RE: Why Bitcoin Could Fall Lower From Here
There was a slightly smaller H+S before this one, too -directly after the big dip, but they don't always resolve it seems - instead, the price rose because of incredible volume...
I read an analysis today that went as low as $5500.
I think there's a play to replace Bitcoin with Ripple, but I have't the slightest idea how far such a conspiracy would realistically go - in theory, it would have started with the cancellation of Segwit2x, and the following BCH coup attempt. Then, once Bitcoin went for the latest correction, another attempt immediately followed and then they pumped Ripple, to make all the dumb money flow into that via sheer greed. If they manage to establish Ripple as the biggest coin, Bitcoin might become just an altcoin for the general public... and the banks have won a victory.
But all of that is a bit much, it would take some dedicated thinkers who can actually make it work, it's a bit like assuming that 911 was a planned Pearl Harbor Event created to enable the 'War On Terror,' so the Near East could be plausibly destabilized in the name of Save-the-Petrodollar humanism for a mix of Saudi, Israeli and NATO interests (which conveniently fit into the Wolfowitz Doctrine), and that Osama Bin Laden was merely a fall guy who could never have pulled this stunt alone. See what I mean - totally ridiculous, just a conspiracy theory ;)
It's not as if world power or big money would kill or cheat to reach their goals - they always act morally ! Knowing this, nobody in their right mind would even consider such thoughts...
Let's for the time being stay with the assumption they're only talking it down... like Novogratz, who's basically a straight shooter but would of course also like low prices.
But if Novogratz decides to NOT invest in Bitcoin any day soon, that's when I would start to reconsider...
In any case, I'm out of Ripple and into Stellar Lumens (XLM), though not with much at this time.
Wow, the replies section has become more interesting and informative than the post itself! Really great reading and thinking contributions here, totally unexpected.
I was thinking the same thing when I saw the sluggish volume around 13K. I got out and lost around 15%. Putting hope in Etherium to get it back for me…
I had gotten out at 14.5 k after being careless one night and NOT saving funds in fiat while sleeping... maybe 12% (but that's relative because I recall getting out at 16.6k when the great fall began and rebuying at 13.5... so it went up to 16.5k again and I felt I lost when it went down to 14.5, that's what I mean by "relative" - I didn't exactly lose money but I felt cheated when I should be grateful for the learning experience, a typical human failure) - I recovered that by trading Ripple till there started to be definitive sell walls again and again, and I only wanted out, no more Ripple for me... in fact, servers were down - a sign of too many other fools thinking exactly the way I did... ETH ain't bad but I had also been thinking of buying bitshares (BTS), I need ETH to buy that anyway, using Blocktrades... but not sure yet. In doubt, stay in fiat. I'd rather not earn something than lose - but I have a small investment in Stellar Lumens and I'll hodle that I guess ;)
checkout stop loss orders
I saw quit a bit of buy order volume in the order book at 13,500 but was surprised it went down lower when I didn't see much sell in the order book.
Now it is back up to 14,000. I wonder where the sells come from because I don't see them listed as limit orders. Maybe there is software that monitors this stuff for people and places sell orders when there is a spike to keep the price from dropping too far.
There's all sorts of algos doing the buy and sell for whales, they usually work on the RSI up and downtrends, they are programmed to mind typical resistance and support levels and profit form them
I suspected something like that was going on. I did some work in C++ on a match server and I know how easy it would be to do that type of thing - but you have to know what you're doing as an investor to code successful algorithms.