Bitcoin fall continues

Holy crap just looked at the chart to see bitcoin down 14% ! Thats a big drop even by bitcoin standards. As feared the horizontal blue line marking old April 2013 high has now given way. On following log chart can see another line which ‘may’ be providing some support, for now..

Heres btc-e on log price scale.

(tip I usually make the images clickable if you want to see them enlarged)

Will this line hold ? If it doesn’t then what support is below there ? Could that horizontal blue line below be next support ?

Heres a look at btc-e again but this time with a linear price scale.

There is no real support on this view until the lower bearish sloping trendline is hit which is down near $186 ish.

Unfortunately (or fortunately depending on your viewpoint) it looks like sub 100 bitcoins might even be on the cards before this is over. How quickly things can change.

edit:

Looking back at log chart again perhaps there is a channel with support on lower trendline. Heres the chart of what I’m looking at.

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17 thoughts on “Bitcoin fall continues

  1. The lower it goes, the higher the rebound ? 🙂 Is that just hope ? maybe faith 🙂

    Fortunately, Silver and Gold (in euros) are just setting the tone for the coming months (years ?) 🙂

    1. I don’t have much optimism for bitcoin price (short to medium term at least) failure of the long term channel is quite a big deal in my mind. I was going on assumption the log trend charted roughly the increasing adoption of it as a global form of money and I was genuinally hoping it would push on above, keeping that trend intact. Falling below it makes me worry it was way overvalued more than I thought, in more of a pyramid scheme kind of way. Maybe bitcoin just got too far ahead too quick and now we paying the price of that. Bitcoin still has first mover advantage but if it falls far enough maybe some other crypto will muscle in. Who knows?

      1. Yes so far that is the case, maybe bitcoin will stay dominant but there is a real possibility one day it won’t. I don’t see much innovation in bitcoin since the initial genius of the release. Alt-coin scene is very mixed bag with a lot of crap in there but only takes one truely innovative one to catch the right vibe at the right time. Bitcoin does have big hurdles to overcome, little anonymity and every growing blockchain plus mining groups starting to become like monopolies ..

      2. ps that coinmarket cap link you shared is crazy, everything plummeting by more than bitcoin!!! 😮

        anyway i’m not saying another crypto is going to take over in immediate future but could ‘one day’

    2. ps yes silver and gold looking quite strong which will suprise a lot of the bears. Gold vaults are empty in London, bullion banks have lost their large net long positions and now increasingly net short. Not looking good for price suppression much longer I’d say.

      1. The way i see it suppression takes many forms. Actually instead of suppression you might call it damping down of enthusiasm. The game is to keep investors in the stock market (because they have a yield and stuff) and out of gold and silver (because they are barberous relics). In futures market paper derivatives are sold in huge quantities at important technical areas of the chart, to move the price down and paint the chart in bearish way as much as possible. In media bearish news is trumpeted and bullish news ignored. The point of all this is as much as possible to stop people realising that gold and silver are a better form of money than the stuff issued by central banks (whenever they want).

        IN news today the canadian in charge of the bank of england has paved the way for more ‘money printing’ by complaing inflation is too low. Or you could say the rate at which we bankers steal your wealth is too low!

        Anyway I hope you don’t take this rant as aimed at you I’m quite miffed by the news lately. UK prime minister now wants to ban encryption of emails! wtf!

  2. I see bitcoin being accepted as a form of payment everywhere now. The infrastructure is there for it to be a mainstream investment which is what we need if we will ever see it realize its potential. I think the biggest problem more than anything is how well the stock market has performed over the past year. We need to give people a reason to withdraw funds from the stock market and put it in bitcoin and right now there just isn’t any reason to.

    1. I think there is nothing left to do other than BUY more bitcoins at these ridiculously low prices. If you are like me and bought at higher levels ($300-$450 range) I think you have to hold onto those and take advantage of these low prices and buy more. Hopefully you didn’t go nuts buying before price collapsed the past week and you have cash sitting on the sidelines.

      1. I bought in higher than that! But anyway not thinking of selling, like you might buy in some more cheap bitcoin but I’m still waiting for more bullish signs before I buy more, although might miss the exact bottom.

    2. True that bitcoins is accepted in more places but as long as vendors are accepting it as payment and immediately converting to fiat, bitcoin does not need to sustain a price. Using bitcoin as an intermediary to fiat makes a bitcoin price irrelevant. We would only see bitcoin maintain a high price if vendors and consumers actually held the bitcoin in it’s form after a transaction.

      If bitcoin is seen as an anonymizing (pseudo) medium rather than store of value itself and not held then it doesn’t need a value for transacting.

      1. Interesting point. Maybe they are converting straight to fiat because they see price declining. When next bull run takes off they might hold bitcoin and get snowball effect the other way!

  3. https://www.tradingview.com/x/ayLvtKtK/
    With bitstamp chart I might be thinking we’ve just touched the bottom.
    Note this morning a big panic selling occured on that place and led price to $152.40. But now we’re above that green line.

    https://www.tradingview.com/x/xWJUeF8V/
    With btc-e chart, as I wrote on a comment in one of your previous posts, my lifeline (blue dotted line) hasn’t been touched yet, which is for me the last stage before I begin my new life as monk somewhere in the mountains.
    Not visible on that chart but with ichimoku method in daily timescale, top of the cloud is $385ish. Above the Ichimoku cloud is the playground of bulls. Seems so far…

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