Bitcoin Forum

 :o

Well, it looks as though the hopes of those elusive $1.xx coins have been well and truly dashed.
This is going to make for an interesting night!

I'm glad I took a nap!  :D

I'm glad I got back in at $2.20! :D

holy crap i guess im screwed for trying to buy back in at 2.44

(add)

Good thing its only 3 bitcoins worth.

whoever it is hates letting their ghostlines disapear

"I should buy 70K BTC"
"No I should buy 35K BTC"
"No I should buy 70K BTC"
"No I should buy 35K BTC"
"No I should buy 70K BTC"
"No I should buy 35K BTC"
"No I should buy 70K BTC"
"No I should buy 35K BTC"
"No I should buy 70K BTC"

Indecisive bot...
Look at me, I'm this tall.  ::)

I'm in the same boat.  Trading went flat last couple days.  Tried pulling some piddly 2-3% day trades off and buy back in at 2.40-2.45 and *bam*, now this huge spike.  Fail.

What is interesting, is that for the first time, the manipulator seems to have changed his strategy.

Typically the manipulator would place a wall and wait for bids to accumulate, then there would be a massive sell off followed by pulling of the walls and a huge price drop. A lot of people will have been waiting for that again... but unfortunately for them, this time we saw a huge buy, and a new wall placed well in front of the last. Hope it didn't hurt all our poor shorting bears too much.

Our manipulator has changed from bearish to bullish tactics. This is definitive trend reversal behavior.

The one thing I have to wonder with this bidwall is if it holds the sell walls are lower than the bidwall up to $3. This means we could possibly see $3 bitcoin soon (but probably not).

Well tell him to reverse the tactic again!  I'm better at trading in a falling market dangit!

It's a "bug" with gox live. They like displaying orders twice as big first, then let it jump between 1x and 2x display. Just nonsense to irritate traders IMO. Or someone is getting really bad pay and never checked what his code does. :P

Just speculating (because thats what this forum is for) but maybe this has to do with the fox news story last night? Maybe a new big player just had their money clear and is buying lots of bitcoin. Either that or the manipulator truely figures we have hit the bottom and is buying back in.

Maybe, a little from column A and a little from column B. We could speculate all night on the how's and why's of it. But in the end, what matters is that the downtrend is showing multiple signs of failure. I think we have now reached (and departed from) the bottom of the market. As the days go by, this scenario appears more and more likely.

The real question is show those of us who were trading on small margins and just got burned back buy in now before it goes even further?

If somebody new is buying in I really doubt they would put up a nice large bid 'wall' like that.  It's our friend, the market player, coming back in for another spin.

Good question.

Fuck it.

Either everything or nothing. This asshole can wipe me out if he wants to but he has to loose as well in order to do it. (Buy them back higher than he sold)

That is a difficult one to answer. It depends what your objectives and interests are, what your trading strategy is, and your general outlook for the bitcoin system. If you want hold bitcoins, then definitely yes. If you want to gamble on the probability of the price rising, you probably should. If you think the price is more likely to fall, then you shouldn't. If you are asking for trading advice from the users of this forum... be careful. Words come from the teeth out and interests can become very conflicted here.

As I already mentioned, I bought back in at $2.20 and recommended at the time that others do the same. So I will recommend that again now, because my opinion has not changed. I think we have already hit rock bottom, and that the downward trend of the past several months has finally shown signs of breaking. But also take into consideration that I am already 40c/coin up before you listen to me. My view is of the long term however, and I tend to ignore short term signals because the white noise does nothing but make me question my own decisions.

I want more coins, Im now hoping it goes low enough to get into my bid without freefalling... Im taking a 10% BTC hit on this but if voltatility happens around this price it can still be profitable in terms of bitcoins. I wont be "cashing out" until I can double up on my 6950 or get a decent sized SSD anyways and I have a good feeling about the long term price of bitcoins. I was just playing around hoping to get a few extra coins by riding the waves. Guess I crashed lol.

I agree with the sentiment, but am not concerned about the price of Bitcoin. It's cheap right now, so I'm buying what I can.
Gambling with Bitcoin > Gambling on Bitcoin

The bidwall sits at 2.625 and my buy is above that but below 2.65. Lets hop 2.65 isnt a trigger.

There won't be much downwards volatility with a 50k buy wall sitting at 2.65. If your bid is below that, I doubt you will have much chance of getting it filled unless the wall is pulled and a freefall occurs. And in that case, you probably wouldn't want them anyway.

If you want trade for more coins in a rising market, the best strategy is to hold off on selling until the peaks have been reached, then sell, wait for price to fall and rebuy - buy low, sell high... obviously. Of course, you first need to hold the coins before you can take your profit at the peaks. It's difficult to profit in coin when the market is rising as the coins become harder and harder to buy. In a falling market, it's easy - because nobody else wants to hold them.

Whoops. Accidentally deleted my post. Reposted.

I was having fun riding the waves, I was up about 40% or so but got a little burned by this latest increase. I'm aiming to stay within 25% so i'm still ok i think. I can make more BTC on the way down

I might take losses but no way I am doing that now. If I'll decide to that then because I think that price is sustainable and I see the wall standing up to scrutiny against a near sell I might decide to take losses.

RSI would have to stay above 70 for the longest time ever in order for that to happen.
Everything else would be just a panic reaction.

If I could I would short now, and I would be almost certain I would take a profit from it.

Up to $2.7!

