Bitcoin Forum

Double ramp come on! ;D

i see 5.9 by midnight

Next thread I start will be $100 by Christmas ? ::)

Can you say "Manipulator" much ?

alot of ppl see these ramps as nuts and irrational.  and in a sense it is.

however; i see this behavior in bull mkts ALL THE TIME.  the psychology is fascinating.  most ppl's tendency is to hesitate in disbelief and not push the buy button. 

"it has to come back down". 

"i promise to buy if it just comes back down to $2".

the problem with not buying the breakout especially after such a long term bottoming phase like we had is that the "market" is trying to escape away from you so you won't have a chance to get in at low prices. 

I was expecting a stronger correction but it seems that the strength of the buyers is extremely strong right now. The correction was small and we actually might see $6 very soon. I think there will be a bigger correction at some point but it clearly isn't now, $5 is still too low for that. Bulls prevailed.

+1.  I thought the correction would go to $4 ish but over 40k BTC of sells ($200k in spikes) weren't enough to stop this bull run.  Bullish sentiment is proving to be resilient.

if you hesitate, you're dead.

THIS is beautiful:

https://i.imgur.com/Lt0zM.png

Man what? There's like 50k of visible market depth to get to 6$/coin - and that's assuming that more depth won't materialize out of hidden reserves when it starts.

I mean, I hope we're going up, but a quarter million dollars of buy motion, in one day, on no news, is Fantasyland.

You are entirely mistaken.  There is <25k BTC of visible market depth. 
There used to be <25k BTC to $5, but a formidable wall, during the last spike. ;)

What software is this?

ThinkorSwim

....really? Huh.

See, I usually watch bitcoincharts and they're still showing this depth graph:
https://i.imgur.com/0HIRd.png

No wonder I was confused!

See, we've moved several tens of thousands of BTC on the depth chart since this morning already!

Who knows how much farther we can go :)

I've also noticed this. I'm having to use Gox charts. The price is going down a little but I think it's just tempoary.

There is now less than 20k BTC to $6.  Prepare for a double ramp culminating in $6 tomorrow.  I don't say this with absolute certainty, but it is a significant possibility.

http://financialriskanalytics.weebly.com/daily-blog.html

I propose the opposite, when the price has a constant uptrend, sell orders evaporate because sellers cancel, and wait and see how high it will go. The market depth you see does not hold if there is time to correct orders before an uptrend gets to them, the only way to get those people's bitcoins at that price is one huge buy.

I've been watching the ask depth to $6.  It started out at a huge number (>50k BTC) earlier today.  By the time the spike happened, this had been reduced to 23k.  A few hours ago, I checked again and it was 15k.  Now it's 12658 BTC. it's 12418 BTC! Shrinking!

We're slowly making progress!  Maybe today, maybe tomorrow, but I think we shall reach $6 soon.

Watch out for a familiar double ramp :)

And now we have $6

Amazing!!! HAHAHA 6!!! ;D

I just click this post, and boom!
It's 6 already.   >:(

OP calls it again!!!!!

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WOAH!!

foooooommm!

and it's getting fortified up at 5.75, too!!

someone needs to make a 7$ post for you to click on..... or an 8 or a 9 for that matter......

Someone just dropped, what, like $100,000 into BTC.  There was a big wall @ 6 and it just got flattened!  :o

Wife:  Dinners ready, honey!
Husband:  F*ck dinner, i want Bitcoins!

Weekly NVI has broken 600 for the first time.  

edit: is anyone aware of an indicator that reflects the derivative of bid/ask volume over time?

This is EXACTLY what I did!  :D

YEAH! We are on upside!

http://img703.imageshack.us/img703/6812/bitcoin22.jpg (http://imageshack.us/photo/my-images/703/bitcoin22.jpg/)

Everyone who said no is wrong.  Makes me laugh.  Especially the people who said no with absolute certainty.  :P

In June 2011 people were confidently predicting $100 by Christmas 2011.

Victory! Victory! Victory!

Next stop: $7!

I think we will hit 100 in the middle of the year and then another correction that make the media say that bitcoin died...

