Bitcoin Forum

Rally starts now!

$500k order just ate chunk of wall.  yummy.   :)

lag of over a minute again  :o

That might slow shit down.

Yeah, I think today's difficulty increase coupled with a recent decline in the network hash rate means BTC will be at $150 USD or more this evening.

Why? Not saying you're not right, just curious about how difficulty increases and dropped hashrates affect prices.

Hadn't look at that chart since I saw it spike up to 80GH/s the other day, which I figured was from all the ASIC miners coming online. Did they turn them off today? That is a big drop from yesterday.

Come on $150... the stress today has been driving me crazy!

Hopefully a ton of people do have sell orders waiting up at 150 or right before.

Bitcoin is mined at a steady rate over the long term, but in the short term supply can be increased by ramping the hashrate, this lasts until the miners get spanked by the difficulty reset once every few weeks.  This assumes a large proportion of miners are selling what they produce, something I doubt right now.

Wow, that $150 wall has come down fast.

Actually I would say alot of miners are selling what they mine to get back the USD they spent on their rigs and electricity.

Back to the hashrate... Now that I think about it. If the ASIC miners lower the hashrate at the time for the dificulty reset... can't the difficulty stay where it's at or possibly go lower??? Maybe it is a strategy to keep the difficulty where it is at without it rising.

EDIT: in December 2012 and February 2013 the Difficulty actually lowered due to the network hashrate being low.

Im trying to learn all this.. as fast as possible :)
I not like to ask stupid questions, but anyway..
What does 150$ wall mean ?

If people put up a lot of bitcoins to be sold at a specific price, in this case $150, then it creates a vertical line on charts. 

And typically they occur at round even numbers such as $150, next one will be $200. It's a psychological thing... easier to add up your profit that way :)

If people put up a lot of bitcoins to be sold at a specific price, in this case $150, then it creates a vertical line on charts. 
[/quote]

How it come down fast then, people been removing these offers ?

You'll see images like this in the "Wall Observer" thread:

http://i47.tinypic.com/riw0g2.jpg

Thanks for this image and the WALL explanation because it actually got me to understand the rest of the chart. I went to that site and saw that big, ugly, blurry, sideway looking chart ans was like WTF?!

How it come down fast then, people been removing these offers ?
[/quote]
People buying themselves some shinny new coin :)

Ok .. thanks for educating me :)
I like this Bitcoin thing Alot .. because i have some coins i buy last year for 12$ each :)
What a fucking rush :)

lulz


scnr

Very nice!

People buying themselves some shinny new coin :)
[/quote]

who...like me? ok i bought some. dont judge me!!!

I'm thinking that as we near $150, the ask side is suddenly going to fatten up, between the current price and $150. Probably a day's worth of asks to grind through til the resistance is decimated. Then once it clears it, I think we quickly ascend.

So - $145-$149 today
Tomorrow - crack $150, close out the day in the $160-170 range.

That's my guess, anyhow.

That's also my guess. That 150$ ask wall is standing stable as hell. Might even take more than a day to get over 150+$.

I think there will be a sharp climb over the weekend.

Lots of media recently + Friday payday =  BUYING TIME!

Where is today a payday? Here in Sweden it's mostly on the 25th. Just got and idea that it might be worth checking out paydays of all countries where BTC is big and see if it affects the market.

Exactly... being that the US has prolly is buying/selling the most BTC.

Typical paydays for the US are:

• Fridays
• 1st of the month
• 1st and 15th of the month
• Last day of the month

A lot of people will put up a sell order at a nice high number. So, if the current BTC price is 130, they'll put up a sell order at 150 to make some money in case the price spikes. If the price gradually rises towards 150, it seems less like a spike so there is less chance of buying back coins in a mini-correction. When these gradual rises towards a wall happen, people will often remove their orders and put them back up at a higher number (in my example, 175).

On the flip side, some people won't have any standing orders BUT, when they see a big number that they've never seen before (like 150), they freak out and sell. This can sometimes keep the price from breaking through the barrier.

Once you get past these kind of round numbers, people generally stop selling to try and wait and see where the rally peaks.

I finally picked up 2 coins today at above mtgox pricing in hopes that i don't miss this crazy ride upwards.

As i see it, we will continue this almost-exponential growth to at least $200 before we slide back. If we get covered by a major news outlet or the AP, we could see very rapid climbs to $300

I should have bought when i saw it hit $30, in part due to asics being paid for in BTC. (sucks balls for anyone who put down BTC as payment for thier BFL products)

Ok thanks for the help. I'll check it out tomorrow when i'm not this tired.

Come on, make it go up! I'm getting impatient!

Buy 5K coins and we get a new ATH.. simple  ;D

Let all the bears get off the train. More profit for us.

Sell now and buy higher. That is the "smart" thing to do.  :D

Why would anyone ever sell if they truly believe in Bitcoin? And if they don't believe then now is a good time to sell. The exception being Bitcoin miners who have to sell or who have so many coins they don't mind.

From what I've seen though most people don't really have a lot of Bitcoins. Maybe 100-200 if lucky. How can you afford to sell your only 200? And people just getting into it probably have less than 10, so how can they sell?

It's already (almost) 160$ on Virtex...  :o

I don't think you quite understand how currencies, stocks and other financial instruments are traded.

My opinion. Next resistance: approx. $185 +/- $4