan 30, 2014 4:51 PM

LONG-TERM VIEW:

There's been a lot of dip buyers on each panic,
and now we're seeing even heavier buying coming
in on China news (BTC China accepting deposits).

As long as prior support holds, I'm looking to accumulate
on retracements and consolidation, but I will NOT chase
emotional buying.

I'm still holding BTC long from $502 in my long-term account,
and expect price to retest $1,100 if the bag holders don't keep
slamming it at $1,000.

Comments

altcoin_invest

⋅ Feb 8, 2014 1:20 PM

hope you've close your order fast enough?

Fabz89

⋅ Jan 31, 2014 8:11 AM

That is if Lee is not trolling the market again, things there are pretty shady.

TheChasm

⋅ Jan 31, 2014 7:27 AM

I highly doubt we see any new highs. Check out my chart tradingview.com/v/i7XH8AgX

AMX-13-90

⋅ Jan 31, 2014 3:13 AM

Can we call that a head and shoulders? I don't see a defined neckline.

flibbr

⋅ Jan 30, 2014 5:28 PM

Prepare the lunar lander.

stephen.joseph.12

⋅ Jan 30, 2014 5:13 PM

Asked this on Twitter as well, but I can actually expound a bit more here:

With this strong resistance at the 1000 dollar level, do you intend to hold coin through this level as the market tests it, or do you acknowledge the herd mentality selloff at this point and follow suit?

How do you figure your "odds" on the bagholders vs. long-term bulls in this situation? (apologies if my terminology is off; feel free to correct!)

I was tempted to sell off around 995 last time because I figured the likelihood of another crash was high. I held on, because I believed it could break resistance. It hesitated to do so, and I felt a bit foolish when we crashed again.

Suggestions?

chrisdunntv

⋅ Jan 30, 2014 6:30 PM

Like I said on twitter, it all depends on what the price action looks like if/when we get there. There's no way to know until we get there.

stephen.joseph.12

⋅ Jan 30, 2014 6:32 PM

I see. Gotta educate myself a bit better before we get there. Thanks.

Nathan_Wyss

⋅ Jan 30, 2014 5:09 PM

Who is a bag holder and what effect do they have on the market?

TheDyslexicMessia

⋅ Jan 30, 2014 5:19 PM

The bag holders are the people that bought at the ~$1000 price level and are looking to exit the market without incurring a loss, and have in effect been holding the bag throughout this time spent below the price that they bought in at.