Bubble or not, it can only go up from here (I don't see a huge imminent correction).

At this rate, and judging by the summer, it could possibly happen much sooner than that. We'll see. =)

That would be so awesome.


Imagine buying with 5:1 from now to 100 then shorting during the crash.

The increase in value is great but I sure hope some stability returns.  If we have another big boom and bust wont that drive away steady growth?

all board the rally train!

http://inapcache.boston.com/universal/site_graphics/blogs/bigpicture/kenya_03_10/k03_21612449.jpg

The buying rate is picking up momentum, too.

btccharts.com, yo

Nope, working fine (tis a bit slow though)

btccharts is "503 over quota"

over quota!  oh dayum!

(good thing I opened a new tab instead of refresh ;) )  I'm still getting stream, here.

I think we'll see another break past 6.0

Everyone's so bullish, there are no live charts available :(

Trying to find a fucking site to watch right now.

If we extrapolate today's data, we should be at $371, this time next year.  ;)

If bitcoin breaks its ineededausername's fault!

According to my calculations, we should hit infinity by late tomorrow.
http://www.use.com/images/s_3/a4dec7aac5a8eabbc6f3.jpg

Everyone, look how many BTC are on the ask side to $7.

Only 20k.  Up we go!  (Of course, we won't hit $7 today.)

 ;D

Only 20k to 5.10. Down we go!. (Of course, we won't hit $5 today.)

You must live in Egypt - because you're in de nile.

That's 5.20 now, and probably 5.30 in an hour. 

again, its my job to predict what ppl will do before they do it ;)

Yep, it's peaking its little head in over there  ;D

We're all having dinner on those askwalls right now ;D

Here, fixed that for you.  As you can see it will hit infinity, then go backwards in time and crash, then repeat ad infinitum.

http://farm8.staticflickr.com/7152/6638549299_33cb43c73d.jpg

The Tail of the Snail!

too big to fail.

Just like GM!

Why the big wall @ $6.60?  Is that where all the cool kids hang out?

950k USD on the bid side of mtgox  :o

I have a new sig!

ah shucks >:(

I would've appended it to the old one, but the damn character limit prevented me.

6.36!   holy batman

$$$$6.30!!!!!  :o :o :o

Don't worry... I was long ;).

Seriously guys, WTF?

6.4 please

Santa in da house, lol

The ask depth is looking a little scary right now.  I really hope it fills back in.

Scary for you ;)

4.6 please

(not done stocking up yet, haha)

i don't think your thesis is correct.

Well it broke 6 already ...and now at 6.2 ;D

Someone got left behind by the rally train!  We have to go back for them!

not exactly left behind... i have a few coins.

but still... not done stocking up yet :D

seriously. i'm actually proud of you to have changed your position from bearish to bullish so quickly.  thats the sign of a good trader.  so many others refused to do so and now look at them...

Scary for a lot of people.  I'm worried that if we snowball into the same sort of behavior we saw last April through June we're likely to see the same sort of long term reversal.  I don't think the integrity of the project can handle that a second time.

Permabears are in deep shit right now, that's for sure.  I know people who shorted at $2, and when it went up they didn't cut their losses... oops.

i don't think you can handle another rally like last time. :D

I'm worried that if tech stocks keep going up, we could see the same sort of behavior we saw in '00 and '01.  I don't think the internet can handle that a second time.

the USD just keep piling up on the bid side, 970k now

i've always been long-term bullish.

previously, i was bullish and got excited whenever the price went up.

currently, i'm bullish, but want the price to go down (and stay down for 3 to 6 months while i inject more fiat)

The price is going parabolic and has spiked 3 times today, which is unprecedented, I think. 

Warning to the bears: there are 2 askwalls and a mound between the bulls and the 0-asks zone.  Here it comes.  (I know asks will fill in, but they fill in less and less these days...)

Things are already starting to slowly fill in.  When I wake up in the morning I expect to see that somebody with a lot of BTC has cashed out and depth to $7 has almost doubled.

what happens when we reach that 6.60 wall?  ???

dump a little and resume

And then omnomnom :)

don't jinx it.

you won't get that chance i promise you.