Cant catch a break on my buy back. Gonna have to take an even bigger loss by the looks of it.

I learned my lesson by losing a lot of potential gain on the first run up from $1-$10.  No way I will sell into a real rally (that's assuming a reversal, obviously), but others will have to learn their own lessons.  

This time some short squeezes could propel it even faster, and burn some stubborn bears.  Even I was a bit surprised by this new wall!

By then it would be too late (RSI > 70 for ages), and you would want to be shorting.
You want to try and stay a step ahead of the curve, not be running to catch up with it.

Isn't it incredibly incongruent? When you realize that bigger forces are at play than fundamentals, to succeed you must understand the irrational psychology of the players. To win in an irrational market, you must yourself be able to act rationally on seemingly irrational market directions even if that means you have to sometimes make what would seem at the time to be an irrational decision, based on something with little observable evidence in its favor other than abstract ideas about market psychology.

2.8 has just been passed, next stop 4.0

Its looking more and more like we are going to hit $3 tonight

I'm not giving up hope that this is a little rally that will crash back down to 2.50 levels again.  Not gonna take the loss!  I've set up multiple buy back orders on the way down.

A little rally, supported by giant bidwalls!
Lets see if anyone tries to take them on.

Any minute now by the looks of it

Forced liquidation @ 2.9528948006222637

 :-[

Oh my. Sorry to hear that #9.

ya forced liquidation sucks.. cant get bitcoin in to save it fast enough.. :(  sorry bro

It would really be interesting if we could sustain these levels now. Im not too hopeful but you never know. As for the forced liquidation, thats what you get for betting on bitcoin failing  :P Its looking less and less like we will see $1.xx bitcoin again

Well at least I've got 100 bucks left.

And I am confident that I'll reach my old balance in another 2 weeks, I know what I was getting into in the future I'll listen not as much to the bears :)
I'll wait till the dust settles then lets see if this turns out to be market reversal.

Ive noticed MtGoxlive seems to be having a lot of trouble keeping up with all the lines. There have been a lot of lines drawn that just dont make sense. Very wild night.

I get the funny feeling that a Smackdown is imminent....

I'm sorry to here that! Good luck recuperating.
This is just madness!

sometimes the trading price line has gone backwards in time

I bought and sold for profit 2-3 times on the way up from $2.50.

Wondering if I should stop for a bit, have we reached the end of the rally?

Harshest of tokes, Dude :(

I was sure I tried to warn somebody of such a thing a few days ago.  Oh, here it is:

"...but were I in your situation, I would be significantly concerned about someone with actual money playing around in the market for shits and giggles.  The entire Bitcoin economy is tiny.  Even if you were well protected with stop loss (vs. being crouched over your keyboard) you may still end up wiped out since orders do not get filled at predictable (or desirable) prices in a run."

https://bitcointalk.org/index.php?topic=52926.msg631552#msg631552

That would depend on the timeframe, the rally might have only just started  :D

I liquidated that particular position profitable during a dip, but I got the feeling that the steady rise would have a small correction coming and was planning to buy back @1% profit.
The problem was I procrastinated if I would have liquidated as I saw it I would have lost only 200. I just haven't considered such a thing in my trading strategy

But I learned alot, during the time I acquired my balance that it is painful to learn sometimes is just the way it is, I'm not complaining.

Sorry to hear.  I think you bought my coins:

Ask(s) (Sell)
   
   Order Filled at: Tue 29 Nov 2011 02:56:32 AM GMT
   Amount: 500.00000000 BTC
   Price: @$2.94000
   Total: $1,470.00000

I did a quick re-buy at 2.78, and am considering myself lucky this evening.

Mmm, all is fair in short selling and trading.  Let's face it, you're not really sorry about making that profit at someone else's expense  :D

It's like playing texas holdem poker and giving someone a bad beat on the river.  The winner says something like 'sorry about that' as they rake in the chips  :D

With that huge sell wall at 2.82 someone is either trying to push the price down or we might be at a new stability point. Its really tough to say but its too bad I can't stick around much longer to find out.

I think all the walls we see right now might even belong to the same person.

this is it!
this is how my dream started!

bitcoin is going to go above and beyond 30$ in the next 3 weeks!

 :o :o :o

lulz

I Have A Dream!

Ok that's it.. I'm going to have to win the lottery now and make predictions about the price of Bitcoin just so that I can make them come true. It'll be totally worth it.

Apparently dreaming of pigs is a sign you are about to come into money. So if you dream of pigs, buy a lot of lotto tickets lol.

Apparently someone thinks the price is about to go up, but I'll be more than amazed if we can reach "stability" at $3 again (e.g. like last month). Now might be a good time to short on Bitcoinica at $2.75 before the bid wall dissipates.

Exactly.  Looks like good shorting time to me.

I blame mtgox coundown for the role of instigator

I still think we are in for more with the fox coverage and the manipulator being the greedy mofo he is I think we are in for a even bigger upswing

This has all the ingredients for a sustainable reversal. If this is the case, 4-5 $ will be reached soon.

Is there a special ingredient ?

 8)

Glad I ditched my short positions a week ago, it's been a profitable ride from 6.  Haven't been watching much this week, but I'll need to keep an eye on it this week and decide what I want to do.  I don't see a reversal coming, just a small rally with a stall, then a bunch of people cashing out before the price drops again.  It's an overcorrection.   

probably in the next 1-3 weeks if the 2.4 - 2.6 $ zone holds