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Actualiteit
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January 05, 2017, 09:26:38 AM |
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Now that's what you call a selloff... My question is: Why the hell would you do that in such a way? Creating panic? Because that's not a very good strategy to reach that.
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Tzupy
Legendary
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Activity: 2254
Merit: 1100
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January 05, 2017, 09:27:00 AM |
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I believe it will work, just wait another 12 hours. If I'm right, this was just a tiny dump, a larger one should follow in about 12 hours. It's possible, but I doubt it. A large one *will* follow, but it's not time yet. How large do you think? About 3x the amplitude of this small dump, if the bearish scenario is favored, we'll see soon... well, tzupy, I guess you were wrong. Embarrassing... I counted the 1 - 3 - 5 of the 1 and called the top, but the real 3 and 5 were yet to come... The 3x amplitude of a future correction may still happen in China, but western exchanges didn't properly follow, so they will drop less. Exceeded my wildest expectations!  Unfortunately for me, I rationally closed my short just before the largest part of the dump... shrug...  |
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slap
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January 05, 2017, 09:27:28 AM |
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Tzupy nailed it. Spot on. Congrats.
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Jhanzo
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January 05, 2017, 09:29:11 AM |
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Holy fuck what happened at finex just now?
Dump? Shorting? Time to run? Lol. Good thing I have no bitcoins in an exchange. If I had some I'd sell em all. That was scary, y'know.  Better start transferring just in case... |
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rjclarke2000
Legendary
Offline
Activity: 1358
Merit: 1016
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January 05, 2017, 09:29:39 AM |
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This is crazy!!!!wtf
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eddie13
Legendary
Offline
Activity: 2296
Merit: 2274
BTC or BUST
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January 05, 2017, 09:30:40 AM |
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huobi froze and wouldn't let me trade any of that..
It's a conspiracy..
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ft73
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January 05, 2017, 09:31:50 AM |
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Well expected.
I missed the (first) target though, i though it was 1020$ (Bitstamp) but it stopped to 1050$.
well let's see, it's not over.
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podyx
Legendary
Offline
Activity: 2338
Merit: 1035
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January 05, 2017, 09:33:32 AM |
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From $1100 to $900 in less than a minute.   |
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kurious
Legendary
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Activity: 2618
Merit: 1749
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January 05, 2017, 09:34:48 AM |
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Like I said... Doesn't hurt to sell a few 'too early'  I just bought most of them back at a bit of a discount though. Back to the rally, now please? |
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Tzupy
Legendary
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Activity: 2254
Merit: 1100
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January 05, 2017, 09:35:22 AM |
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Hey podyx, who doesn't know what he's doing now? |
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Bitcoinb0b
Newbie
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Activity: 34
Merit: 0
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January 05, 2017, 09:36:14 AM |
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SnokkomBTC
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January 05, 2017, 09:37:09 AM |
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And China doesn't give a shit about US |
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Tzupy
Legendary
Offline
Activity: 2254
Merit: 1100
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January 05, 2017, 09:39:06 AM |
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huobi froze and wouldn't let me trade any of that..
It's a conspiracy..
Maybe circuit breakers or something...  Btw... who made more than 10% on this madness ??  I could have, but closed my short too early, so only made 1 / 3 of the potential...  |
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BlindMayorBitcorn
Legendary
Offline
Activity: 1260
Merit: 1116
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January 05, 2017, 09:39:18 AM |
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becoin
Legendary
Offline
Activity: 3431
Merit: 1233
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January 05, 2017, 09:39:41 AM |
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Lol. Good thing I have no bitcoins in an exchange. If I had some I'd sell em all. That was scary, y'know. Better start transferring just in case... You'd better stay away from exchanges! Such moves indicate that at least one major exchange is in trouble and is playing "va banque". |
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ft73
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January 05, 2017, 09:40:40 AM |
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Final leg incoming.
My suggestion: watch out and keep your finger ready on that sell button.
Not really... I'm expecting this to go on for at least another 2-3 days.
(if not 1-2 weeks)*Edit: Basically we first need to go to $3k - 8k$ ... then a few months later somewhere between $35k <-> $120k. Good luck with that. As expected I'd say watch out for 1020-1030$ (and dead cat bounce) |
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Denker
Legendary
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Activity: 1442
Merit: 1016
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January 05, 2017, 09:41:12 AM |
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So the question is if this is the big pullback some expected to happen, down to at least $960.
Or is this just a short pit stop for the whales to recharge batteries and then go full throttle to break ATH in USD?
Will be some interesting hours to watch the charts if you ask me.
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tabnloz
Legendary
Offline
Activity: 961
Merit: 1000
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January 05, 2017, 09:41:51 AM |
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8,800 Incoming... I said it before, and say it again:
Indicators are meaningless when the Chinese are just printing fiat money infinitely. You have to keep in mind the Chinese have been printing unlimited amounts of fiat at a faster pace than anyone else, but try to prevent it from leaving the country on the official fiat money exchange rates. They will try to maintain a fiat exchange rate fix as long as possible, so they maintain purchasing power, but it is really just like Monopoly money to them. Bitcoin/crypto may be a way of escape.
8,800? I mean why not right?
Yeah. Continuing devaluation and rumors of capital controls. 8,850 Why not??? Just print moar fiat! No problem! It's not really the "money printing", its the loss of purchasing power (symptom of this though; devaluation and strengthening USD), and fear of being locked in to a devaluing currency. It's part of a bigger trend. Bitcoin is just a protocol and conduit. Limitless Unrestrained money printing via fractional reserve banking = Loss of purchasing power. Even with the fixed exchanged rate of CNY/USD. The thing is it is a fixed exchange rate = fake exchange rate; if all restrictions were lifted and we had a free market exchange rate what you would see is exactly what your are seing in CNY/BTC. Don't just blame "money printing" for the devaluing yuan. It is part of the currency wars & geopolitics. The rising USD puts pressure on the Chinese peg vs competitors like Vietnam, Sth Korea etc. (It isn't a fixed exchange rate but a pegged one. It is set daily.) The Chinese also have a huge amount of debt in their economy. When demand for credit dries up or GDP declines, they just lower their reserve ratio requirements (amounts banks need to keep in reserve) when it wants the banks to lend more / extend credit. Again, probably not a good thing. As I said, it isn't exactly the money printing but the loss of purchasing power and expectation of continued devaluation that are symptoms of this. But you bring up an important point. A country can't have a pegged exchange rate, an open capital account and an independent monetary policy operating at the same time. This is called the 'impossible trinity'. It was this combo that 'broke the bank of england' (George Soros famous sterling short). In this situation, something has to give. China is trying to manage this & take the pressure of its economy by devaluing the Yuan, but as it does Chinese are incentivized to move their assets out of the country. This could lead to capital controls. The PBOC might also use FX reserves to defend their currency. |
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ft73
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January 05, 2017, 09:42:02 AM |
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So the question is if this is the big pullback some expected to happen, down to at least $960.
Or is this just a short pit stop for the whales to recharge batteries and then go full throttle to break ATH in USD?
Will be some interesting hours to watch if you ask me.
So you're expecting a single big pullback? Unlikely imho. |
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