Bitcoin Forum

Looks like the price per BTC is plummeting and I am thrilled I sold half my coins at $196 (https://coinbase.com/charts).  Bought at $123-132. Super exciting! Saw the moving average analysis moving huge numbers around midnight my time and I was like screw it. It's too unstable. Extreme volatility. And sold half of my coins.

You can gloat all you want.  I for one, am happy to see cheaper BTC in the meantime!

During the last 4 hours it have gone from 215 to 185. But honestly, I expected it to rise for at least a couple of more days until the inevitable crash.

awesome. such a giant loss, but still above 190.

Wait, there is more

And every single ASIC company is shitting their pants.

watch out that yopu don´t miss it when it violently reclaims high territory.

I'd been watching the Google Trends and wondering what the hell was going on and today I got my answer - unsustainably fast growth was going on. :) I wouldn't even call this a bubble-pop, as it was only a few days' worth of growth that got corrected.

So many experts here.  :o

 :D Let the weak hands sell!

See you guys at $266, $500, $1000, etc.

That's code for "ohshi.. guys, pls bail my ass out"

pftt filthy weak hands

Yeah, they are worth AT LEAST $1000!!1!

Assuming they rise once again afterwards.

I texted my buddy, we can buy again lol.

I got in at $142 (3.17btc@ 450cad) for the long haul. Being able to get some more sub 140 is a-ok with me. Had I bought in say with 5k cad last week I would've sold half at 210-220 and re bought when the correction occurred.

I also kind of think of all the miners that were feeling a bubble thought we need to get some returns while the price is high and probably decided to sell some while it seemed best in a tight spot.

WOW btcchina just rollercoaster-ed lol

http://libertyblitzkrieg.com/2013/10/23/bitcoins-biggest-exchange-is-now-in-china-as-the-price-tops-200btc/

Interestingly, the price seems to hold relatively well in China

Mind you I was just about to make the same point, then re checked the ticker and saw some huge movements

http://bitcoinity.org/markets/btcchina/CNY

not anymore, I just watched it take a steep dive, to 1000 then back to 1100

The market's a rollercoaster atm, fun times. :D

At least for me Bitcoins are worth more than $1000, I dont need to sell soon, I have enought fiat  :)

I predict this trend and post a warning in Chinese board, but I'm not sure, I feel this is just one adjustment.

Damn before I'll have any fiat to re buy with....the markets are rallying ahahahahha roller coasterssss

I get the impression whales are playing with this market a little bit.

kind of like an old school pump and dumps

emotional buying and selling is usually a bad idea in these circumstances

That's one thing I never understand: Sellers who sell now at 160 apparently consider this a good price when just a few minutes ago, 200 was too cheap. Same for buyers: Many bought at around 200, apparently thinking this is a good price when a few weeks back they thought 100 too expensive.

The trick to make money is buying low, selling high. Panic selling / buying does not pay (unless you panic first). Newbies alwas seem to believe that Bitcoin is a Ponzi Scheme and the price will fall to zero, when time and again it recovered quickly after a crash. I mean - even those who bought @32 in 2011 look pretty good now. 2 years from now, 266 will look incredibly cheap.

So stop gamble your coins away because each coin will buy you a Porsche in 2020. In case you didn't notice, China is already recovering. Just like Gold, Bitcoins move east.

True, this is one of possible scenarios. I personally have few coins, and if the price goes to 0, I wouldnt mind. I dont need to sell in few next years

Looks like everywere it was about 25%.

What's with the instant dick-grabbing and crying bubble pop when the bubble hasn't even had time to form yet.

It was a correction, we're still going to the moon. Best ready your cosmonaut gear or you'll be left on the ground coughing from all the dust and exhaust gases.

Now the bubble popped, it is safe to buy ;)

Finally! A sane trend is resumed. I have increased my portfolio 12%, and now I can get sleep at night...

https://i.imgur.com/DRRcSq6.png

Did it pop? Couldn't be just a bear trap?

I got a feeling experienced traders are playing games with you lot.
Think I'll keep my coins safety in cold storage.
If others want them they will have to pay me more for them, not less. A *lot* more.

+1

i think theres a few big dogs dicking around. it still wouldnt take much money(for uber rich people) to do this.

Fuckin congratulations. I was 100% sure it will pop. After my argue with a respected member on this forum, he convinced me that price can recover (see low 150 and recoup to 200) BUT i do think more downward will happen.

So rally is over, go home!

If that was "the great bubble pop" I am not scared at all. Just take a look at the 30-day chart.
Let's see how this continues ^^

It will go lower. Mark my words.

marked ^^

I sell in order to buy more coins at a lower price.

I am much more concerned about the increase in my coin holding, than the fiat I could withdraw after a sale.

After selling at £140 and buying at intervals back down to £115 I increased my stack by 24%.

Whether we go back up, or I buy more heading further down, I am happy either way!

Yup the bubble popped and btc went almost all the way down to its support level. BTC grows 1000% per year.  6 months ago the support was $50 - so now its at $50 * 10^(0.5) = $158.

Good point.

Well, that didn't last long.

I am confused.
Do bubble pops usually include buying at new highs?
That's what Bitstamp did just a few moments ago.

LOL

Bitstamp always does this after every flash crash - someone fires a 3,000btc market order into the space with no depth, and buys it higher than it originally was.  Lesson learned... always have a sell order up there. Then immediately rebuy for a 15% profit when it's over...

