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Author Topic: Bitcoin price dives below $13,000, down 35% from last week's highs  (Read 183 times)

Offline astr0144

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Bitcoin price dives below $13,000, down 35% from last week's highs

I was aware of Bitcoin, but never really took time to look into it in any detail..

On having had a quick recap... I am amazed to see just how well it ened up performing..

and also I am questioning it severely !

WHY ?   because it came out JUST before the Stock Market Crashed (where the USA Stock Market indexes bottomed around March 6th 2009) in late 2008 and I believe bitcoin started trading in Jan  2009.

Was this designed for those in the know ? and was it seen as to be a likely success ? 

Maybe to some it may have appeared obvious if its was a form of new way to deal with money in the modern world where the Govts may want to do away with money. or currencies..

But to see how it performed I think has been quite remarkable and maybe one of the best quickest best investments to have been in for some time..

and it especially has been since early 2017...where it was at a price of aboout 750 and rallied all year to make its all time high on Dec 17/18th ...to hit 19763   (SOME CHARTS THAT I LOOK AT SEEM TO SHOW DIFFERING VALUES even though they suggest they are in $ US which I am not really sure about)  but the main one that I have shows the high as around 19760 as the all time high made this week..

Then this week, its declined SEVERELY to a 38 % fall to hit around 12457

Some traders look to buy when markets decline and hit a 38.2% retracement.. as its based on a Fibonacci number which is a mathematical number often used by those who try to analsys the markets.

This chart gives an idea just how it went up in value ..but the price values do not match a live chart that I have access to for some reason..






I had a important time cycle in for the Stock market this week for 19th/20th Dec... but Bitcoin topped Sunday ..


Quote
In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block, for a reward of 50 bitcoins.[29][30] Embedded in the coinbase of this block was the following text:

https://en.wikipedia.org/wiki/Bitcoin

This could be a ideal time to buy if it HOLDS at the 38.2% retracement decline.... as it may well bonce quickly and retrace back up 38 to 62 % in days..

If it breaks below the 38.2% retrace.. that will be very hard to judge what may happen..

It would be hard to believe that it could continue much further down so soon..

At the moment as I write its approaching the earlier lows that it made today, infact its now just broke it as I look again..

Just typical thay they do this at Christmas....when a lot of people will not be aware...

They are VERY  crafty buggers who ever manipulates the markets..


but I think it could be a well worth risk to chance buying if one has some some spare cash that they are able and willing to risk..


some markets you can sell to make profits as the market declines, but Im not sure you can do that with bitcoin..

or you can sometimes trade options on them.. anyone who could have bought a put option on it this week would have made a fortune..at very little risk...

It would not surprise me if it may bounce back up from about 12500 to about 16500 by end of next week !

                                      -----------------------------------------------

Well, it can't just go up all the time.

After an incredible rally in the first part of December, which saw Bitcoin's price nearly double from $10,240 to $19,994, the popular cryptocurrency is losing value, fast.

The price dropped by a quarter in the last 24 hours alone, and Bitcoin is currently trading at $12,874, according to CoinMarketCap.

SEE ALSO: Here's what you need to know before you buy bitcoin

As it usually happens in the world of cryptocurrencies, most other coins are following suit: Ethereum is down 27.4 percent, Bitcoin Cash is down 36.3 percent, Ripple is down 6.2 percent and Litecoin is down 29 percent in the last 24 hours.

It was good while it lasted.


There's no obvious explanation for the price drop. There's been a fair amount of news on Bitcoin lately, including Russia's announcement of new cryptocurrency regulation, but none of it extremely negative. One possible trigger could be the rise in price of Bitcoin Cash, which recently got listed on Coinbase, and is touted by several prominent people in the crypto community as a better Bitcoin alternative. But whatever the trigger, the current fall is likely a much needed correction of an overheated market.

The correction wiped approximately $179 bililon from the total market cap of all cryptocurrencies, which is now $471 billion.

