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Bitcoin dropping after BTC China said it is closing

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Re: Bitcoin dropping after BTC China said it is closing

#41

Post by louprado »

jamiegreen wrote: post #20
dna_polymerase wrote: post #14

Earlier quoted context omitted.

Resistance level? It's 2017 and you still believe technical analysis BS?

what is a better way to decide on buy/sell signals for cryptos in your opinion? Genuinely curious.

By figuring out how to manipulate the market or by deanonymizing the accounts of influencers (e.g., Chinese regulator or proxy) and following their trades. But that's a lot of work and may prove impossible.

Even better, use the dollar cost average approach to buy and don't sell unless you are using it as a currency. The world needs a digital currency now but the volatility is preventing that from happening.

Re: Bitcoin dropping after BTC China said it is closing

#42

Post by 45h34jh53k4j »

Synaesthesia wrote: post #37
breitling wrote: post #33

Earlier quoted context omitted.

Humour me here: Wouldn't technical analysis be a good way to analyze something like ETH or BTC? A normal stock has the underlying company, earnings, performance, forecasts, etc. to sort through and figure out where it is headed, but ETH and BTC have no such thing. So what better way to analyze than TA?

Except weather has an element of predictability, at least over the short range, the realm of finance is highly unpredictable even in the short term. Who foresaw this crash?

probably the PBOC, who will use it to 'buy the dip'

Re: Bitcoin dropping after BTC China said it is closing

#43

Post by tunetine »

thisisit wrote: post #34
koolba wrote: post #2

> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?

There are stocks, even well to do ones, which are very volatile. You can look up biggest gainers and losers on NASDAQ as an example: http://www.nasdaq.com/markets/most-active.aspx Biggest gain and loss only for today has been 17 and 18 percent respectively. While one can argue on a stable stock vs BTC but that is not a fair comparison.

Comparing bitcoin to otc penny stocks is where we're at this point. I see bitcoin as more stable, but that doesn't really say much.

Re: Bitcoin dropping after BTC China said it is closing

#45

Post by tunetine »

dna_polymerase wrote: post #14
paxpelus wrote: post #9

Earlier quoted context omitted.

I got some ETH at $230-$240 range but it would not surprise me if we see a $170-$180 range (next resistance level) the next hours.

Resistance level? It's 2017 and you still believe technical analysis BS?

There is definitely levels, but not for something where there is not even a range of concensus value.

Re: Bitcoin dropping after BTC China said it is closing

#46

Post by danharaj »

nwah1 wrote: post #36
paxpelus wrote: post #21

Earlier quoted context omitted.

Market cap is the main reason in my opinion. The more people get involved the less volatile it is going to be. You should see how volatile BTC was in 2011-2012, what is happening right now is nothing in comparison.

The main reason for the volatility is that there is no actual use for them, and no entrenched demand via a tax system. The price of bitcoin can literally fall to zero. With fiat currency, achieving that would require the government losing its power to enforce tax collection. People losing interest in a fad seems to be a bigger risk than a governmental collapse.

> there is no actual use for them

There's a use for BTC, it's just illegal.

Re: Bitcoin dropping after BTC China said it is closing

#47

Post by granitosaurus »

Synaesthesia wrote: post #38

If other governments in the world follow suit, what would happen to bitcoin? I think it could be rather easily marginalised.

Eh, China's policies lead the new world very rarely.

If anything I'd wage that other countries would continue to push on the opposite as we seen them do recently.

Re: Bitcoin dropping after BTC China said it is closing

#48

Post by thisisit »

tunetine wrote: post #43
thisisit wrote: post #34

Earlier quoted context omitted.

There are stocks, even well to do ones, which are very volatile. You can look up biggest gainers and losers on NASDAQ as an example: http://www.nasdaq.com/markets/most-active.aspx Biggest gain and loss only for today has been 17 and 18 percent respectively. While one can argue on a stable stock vs BTC but that is not a fair comparison.

Comparing bitcoin to otc penny stocks is where we're at this point. I see bitcoin as more stable, but that doesn't really say much.

I am not making that comparison. Today's gainers and losers are priced more than $10. So not exactly penny stocks. Though both stocks mentioned are actually biotech stocks. Revolutionary but unproven tech. Wouldn't you say that is a fair comparison?

Re: Bitcoin dropping after BTC China said it is closing

#49

Post by elif »

koolba wrote: post #2

> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?

If a security dropped 28% on a 1-month basis, it wouldn't still be up 60% on a 2-month basis. Apples and oranges. IMO, this is an obvious correction from the most intense bull run bitcoin has seen.

Re: Bitcoin dropping after BTC China said it is closing

#50

Post by nwah1 »

danharaj wrote: post #46
nwah1 wrote: post #36

Earlier quoted context omitted.

The main reason for the volatility is that there is no actual use for them, and no entrenched demand via a tax system. The price of bitcoin can literally fall to zero. With fiat currency, achieving that would require the government losing its power to enforce tax collection. People losing interest in a fad seems to be a bigger risk than a governmental collapse.

> there is no actual use for them There's a use for BTC, it's just illegal.

I'm not convinced that bitcoin mixers provide anonymity guarantees. Cash is still better for illegal transfers. I've also heard overpaying for rare paintings and real estate are common ways that criminals transfer large sums of money.
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