Bitcoin Forum

... I know, I'll sell at $50.

 ??? ??? ???

Get your shit together people.

Looks like you just got your chance.   ???     wtf is going on?  why is it still failing?   fucking traders.

Supply vs Demand vs Confidence

When there are people "cashing out" price goes down - just because it's not a Fiat Currency doesn't mean it doesn't work much the same way...

It's simple, really. Bitcoins were WAY overbought:

http://dl.dropbox.com/u/1127246/Screenshots/1d19.png

And the ALL markets follow a simple rule - price always overshoots the target. So when we were overbought for a long time and correction finally came, it overshoot the target to the bottom. Now what is the target price - that is the million dollar question. My take is that currently its $50, which means we'll see $30's in the coming days.

You might be right, but I would rather place it in the $20-30 range.

We might see single digits.

And after that what?

I have lots of buy orders very close to being triggered, but I'm thinking of pulling them out. Thought it would be after weeks of bouncing around and sliding, not a steady ride straight down.  I honestly have 0 prediction whether this will go to 40s or to single digits, could be either at this point. Almost a half million bitcoins traded today...so much volume on the downside...

Waiting for the adjustment but the bubbles just slimming a bit more probably a few more days to 2 weeks till we hit the actual bottom not false one

i see bots keeping both BTC/USD and LTC/USD on BTC-E always higher than in gox, when it was at 50 at gox then jumped in all of a sudden to 54, on BTC-E jumped from 52 BTC / 1.3 LTC to 57 BTC / 1.7 LTC at the same time.

Its all manipulation.

Or arbitrage. It's funny to see the arbitrage bots rush in after a sudden price movement on Gox.

yes but they always keeped the price on BTC-E lower than gox, and even with LTC trading in USD too, it has been at 80/1.4 and so, now they are keeping the price on BTC-E higher than gox, and tied up LTC/USD to it too, something changed.

Hopefully a slow and steady rise that says "have confidence in BTC"

If we should take this past couple of weeks, and 2011 as predictive, I'm starting to doubt BTC will be capable of such a thing. Outside its currency uses, it seems to be a vehicle of raw speculation and a study in human crowd behaviour with nothing tying it down or forcing it up. BTC is truly worth what everybody thinks it's worth. :)

Someone was willing to buy at $266 too. I don't think that worked out for him.

I don't think it is about confidence in Bitcoin, but confidence that a trade will go through at the price you want and not get lagged out. This price drop is a vote of no-confidence against mt gox. Either they need to fix it or quit offering the ability to trade and just become brokers like coinbase.

There's an awful lot of people in your term 'people'.

It's almost as if they're...acting independently. How odd.

I was thinking the exact same thing haha.

Bitcoin yay!11

Zeroes.

Nobody is expecting to see support at $50? I want to buy a few more BTC while it is low. Just waiting to see how low it will go I suppose. Wondering if I should put a limit buy at $51 or just wait for an even lower price.

It's a buyers market right now.