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Title: 120 Post by: Birdy on June 02, 2013, 10:14:04 PM To add a bit to the manipulator speculation (grab your tin foil hats now!):
Could it that the one who sold that big chunk of Bitcoins is now channeling the price at $120? When the price drops a little bit below $120 it's bought up until exactly $120. When it goes up too much a bunch of coins is thrown at the exchange again. Do you think this would be end up with profit for the one doing it? Or maybe 120 is just an important mark for most people. Title: Re: 120 Post by: smoothie on June 02, 2013, 10:29:43 PM i just look at it as ...
Remember how the price action last year in the $9 to $15 range? well add a zero to those prices and compare and contrast. Title: Re: 120 Post by: Miz4r on June 02, 2013, 10:30:22 PM 120 was the price when the dwolla incident happened. 120 is also the level we've stayed stable at for the longest time since the crash. So yeah I think it's a very important mark and a logical resting place for now. Not sure if we go down or up from here, but the next important points are $103 on the downside and $135 on the upside. If we break either I think all hell will break lose. :P
Title: Re: 120 Post by: vokain on June 02, 2013, 10:32:38 PM Incentive for someone heavy in bitcoins to maintain a price channel vs incentive for someone heavy in bitcoins to take profits...or vs the incentive to shake up a market in the hopes to get cheaper coins?
#1 is rather weak... I'd shave it off with Occam's razor but, #2, and #3, I'd imagine it's a mix of both factors... "no one ever went broke taking profits". If you could do that while perhaps making the market move with your own hand at the same time, why not? Title: Re: 120 Post by: Birdy on June 02, 2013, 10:36:35 PM i just look at it as ... Sadly I wasn't on board then ^^Remember how the price action last year in the $9 to $15 range? well add a zero to those prices and compare and contrast. But it seems like we will hover at 120 for a while until the next big sell/buy. Title: Re: 120 Post by: vokain on June 02, 2013, 10:39:38 PM But it seems like we will hover at 120 for a while until the next big sell/buy. I'm sure at least one of the many startups that recently received million+ investments will eventually churn something out that will make you want to buy (and spend) some coins :) Title: Re: 120 Post by: Birdy on June 02, 2013, 10:47:24 PM Incentive for someone heavy in bitcoins to maintain a price channel vs incentive for someone heavy in bitcoins to take profits...or vs the incentive to shake up a market in the hopes to get cheaper coins? #1 is rather weak... I'd shave it off with Occam's razor Or gaining profits as long as the difference between sells/buys is not too big. But right now every bid >$120.5 is sold instantly (see this gap at the chart? (http://bitcoinity.org/markets/mtgox/USD)) And it was the same before with coins <119.5 Ok, not anymore *puts tin foil hat off again* :D I do want to to see the price rise anyway, instead of staying at boring $120. ^^ |