Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Crosspost. Because explains our current price predicament Sad

Quote from: eye4bd on July 03, 2016, 11:26:09 AM

Bitcoin Plunges In Value As Hackers Spook Market

The unpredictable progress of Bitcoin hit another downward spiral as more crooked dealings were revealed.

Bitcoin hit a two-year high of around $775 just a few days ago and then plunged by 25% after a major exchange went offline after an attack by hackers....

http://www.moneyinternational.com/currency/bitcoin-plunges-value-hackers-spook-market/

Doesn't explain shit.

The article is a miss-mash of bullshit piled upon bullshit, and even likely purposefully misaligned connections in terms of timelines, causative effects and creating incorrect associations.

The current price correction likely does not have anything to do with any of the items stated in the article, and bitcoin was likely due for a correction, since the price had shot up from $630 to $705 in the past few days.

Looks like it's shooting back down Sad

Yes, if several of us have been following bitcoin for a while, shooting up and shooting down is part of the price finding dynamics in bitcoin. If we are talking about longer term prospects, rather than shorter term corrections, start worrying if the price goes below $400 and especially if it stays below $400 for any significant period of time..

If this current correction is more substantial, then it is going to challenge $608, but I have my doubts that it is going to be successful in getting below $608; however, nothing should completely surprise us in bitcoin because the market cap continues to be relatively small and the price can be pushed up or down with a relatively small amount of capital.