Bitcoin on 6 days losing streak
Well here we are now.
The pin bar on the volume spike could be viewed as a âBlowoffâ but it is smaller than the cluster at similar prices on the up-side. The rapid retreat of the pin, seems to indicate either high demand or a lack of supply at the lowest part.
On the other hand the last down bar is quite large but the volume is small, which seems to imply few buyers - Maybe it does, maybe not - It was very close to Xmas and perhaps the âcasual puntersâ were out doing other things ?
We needed this selloff to sake out the get rich in a day crowd, let us long term holders buy at a more reasonable price, and remember just last month the debate was would Bitcoin break $10,000 by years end. Lesson here do not chase the run-ups and buy the dips
To put this pullback ( or crash as some would say) in perspective. Had you bought $100 of Bitcoin, Litecoin, and Ethereum at the beginning of each week in December your $300 investment in each currency would be worth the following
Bitcoin $281 ( -$19 loss)
Ethereum $383 ( $83 gain)
Litecoin $506 ( $206 gain)
Net profit $270
I will take it
Where did everybody go
Letâs be glad this âadvisorâ does not have the ear of the current president
as Bitcoin and Litecoin consolidate, Ethereum hits new highs,
a year ago today you could have bought Bitcoin for the price of one Ethereum today, Will we see 15 times gain in Ethererum this year. I like the odds
What goes up !
However, When I started this thread, it had still not got to the price it is now.
I feel sad for all those trapped âLongsâ, desperately hoping for a recovery. 
Some of those trapped âlongsâ call themselves HODLers. 
I bought at 13k and now itâs almost 8k. 
not too much but I thought I was tricked by bitcoin sharks.
you were ! - But, itâs not THEIR fault. Here is the best chart I have ever seen to simplistically show the mechanics of a âBoom / bustâ cycle. The credit for the originator is given on the pictuure and I go it from an article regarding S&P on Zero-Hedge.
Please donât hate âthemâ for taking your money, âItâs what they do !â (ANd âtheyâ will only laugh at you anyway 
) - No instead, save this chart and take it away. It could just be the single most important lesson there is to learn out there.
Here is a comparison of bitcoin to the dot-com bubble.
Close - isnât it ?
I think there is a slight difference though because the Nasdaq was a huge, liquid market, the âBuy on dippersâ werenât able to hold it up, whereas in BTC the âWhalesâ have a really quite illiquid market they are stuck with selling into ! Therefore they need to try to avoid a panic - by just selling a little at a time while keeping the âNewsâ and âSentimentâ good(ish), so the âPuntersâ donât panic and stop buying !
Even now we see them saying "My investments are all in the red - shall I buy now or wait for it to drop some more ? "
I reckon it could take them a long time to unload fully. Meanwhile they have to keep giving the Punters some âhopeâ - just to stop the buyers from drying up - or worse still, unloading themselves !
Interesting one to watch though, to see how they do manage to solve the problem.
Well here we are 8 months later 
The bubble has been up to $20,000 and I was promised at one point âItâll never see $14,000 again !â
I now agree wholeheartedly with that statement !
We have now retraced to approx the level at which I started this thread.
I expect there are a lot of people who believed the âHypeâ - Out there âIn a world of painâ!
My sentiment is exactly the same as my opening sentence !
I feel sad for those who have been âsuckered inâ at stupid high levels. But thatâs the way we learn kiddies !
Weâve all lost a good deal of money âdoing thisâ in our apprenticeships - treat it as a "learning experience " !
Itâs essentially paying for a life lesson. 
At least, thatâs the way I see it.
Gdax is showing BTCUSD at 5950! Almost near all time lows for the year, back in February. Anybody buying?
Are you still trading or holding BTC? What about other cryptocurrencies? Any others of interest to you?
No. I have never held Bitcoin, although whne they were introduced I did think they would be a good medium of exchange, for swapping a few hours of my time, for a few hours of someone else,s ! I did toy with the idea of buying a hundred or two at that time, but never did, as I thought the âTax-manâ would soon enough âcatch onâ, if the idea worked, and start taxing it as âBenefits in kindâ or some such !
Iâve never been any good at âJumping on speeding trainsâ and refused to buy into the âDot com bubbleâ as well and when my âshare club chairmanâ was desperate to buy âNorthern Rockâ which was hitting ârecord highsâ - I argued against him successfully !
I think of the man sometimes. Sadly we lost touch and he moved half way around the world. Iâd like to see him again, we turned out to be good âmatesâ but Iâm 100% convinced that wherever he is now, he will be totally invested in Bitcoin to the fullest extent of his borrowing capacity !
I just hope that he got in early enough and scaled out a bit when they were booming 
Sadly though, I doubt it 
Why I thought you had bought in, Iâm not sure. My apologies.
Well, lots of green across the various currencies the past couple of days. Iâll be interesting if BTC gets above 7000K this week. I think US traders are a bit weary, as you can see in the trading volumes. So a push will most likely come from Asian.