Growth is ~8.6% per week, even after the bubble. If this is reversion to that mean, we could see the previous highs met by February and the $50+ range by March. I'm not sure a swing high would see $100 this year, but the way the world is going it could happen.

I'm a little cautious with the dailies now that the weekly advance is >1 standard deviation above the prior week's, but the high $7 range is the real weekly danger zone. It'd be nice to see consolidation through the weekend above $5.40 and be able to nibble in the $4.80-5.40 area.

http://noblenomads.com/bitcoin_growth.png (http://noblenomads.com/2011/12/30/accelerated-foundation/)

The system only needs USD inflow of ~$300,000 per week to maintain the current price level. Almost 10x that pouring in during the past week alone. From the November low, weekly USD inflows have averaged above $1mm, so a fairly stable price could realistically be in excess of $20/BTC. With the most recent week showing $2.5mm, that's reaching $50/BTC.

I'm just curious as to long these flows will be sustainable, and where they're coming from.

An amazing 5 day run. Bid walls are spoofs to setup foolish shorts for a raping. Maybe.

i love the smell of Napalm.

or is that burning Bears?

drama!  :o

I'm sure we'll be under $6 any minute now.

Edit:  And as I posted that, there it went.

Notice to service providers: Please batten down the hatches so this run doesn't suffer any further setbacks!

that 6.60 wall is getting smaller and smaller

hah, it's going right back up!  Get on board the rally train!

a good patron @ 5.95 :)

buyers are filling in.

woah, $3000 seller drop.

You expecting another mtgox hack? Maybe another mybitcoin fiasco? Perhaps another allinvain theft or bitomat scandal?

No?

Ok then...

I'm sure we will see many scandals yet unfortunately.

Unfortunately, I agree. The split-key stuff can't get developed fast enough IMO. It won't prevent all scandals, but it will put a HUGE dent in the numbers when it gets used properly.

it won't get used properly.

just like gpg, truecrypt, dropbox, backups, safe deposit boxes, etc. don't get used properly.

And then bitcoin banks will form to keep everyone's bitcoins safe.  But now the banksters are the sysadmins and hackers that understand how the magical money machine works.

Banks may form as management concerns. Bitcoin's transparency effectively limits (even negates) the banking institutions' ability to simply make off with assets... eventually.

A major reason for the success of frauds that occurred during the bubble was that the Bitcoin community, although largely self-policing, didn't (and still doesn't) have enough social exposure and credibility to effect legal repercussions. If most people knew what a Bitcoin was, it would've easy to make the issue a police or court matter.

As it stands now, Bitcoin-related crimes are still met with a blank stare, as though you've suggested that a three-toed Martian leper stole all your hair follicles to build a living string instrument and you want them back.

Good point.

I do rather like that choice of words.

It happened. He stole the pictures, too.

can you picture $7 in 30mins?

Not only can I picture it, I can profit from it :).

The amount traded overall throughout today is higher than the average, but there's been no 20k spikes or such, several lower buys (and sells). Buying 20k BTC now costs $150K+.

Here's the current 5-day volume, and in addition is the true range analysis, so you can see how much BTC value was eaten up by one buy or dump. You can see that the depth has been eaten up around the trading price by the increasing spreads.
http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=5&i=5-min&c=0&s=&e=&Prev=&Next=&t=&b=&a1=&m1=10&a2=&m2=25&x=1&i1=ATR&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

Heh.  Time to resurrect this thread?

Wow. The major correction finally came - there goes my bubble theory. I guess it's good I didn't invest too much into the bubble buildup.

Personally, I think we need a new thread for $7.  :o  ;D

I think that the bear coalition,
headed by the prediction of S3052 (he says "short")
will hit 6 ($6.58 atm)

http://i44.tinypic.com/scqd1x.png

heh, just had to come back and quote this... only 4c away from those $4.60 coins :D

I got my bitcoins, no better bargain than after a 45k selloff that took the price from 6.0 to 4.5 in seconds. Zhoutonged Bitcoins are mine now...