Dude there is some weakness in the market @ the moment and the chinese have been targeting specific markets on an tri daily basis
But to goto 300 support is really not in the realm of reading the market for where it is ...
415+ is the bottom for the current market and teh chinese willplay within this region mostly btw 450-515 adn 11-13 ltc
Please get with the smart money and any position sub 50-0 is the med-long term money marker ... pplz talking about 300 and 200 are delusional as stated previously that it is costing ~300+ to produce a BTC\LTC so aretraction beyond these points would mean a major examination of the bitcoin experiment
this is winter & lets see where we are in 2-3 months time as crypto is a movement not a commodity ..also crypto delivers a service hat can not be calculated ... after worjing in teh banking and finance sector for 10+ years the pure functionality will drive teh adoptiontion and mainstreaming of crypto
I was sitting in on meetings with the technology architects of policy of NAB (NATIONAL AUSTRALIA BANK) one of the big 4 in oz and they see that crypto is a major threat purely that it delivers on the functionality that peopel want ...just the same way that paypal does .... FYI paypal gets 45% of retail transactions in australia & that the banks hate ..hate ..hate this fact ..as this stealing business from the banks ...they can totally see that crypto will do the same thing and more .... the fact that teh australian banks especially NAB hat crypto means that we are sucefful in the addopition to teh mainstream
Do you thing a buisiness that has had this totally capitve market where they have been able to rape and pilage them for neverendi8ng fees and going to roll over to crypto and say "power to people we need this technilog" ... FUCK NO ... by the way they feel the same way towards paypal ...
all i can say is that as long as crypto provides a solution to peoples reals needs there will always bee a future ..after working if finance for 10+ years every financial transaction has a 5-15% fee associated with it
That is all very well but we actually broke the recent $400 low achieved around the time of Gox declaring insolvency and went as far as $340, on about 35% of the volume involved in the $400 down spike. Any TA 101 enthusiast will tell you that this isn't a very promising sign going into the longer term (i.e. $340 probably wasn't the low). What also isn't very promising is the rapid spike back up to $540, triggered by a very sudden surge in buying power, occurring first on the Chinese exchanges with some fkn mammoth orders kick-starting the rally on Bitstamp 3-4 minutes behind the Chinese ramp, which lead to $540 top from which we have ground along on low volume ever since. Worse than low volume. There would be no volume if not for whales rolling BTC and fiat around between accounts. We got down to $480 today and have a little low volume rise since then and now there are 4000 BTC worth of Bid orders between $496 and $480!? Give me a fucking break! This is not an organic market behaving organically and I have little to no faith in all these shenanigans. But be assured, I will no doubt dip my toes in here and there just to see 'how it feels'. I need to take a long position and hold it a day or two before I will start to get a good feel for what is coming next. But from looking at the chart, it quite frankly looks fkn ugly. Look at Bitcoin on the bounce from $380 - $995, from $400 - $710, and now from $340 - $540. A reasonable man would have to conclude that there is some kind of recurring fractal pattern at play here and one which seems to be occurring once again. If so, then we are in for invariably lower lows than $340, and that means $200 range. Right now, sentiment is very negative. I suspect that large amounts of capital has left and is still leaving Bitcoin exchanges. In short, Bitcoin needs 'an event' to drag it up of its knees and save it from lower lows and perhaps like you said, questions being asked of the viability of the whole Bitcoin system.
And if crypto was such a big threat to pre-exisiting financial houses, then they could:
A) Easily sabotage it, perhaps by taking a large stake and then engineering negative market trends into play.
B) Do the above and end up sitting on a whole big pile of Bitcoin and colluding between themselves to make Bitcoin as unstable and volatile as possible, and profit whilst doing so.
If the big banks could collude to rig the LIBOR rates, they can most certainly collude to rig Bitcoin.