If all this sounds dramatic, remember that the price of Bitcoin is still up roughly 30 percent since Dec. 1, and 1,300 percent since the beginning of the year. Cryptocurrencies are extremely volatile, and sudden price drops of this magnitude have happened before, and they're likely to happen again



https://uk.yahoo.com/finance/news/bitcoin-price-dives-below-13-083151799.html

« Last Edit: December 22, 2017, 06:41:09 AM by astr0144 »

Offline petrus4

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Re: Bitcoin price dives below $13,000, down 35% from last week's highs
« Reply #1 on: December 22, 2017, 07:13:32 AM »
Where Bitcoin is concerned, I follow Mark Twain's attitude regarding voting.  Namely, that if Bitcoin was genuinely disruptive, it would not be permitted to exist.

Anarcho-Capitalist idealism can often be just as silly and ungrounded in reality as that of the Left.  Cryptocurrency is an example of that.  The very idea of a digital currency completely undermines Aristotle's definition of money; a means of numerically quantifying amounts of a given physical resource.  It has the same degree of inherent honesty as derivatives trading.

I am aware that I suffer from a chronic moral superiority complex, relative to the mainstream population; but my observation of the continual, uncompromising degeneracy of said mainstream, is making it difficult for me to modify my attitude.
"Sacred cows make the tastiest hamburgers."
        — Abbie Hoffman

Offline astr0144

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Re: Bitcoin price dives below $13,000, down 35% from last week's highs
« Reply #2 on: December 22, 2017, 07:45:22 AM »
I just had a conversation with a type of broker about Bitcoin so learned a bit more about it..

yes it could be a good alternative and have its advantages....

from what I was led to believe, some invented it due to the concerns of the declining markets from the decline we had ifrom 2007 to 2009...

It then did very liitle for a few years and price was very low and and went sideways..

and as people got more familiar with it,  they started to buy it more...

then  a few years later and in particular in 2017.... it realy took off..

it then becae a bubble and its just burst this week

its been down now about 42 % from what I can see in one week..

I think its the largest ever one week delcine in history for any market... which is incredible.

and yes I think it is based on an alternative to paper currencies and more of a type of modern online or cryto currency..

Its just taken some time for people to get their heads around it..

But now its crashed who knows where its going..

maybe like the tech crash we had in the 1990s... but it may have another bounce back up..

id be amazed if it fell below the 62% retrace in more or less one leg down...

they usually bounce 1st at either the 38 or 50 % retrace levels on new Markets..


Where Bitcoin is concerned, I follow Mark Twain's attitude regarding voting.  Namely, that if Bitcoin was genuinely disruptive, it would not be permitted to exist.

Anarcho-Capitalist idealism can often be just as silly and ungrounded in reality as that of the Left.  Cryptocurrency is an example of that.  The very idea of a digital currency completely undermines Aristotle's definition of money; a means of numerically quantifying amounts of a given physical resource.  It has the same degree of inherent honesty as derivatives trading.

I am aware that I suffer from a chronic moral superiority complex, relative to the mainstream population; but my observation of the continual, uncompromising degeneracy of said mainstream, is making it difficult for me to modify my attitude.

Offline petrus4

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Re: Bitcoin price dives below $13,000, down 35% from last week's highs
« Reply #3 on: December 24, 2017, 08:58:19 PM »
Real wealth is defined as energy.  Food or fuel.

The problem with most people now, is that they spend far too much of their time above the second level of Maslow's Hierarchy, and the result is that they end up with a delusional view of reality.  They don't know what is really necessary for their survival, because they never have to think about it.  Then one day the house of cards that their life is built on collapses, and they have no idea what to do.  In that sort of scenario, most people just die.

Charcoal for me is wealth.  I can burn that to produce heat, cook food, or make electricity, and I can also put either charcoal itself or the resulting ash on plants to help them grow.

