Quote from: proudhon on April 11, 2013, 01:56:13 AM

Quote from: SwannyMatt on April 11, 2013, 01:49:31 AM

First off, I aint selling.
Secondly, I do believe chart patterns are mostly -- if not entirely -- a sort of self-fulfilling prophecy.

However there is a nasty inverse pennant formation brewing if you look at a one or two month closing chart with 30 minute or 1 hour interval. I'm on mobile and can't link to it, but please punch that in and see for yourself.

I'm scrounging up as much money to buy on the way down. Target price may be as low as $40 and might hover around there for as much time as the price had hovered around $2-$10 after the $30 peak in summer 2011 until october 2012.

$40 is a pretty optimistic low target. There's just no good reason the exchange rate couldn't fall back into the single digits again. I don't think people have fully appreciated how devastating an event today will be for a really large number of people, and as they leave, they're going to take a lot of money out with them and we'll see the opposite of what we've seen over the past few months. Not only will money completely leave the system, bids will disappear as people who still want to own bitcoins hope to buy at lower and lower prices. It really can go all the way down.

This is where Mt. Gox sucking so much it could deepthroat Mt. Everest may help out. The impact will be over a longer period of time since Gox lags so far in getting new ppl confirmed with their KYC system. Now I'm glad that one day I turned off my VPN and got nabbed by Gox for the KYC before the list was over 20k ppl.