Bitcoin Forum

I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs  Christmas spending money  and  is  scheming to jack up the price so he  can dump. Just saying...

I am 95% confident to my bones, that another Bitcoin slaughter is around the corner.....

I refuse to risk being caught with my trousers down chasing pennies as I try to ride the little waves of upside between now and whenever the 'Schlachterei' occurs.

Hehe, this punch through 700 has been a nervous time for bears, though! :D

Unexpectedly?

Ever think that perhaps the market has realized that it over-reacted to the news from China and is correcting itself?

Maybe. Then again, that only works if you believe that the downtrend from 1242 was purely a result of news from China. I would disagree with that -- very much so.

The number of dollars on the gox order book is @ ATH. This may explain the rise.

was at $715 mtgox about an half-hour ago, now it's down to $705 and sliding downward. Sell Sell Sell!!! Suckers.

No, the downtrend wasn't purely a result of the China news, but it was  an over-reaction going as low as it did.

1200+ was probably over-priced and 600 was probably under-priced. Thinking it would go down to 300 or less is as unrealistic as thinking it would hit 10,000 in Q1 2014.

I guess we'll see what the actual price will be but to me the 800-1000 range seems about right at the moment.

Yup. Gox is insolvent, so when there is a big sell off, because people can't get their money out of Gox ($1000 per day max limit), there will be a lot of fiat registered in peoples accounts. I guess there will be a tendency to play the market with this fiat simply because it is there.

 :D ;D :D ;D :D ;D

A $20 rise is unexpected? Aside from this (relatively) small rise, this has been one of the slowest Bitcoin market days in weeks.

If anyone bothered to look at the graph and chart for bitcoin for the last month, everyone can see we are on a steady downward trend with few bumps along the way, each time lower than before.

From the peak of 1200, we crashed to 520, then came back to 900, than crashed to 470, and are now back in 660s.

Along each 'rise', it usually takes a week or a bit more at the peak level with prices swinging up and down until the next big crash happens.

We are just about at the point of another big crash within this week.

It's only a natural cycle that is being accelerated by exit of chinese market and overall gloomy media attention, but even so the correction has to be made to at least 500s until the prices stabilize for the next BIG bubble.

I predict this crash and another will bring it down to 400s, 300s if we are feeling lucky. This is a necessary correction to encourage even greater rise in the next bubble cycle.


As the wise one with his gf at the lesbian bar said:

HODL

I think the increasing bid depth is taking everyone by surprise. It didn't reach ATHs like this in April/May. This will continue to push the price up, until it doesn't, and the whale decides that it's harvesting time.

There was a day or two of media discussion about the crash, immediately after the crash.  

Since that time (for well over a week now) the articles coming out of Google news (all sources) have been promising, upbeat, and extremely optimistic about Bitcoin.

Overstock - multiple positive articles
Denmark positive articles
Numerous articles discussing ALT Coins
Even an article on Target hacking event, asking if Bitcoin could have prevented it.

All in all, there's been mostly good media lately.

Yogi is talking about the dollars on the Gox order book.  This is the total dollar sum of all active bids (i.e., people that want to buy more bitcoin, or at least are credibly threatening to do so).  It does not include dollars sitting in accounts waiting to "got out of gox."

Why would you pump the price up into the $720's with a bunch of market buys and then place a huge 1200 BTC bid wall at $701, if you wanted to dump some coins?  In addition to market-buying coins you don't want, you're also risking 1200 x $701 = $841,200 USD (if someone calls your bid-wall bluff) just to sell a few coins to people that place smaller walls above $701!?  

That seems high risk plain stupid for, as you hypothesized, "Christmas spending money."

EDIT: and if that wasn't your bid wall, wouldn't you have eaten it buy now?  That's what you were hoping for with this strategy, right?  A nice juicy bid wall to sell into?

Perhaps all the shorts have placed bids back in the orderbook....There has also just been a 4hr. EMA crossover on Gox and BTCChina

The dump was designed to break the downtrend line. Notice it is only broken on gox and on no other exchange.