Screw Bitcoin.
"Sacred cows make the tastiest hamburgers."
        — Abbie Hoffman

Offline astr0144

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Re: Bitcoin price dives below $13,000, down 35% from last week's highs
« Reply #4 on: December 25, 2017, 01:25:01 AM »
Being able to appreciate the basics , essential things in Life no matter what position any of us are in during our lifes .... without being in severe disapointment or just dying if such things have happened we we may loose or miss out on....and accepting or being able to deal with what many may see as being loosing assets in some way ..is as important as when we may be in more prosperous positions...

Like the Markets, our lifes  have their ups and downs..

but yes severe rather rapid negative  issues that occur,  can make us give up... and or it seems very hard to deal with or accept.

and no doubt many of us do spend a lot of time and energy trying to improve our wealth other than just by working and often do not succeed...

and maybe we are just not meant to obtain it.

or sometimes persistance may pay off... but usually it comes at a cost... often in wasting such time trying to obtain wealth...with out any guarantees.. and time may be the most precious thing we have... where we could use that to do numerous other things in our life goals list..even if they are not the likly expensive type ones.

I do recall some  persons who I  knew , who very soon passed away when the Stock market had crashed in 2009...
and no doubt for some of them... they may had just lost a lot of their lifes savings....if they had assets involved in stocks...One I believe had been a manging director at a Large well known company that I once worked for and  he held  loads of high tech stocks at the time.... BUT no matter what, Im sure he had a lot more things in his life, much more than most to have still been content..

BUT what was so frustrating for some stock owners who may had given up as the markets bottomed in 2009... was that many rebounded back up so quickly...eg the Dow Jones rebounded back to its 2007 highs .. only about 4 yrs later.

but in the 1929 crash... I think it took 25 yrs to recover back..

I was once given a lecture by someone who had succeeded in the Stock market and studied it for years.. and he used to say often when markets crash.. they will rebound back up 50 to or to about 66/70 % reasonably quickly and then decline back down again often at a slower rate...but then go to further new lows..

but that never occurred in 2009 even thought at the time that has been the worst crash ever in history.. on point decine basis....but economically as it rebounded, not as devistating as in 1929..


maybe its just a case of how we percieve things and what we believe..or accept.. and also sometimes we may only differ on such things when something bad has happened to us... that we need to look at things in a different way..

and realise that often we do not have full control of how things may go for us..



Real wealth is defined as energy.  Food or fuel.

The problem with most people now, is that they spend far too much of their time above the second level of Maslow's Hierarchy, and the result is that they end up with a delusional view of reality.  They don't know what is really necessary for their survival, because they never have to think about it.  Then one day the house of cards that their life is built on collapses, and they have no idea what to do.  In that sort of scenario, most people just die.

Charcoal for me is wealth.  I can burn that to produce heat, cook food, or make electricity, and I can also put either charcoal itself or the resulting ash on plants to help them grow.

Screw Bitcoin.
« Last Edit: December 25, 2017, 01:49:13 AM by astr0144 »

Offline astr0144

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Re: Bitcoin price dives below $13,000, down 35% from last week's highs
« Reply #5 on: December 25, 2017, 02:09:00 AM »
Bitcoin trading partially suspended as value of cryptocurrency plunges.

With Bitcoin... this artical says it did decline 44 %  in one week.. id say the biggest ever decline ever in such a sort time period for a major type of market...

Over the years since I have had an interest in Certain Markets.... many experts have said that the main markets indexes like the Dow Jones and S&P 500... should have crashed many times before it finally did in 2007..

and the reason it did not... was because the Financial system authorities brought in a way to stop any attempted declines or major sell offs... by interviening or stopping trading...on the market exchanges.. such as they did this at the 9/11 event back in Sept 2001 where exchanges got closed for some days...

NO doubt. for most people.... it would never seem good if the markets crashed...and I no doubt agree, most accept and are happy to allow that to happen.. as the economy could then be in severe recession and businesses and companies could fold or close or lay off many of its employees.. where there could then be huge unemployment like in the 1930s.

but the system NEVER stops trading in any way when we see the markets rally....

