Re: Lose all your capital fast, with MatTheCat and his TA 101A!
It is beginning to look like the Bitcoin train may be running out of steam for now.
Your didn't use a good chart to show what's going on. You made things entirely too complicated when all you need to know is that bitcoin formed a down channel and is currently at the top of that channel and can probably only go down form here:
I would probably just buy some litecoin rather than shorting bitcoin though, as it seems Litecoin will probably make another move.
As for what's going on at Bitfinex:
This market is flat out fraud. $30 spread between Finex and Bitstamp. Since we all know Bitfinex is an insolvent exchange that trades against it's own customers and also steals their money, I'm guessing that spread is also propped up by non-existent money just like Gox. Why are people willing to put up a $2 million buy wall on Bitfinex but no other exchange to try and prop up price? Because Bitfinex probably isn't even using real money, just imaginary exchange digits.
I've been saying BitFinex is the new Gox forever and here it is. There is no valid price of bitcoin as long as Bitfinex is the market maker.
I've been saying BitFinex is the new Gox forever and here it is. There is no valid price of bitcoin as long as Bitfinex is the market maker.