So what do you all wise men think, how bad is it looking now? Seems like Stamp bottomed 530 for the third time now. Is this something we can see as a positive thing? Triple bottom at 530? Atleast it looks like the charts have really been glowing red for some weeks now so maybe we can start hoping for a better tomorrow soon? I guess Gox is starting to be irrelevant and we might be able to move on soon?
the bottom we are looking for will come slowly and miserably over days if not weeks. we are only hours into a fresh medium term down trend, give it some time, it will likely pass through 500 and into 450. the squeeze has only just begun, 600 was not desperate territory. 500 is getting serious. only between 200-400 will the weak be relieved of their stash.
+1
I recently got a phone call of the owner of about
BTC300 who had grown so tired of this downtrend that he wanted to sell now to buy back at 300. I told him that
if you are so afraid now, you can't make it to buy when it is 300, so better not sell. He had owned through the 2013 bust no problem but this was getting too hard.
200 to 400 is a double, which is the same as 400 is to 800. Because BTCe and Gox have seen 200 (or almost 100), there is the symmetry that Bitstamp also see it momentarily (not necessarily happening but I wish). But the street price or any longer term price, I feel the bottom is not far from 400.
maybe we can start hoping for a better tomorrow soon? I guess Gox is starting to be irrelevant and we might be able to move on soon?
To move on, someone must start buying. Who? Me? I haven't even really started buying at these low prices, why would I start buying higher?