Pump and dump has been happening since april of 2011, just sayin'

Well it's more like whale swing trading. We know there is going to be an inevitable capitulation to 500 or below sometime in the next few months like there is after every rally, so the whale wants to sell and get the most fiat possible for his coins before he rebuys during the capitulation.

Indeed, whales can manipulate the market and "paint the tape."  I think we all agree with that. 

But TERA, do you also believe that whales can consistently earn a bitcon and/or fiat profit while doing so?

yes the run to $1200 was from China, but other things have happened to lessen the fall so we aren't going back to the $300's unless other major news pushes it that way...  it seems like a steady climb to $700 since the crash

from there, who knows

Guess what.. we haven't really "lost China". There are still Chinese exchanges doing high volumes, and btcchina is still pushing these little rallies. So what happens when we REALLY lose China? Or next time btcchina starts plunging again?

place your bets.. as always

Big volume spike on Bitstamp around 0330 UTC. That may have caused it.

I believe MatTheCat is saying that because people cannot get more than $1000 out of Gox per day, they are trading and trying to make more fiat by "playing the market". This would cause a large rise in the dollars on the order books.

Example: I sell during the correction and have $30,000 in my account. If I take the maximum $1000 per day from Gox, on day 1 after my sale I still have $29,000 sitting in my account. If I am a gambling man, wouldn't I want to buy dips and sell the peaks to try and make a few more grand, rather than just let it sit in my account until 30 days pass and I have withdrawn all my money?

If you actually look at the bids on gox, most of the 40m on the orderbooks are bids below $5.......

what chart are you looking at? its been a steady decline if you look at the day chart or 4 hr chart. the other charts are too myopic to get a good idea of whats really happening. we have been in a decline since the initial crash on the 6th, with some bull traps thrown in. 

then why not go all the way back to beginning chart and it rises forever right?

it is about seeing where the trend changes and it seems like it is steady to $700 (i use btc-e which is still in the 650's now)

take a good look at the 2h chart

This is why I'm pretty deep in FIAT, it just doesn't make any sense that those "Huobi" exchanges could keep going when they just basically just slammed in the goverments face by using personal bank accounts instead of corporal ones (this is the picture I have managed to get so far), so I expect gov doing something to shut these down in a couple of weeks. If this happens it's pretty obvious we gonna take another dive and I'm betting it will happen sooner or later.

Wrong. You are looking at the bitcoins those dollars would buy. Most of the $ are above $300

Consistently astute posts.....a fkn rarity in here.

Bitcoin market is essentially determined by a handful of early adopter whales who may or may not act in line with 'news events' when they decide its pump or harvest time. In the meantime, the 99% sit redrawing lines on their tech analysis charts, and scrutinising news events or propaganda put out by exchanges such as Gox.



Shhh! Stop fkn with peoples delusions. We have had enough down time around here as it is. If Bitcoin Nutter says that China is over and all the negativity has been priced into the market and has indeed been overreacted to (hence drop to $380), then that is how it is. Bitcoin to slowly rise from here, to about $1500 by end of Jan 2014. $10,000 by Jan 2015, at which I point I will buy myself a Lexus.

Comprende?

Pump has already happened (from 120 to 1200). Now the dump is happening (from 1200 to 120). That's all.

I wouldn't. As new as bitcoin is, we've already seen similar over-reactions to news many, many times.

Its reminds me a friend he is second hand car trader ...  ;D when he is buying the car in the morning ... the car have so many problems... he should not buy bla bla but he going to take the risk and buy anyways   ;D hours latter he is selling the car and boy it is the best car ever :D ;D he even does not know why he is selling the car ...

Lol nice one. The 10.000 price tag by the end of next year is a COMMON theme of bitcoiners. A small minority is even hoping for the 100.000 price tag within one year. Delusional. Once the whales start dumping and no new money enters this whole charade will come crashing down.