Damn, I could have made a 50-60% profit with the dip and now this slip...

The only thing that really happened was that some folks who think bitcoin is just another market that you use Wall Street strategies for got their clocks cleaned.

The only people selling at $160 and $155 were wonks and day-traders that had stuck in stop-loss orders. Now when they wake up in the morning, they can look at their balances, and then climb back into bed and cry into their pillows because they got their pockets picked.

Bitcoin trading is not Wall Street, and if you try that crap eventually you will get eaten.

+1

I woke up this morning and it's the same price it was yesterday morning.

What bubble, OP?

Seems more like a classic bear trap to me, and you caught yo' foot caught  ;D ;D ;D

Same experience here. 

Looking back, the dip is pretty deep.  The quick recovery encourages me as a perma-long-term-bull.

Price is now 205-215 USD. Super exciting!

It's no different than trading anything else - there is no formula, and most traders, including professionals, end up failing to beat the market.

Wise words.  Unlike the OP's words.

One thing "high frequency traders" never seem to grasp ... is that they could have 10x the money if they weren't such adrenaline junkies.

Great.  You made a little cash by selling over half your coin stash. 

You claim you'll buy when it dips again.

Unfortunately, it will never dip to $60 again ... like it did a few months ago.

Now dips will be higher, and higher, and higher.

And you will continue buying and selling ... and making your minimal $ ...

Meanwhile, the dude who bought at 60 and held till $1,000 is the true winner.

All that coin you made in your high frequency trading will be gone, no doubt spent ... and you'll have nothing to show for it in 5 years.

While the guy who bought at 60 and held is buying a porsche with 1 coin.

You "seem" to know what you are doing, but good luck to you! Bitcoin is different than anything you've traded before, all it takes is one whale to make a random move, then bam, you are screwed. You either didn't see it coming and didn't get to buy back in, or you forgot to sell, sell on the way down, then it immediately corrects, both losing you "percentages". Keep your eyes wide open, because what you know, does not apply, you just got lucky last night, don't try to say anything otherwise.

This isn't over yet just a micro correction
Watches as statement fails gloriously in a few days XD
(Bitcoin well the bubble hasn't really popped yet whistle)


That said I do agree with buffer

Does that explain why, looking at your strategy, I've made thousands of % more than you have on bitcoin? Yet you "see percents" and "understand money?" Nice try.

By the way, dick-swinging on the internet means absolutely nothing. Look: "I bought a lamborghini when I was 12..." does that count? Again, nice try ;D ;D ;D

Nah, I know him, he's not lying he really did buy a Porsche.  He just didn't tell you what it looked like.

http://images.copart.com/website/data/pix/20131007/28023203_1X.JPG

We may have had a correction, but the rally isn't over yet!

https://i.imgur.com/3ZWQd8n.png

I'm representing! Every service based or mom/pop business I go into I am preaching it!

Well it was quite a drop, and I wasn't happy to see it.  But it's fairly typical for Bitcoin lately.

www.currentbitcoinvalue.org is showing a slow and steady decline in Bitcoin value for all the major exchanges.  How far will it go?  Anyone willing to speculate on what a good price would be to start buying back in?

I suppose that depends how much of your portfolio is in dollars, and whether your bids filled on the way down.  :)

I thought the previous high in btc history was 266 on mtgox, but it seems like it was only 240.... anyway...  this new jump and correction is happening exponentially faster...

new trends will definitely be happening exponentially faster.

new rally starts in 5 4 3 2 1...

The bubble can't pop as long as you can't withdraw real money in significant numbers

Thank MtGox

Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.

Oh I was happy indeed, I had dollars ready for days, just waiting for this correction :P

so you think it wiil take years for this

https://bitcointalk.org/index.php?topic=285771.msg3055867#msg3055867

to take place ? and then it would crash ? that would make it a strange party...   :D

Well, I'd expect a large correction somewhere around that level at any rate.

It depends. If Bitcoin hits $1000 for the same reasons it hit $266 in April - pure speculation - then, yes, it will crash dramatically. In fact, it will most likely crash before it gets to $1000, if its based mostly on speculation.

However, if the underlining fundamental values of BTC increase such as:

A. Legitimacy as a true store of wealth - (ETF funds, financial markets treating it as if it is a viable option)
B. Increased adoption and implementation in developing or struggling countries (i.e. relationship with M-pesa/Cyprus)
C. Legitimacy as a currency grows - adoption by large internet companies/off-line retailer brands, etc.

then $1000 could come and go without much ado at all.

It really just depends on how Bitcoin evolves over then next 24 months.

Actually they do differ.

Bitcoin is much more volatile and have much wider swings up and down, so while the principles might be the same or at least similar, the actual values are quite different. This means that if you take some constants from your wall street trading, and you "just use them" in Bitcoin, they will perform quite poorly. That's why he wrote that example about stop-loss orders: in wall street market, likely such an order would have made sense. Here it was just a normal swing.

Still waiting for the "bubble" to pop, Op  ::)

http://i664.photobucket.com/albums/vv10/JimboToronto/Champagne.jpg (http://s664.photobucket.com/user/JimboToronto/media/Champagne.jpg.html)

Let me guess... this is just a "dead cat bounce," right, OP?  ;)

OK, it's official, the "bubble" is DEFINITELY "popping" ... ... it's just doing it really, really, really, slowly.  8)

Nice call, OP  :D

Reviving this thread because it suits well today.

Looking back I feel that defining a bubble should be measured in weeks not months  ;)