BUT at the same time.. the markets are combined of BOTH BUYERS (BULLS) AND SELLERS. (BEARS).. known as bulls and bears...in ref to markets rising or declining... and on some markets .. the traders will be able to trade and profit on the markets whether  they  rally or go up in value or decline or fall in value....and maybe many people do not undertand that you can make profits on declining or falling markets..

and trading is supposed to be fair whether your a buyer or seller...where in the reality of the markets... having a authority system that stops trading when a market is falling... is actualy VERY UNFAIR on the sellers...
SO on that basis its actualy corrupt... as it only favors buyers....

NOW from what I have just read... in the article below..

the reason it fell 44 % in on week is becuase its a relatively new market as compared to most other markets and so far the authority system has not as yet took over any control of Bitcoin to halt trading in a big enough way to avoid severe short crashes..

SOME exhanges however did stop people trading or buying or seling it..

again for those selling in this instance... the sellers will say this was stopping them making more profits as the market fell... or even allowing buers to enter the market hat may have either slowed down the decline or allowed them in to buy in say at better lower price..

the article below explains..

                                     --------------------------------------------------------------

Trading in bitcoin was partially suspended on Friday after the value of the cryptocurrency plummeted.

Prices dropped 44 per cent from last weekend’s record highs. As they fell below $11,000 (£8,200) – down from almost $20,000 (£15,000) – some exchanges stopped traders buying and selling.

The value of the cryptocurrency has rocketed in recent weeks and has risen from around $1,000 (£750) at the start of 2017. Many commentators have warned that the surge is a bubble that could soon burst.

Friday’s fall prompted three exchanges to halt trading. One, Coinbase, said buying and selling was disabled as a result of technical problems caused by high traffic. It later reopened trading as prices recovered to above $13,000 (£9,700).

The drop, which also affected other cryptocurrencies, is believed to be a result of panic selling amid speculation that the bitcoin bubble could be about to burst.

Tech entrepreneur and investor Oliver Isaacs said the fall was the result of a “herd mentality”.

He said: “Just as people feared missing out on the way up, the idea you can actually lose money is also a new emotion investors are experiencing and people, especially retail investors, are selling manically on the way down.”

Because bitcoin trading is unregulated, there are no rules to stop a mass sell-off. Only individual exchange websites can stop their users trading.

Some analysts said they consider the fall to be temporary and expect the cryptocurrency to rally in the short-term, although many predicted further falls in the New Year.

Michael Jackson, partner at venture capital firm Mangrove Capital Partners, said the dip was not too bad and believes the price will rally.

“The vast majority of long-term holders of bitcoin are still way in the money and have shown no sign of cashing out,” he said. “We see the exit of short-term speculators and we have seen it before.

“The fundamentals are still in place and there is no reason why the bitcoin ecosystem should not continue to develop.”

« Last Edit: December 25, 2017, 02:26:09 AM by astr0144 »

Offline astr0144

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Re: Bitcoin price dives below $13,000, down 35% from last week's highs
« Reply #6 on: December 25, 2017, 04:20:59 AM »
I am not as yet fully familar with bitcoin in how each point move is  valued or or how often its being traded..

When I spoke with a type of broker last week.. he said the price values can vary from either various countries or exchanges... so if you do a search for bitcoin charts... you may see differing values for its highs and lows..

Most markets only trade in mid week.. or also include just later on Sundays for the USA Indexes like the Dow Jones or S&P 500

ON the chart hat I use which is supposed to be live.... its now showing prices for Saturday...BUT this is a slightly different trading company that sometimes make up their own values when markets are very volitile and that can make a market worth a lot more or less that it really is dependent upon their opinions of what may happen when the main markets open ..

