ALWAYS BET ON BLACK - Update 31

WHAT GOES UP MUST COME DOWN AND VICE VERSA

The continued strong move by DRK has sucked the life out of many altcoins and BC has been significantly waken by all of the traders that did not want to miss the rocket to the dark moon.

DRK became very attractive and different from the rest with dark-send which allows anonymous transactions in the blockchain.

Why are traders forced to cash out of many altcoins to support the rise of another altcoin? This behavior shows we operate in relatively small market with limited capital as a result of the lack of acceptance of this market by the masses.

Here is the correlation between DRK rise and BC fall:

drk-VS-bc

Click on image to see FULL SIZE

The euphoria of dark-send should be reaching its limit of capital sucking power which will put a brake on a run to the moon. Also we are dealing with open source, so dark-send can be added to other coins like Bitcoin and I suppose BlackCoin too. The me-too syndrome will also catch up with dark-send sobering up some of the traders and putting a cap on the rise of DRK.

I expect a strong rebound from BC anytime soon and we have seen some capital returning to BC to support the selling by the last minute traders who think they will reach their dark moon by tomorrow.

If we have further selling pressure BC could reach as low as 15K from Fibonacci Extensions but the recent activity shows that selling pressure is diminishing and sellers have not been able to take the price below 18K after 4 attempts.

Buy Buy Buy!

Buy-Black

 

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May 16, 2014 by 2 comments 3395 viewson Technical Analysis by buy-black
2 comments
  1. Ralphvd

    Ralphvd

    May 16, 2014 at 08:40

    I love your updates buy-black!

    • Buy-Black

      May 17, 2014 at 04:51

      Thanks Ralphvd! We did hit 15 but just briefly thank god! Although I am not convinced that we are out of that pesky seller. In total the sellers have pushed something like 25 million coins in the last three weeks.