ALWAYS BET ON BLACK - Update 29

MARKET INTERDEPENDENCE - LIMITED CAPITAL - BICKERING

This last few days have been filled with lots of noise disrupting the advancement of Blackcoin.

First we had huge conspiracy theories, power struggles, finger pointing, and plain market manipulation based on dumping fears.

Second we have our copy-cat CINNI coin, which was ironically helped by our dev rat4, making a big run to the upside sucking all available and un-available capital form the altcoin market. Many desperate traders sold off many BC to jump on the CINNI train initiated by WolongPump tweets.

Here is a chart showing how the BTC from selling Blackcoin helped CINNI.

Click on image to see full size

I am truly amazed that Blackcoin has been able to withstand all of this punishment and currently remains in a strong position attempting to recover form the dump from 50K.

We have failed on three attempts to break out of the 37K resistance which is a reminder that there is still a lot of people that got burned on the 90K PUMP and now are still holding us down. I hope that this is a strong reminder of the damage caused by the un-sustainable PUMPS that only benefit the few that are in control of the PUMP.

Unfortunately we have had additional pumps trying to break the 37K and now some of those poor souls are holding the bag.   I ask you SOEPKIP and IE and anyone thinking about a pump, to stop this nonsense specially now that there is so much pressure from the bag holders.

This coin will greatly benefit from a slow and steady increase in price, building confidence and support floors before any more damaging PUMPS are attempted.

If you attempt a pump then make absolutely sure that you have enough BTC support walls to prevent the price from crashing after the pump. Maybe more frequent and smaller pumps might attract investors if good support floors are built with each small upward step.

I have been observing the CINNI run and the supporting price has been always behind the run making sure that the price does not fall back too far (never below the 38% Fib). I don’t know who is behind all of this support but it was impressive. If this support is lost in the enthusiasm of fighting a resistance then the price will collapse, and if the price drop is more than the FIB retracement then it will become a crash.

Now is time for Blackcoin to get a little more organized and to find the price support required to take out the resistances before a shallow PUMP is attempted again bringing more bag holders into the game.

Buy-Black

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May 8, 2014 by Comments are off 2212 viewson Technical Analysis by buy-black