BUT I think its 1 point move  = $1 in value

I will say that when Bitcoin made its 44% low decline and bottomed on Friday 22nd December...at a level of about 10800.. that  it did bounce and make a fair re rally upto  about 6000 points by the next day .  (see what I say about trading over the weekend below.. )

It appeared to make a Low  on Friday 22nd Dec at about 14.00 hrs UK time (9 am New York time) and it rallyed for about 6 or 7 hours to about 14400.... by the end of that trade day.... so thats about 3600 points in 7 hrs...

BUT the charts shows it went to a value of 16000 on Dec 23rd  Saturday..by 15.00 hrs uk time (10 am NY)

so that could have been a huge 7200 point move in about 1 day.. per contract.... so one contact may have made a potential $7200 in a day..

There are differing ways to trade markets and I think this appies to Bitcoin..

In one way when it  started in 2009 at a values under a dollar.... many people could have brought numerous positions or contacts at such low levels or values.........  BUT after that market rallied and topped last week 8 yrs later.. it was then values at $19600 .... and when it then re  bottomed of that weeks lows... its then valued at $10800....

No doubt a huge difference in value to some years ago.....

many people could not afford to buy in at 10800 price value (Costing $10800) to make a 7200 point or $s profits on a 6000 point move...

so what some exchanges offer is a way to trade such high valued markets on whats known as a margin..which is like a smaller % deposit (like when you buy an house you lay down a smaller % deposit) and on what they call the Futures markets.... and you can do so at much less money to trade it...but it allows you to leveage the profits say by 10 Times what you pay or what the market is valued at to what ever level say, that  it may go up in value to...

which is great if it goes in your favor.. or the direction that you say buy where  the market goes up in value..

BUT if its goes in the opposite direction or declines against your position.... you could potentially loose a huge amount of money.... but to help avoid severe risk... you can place whats known as a stop loss... say at a value just under where you bought it.. and if the market falls to that level... you are stopped out of your position for a potential minimum loss..

there are other factors to consider in doing this, but the basis of that method...

some other markets you can tade whats known as options where you could have bought a postion of a value and time as to  where you believe that the market may go to and if  the market reaches that level. or goes up further.. you can make huge gains on a very minor investment... some companies allow you to buy montjy or even weekly or daly options as low as say $5 a position... but in a buy eg.... say on a one day option.... the further away in price value your option target is.... the less it costs.... so if its either say 1000 points higher than the present value or 3000 points higher... the there could be quite a larges difference in what you pay..per option..

but it may had been you could have bought a daily option say only 100 points above the present level for $5 and if it then went up a further 3000 points for eg.... you could have made about $3000 on a $5 investment...

if you had say bough 10  options in that eg ... for $50... you could had made $30,000.. or a 100 at a cost for $500 you could have made ????? a lot of money ! if it went your way..

but such events and opportunities would be rare and the more positins you buy the larger the risk and expence..

thats just an eg.... in relality those figures will  differ... and thats even if they offer it on bitcoin...

and to make such a huge in one day is often a once in a life time type of event ...

although those sort of egs do occur more often in certain markets where you can make 10X or more on  the cost of an option... or even daily options bought as little as $5 that become worth $200 to even $500s each say on the Dow Jones for eg...........


Bitcoins since showed it decline backdown even  back down to 12630 on Sunday 24th

10800 is very interesting number... often markets find highs and lows at such a level basd on certain numbers that often work on many markets...so that level may hold ....

see what it does  later this week... it may contine to rerally...

BUt I did suggest that it may have a severe bounce back up on my initial post.. I think I mentioned back up to about the 16000 level.. although it did end up going lower than the 38% retrace and did quite make the 50% decline..

but it has appeared to make a fair bounce of its lows of a few thousand points...and was close to the level that I thought it may bounce to by less than 500 points so far... and thats provided that the real  market has traded thru out the weekend and not just based on that exchanges made up price...

« Last Edit: December 25, 2017, 05:14:39 AM by astr0144 »

 


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