Bitcoin Forum

Like some of you, my sleep is ruined because I sit and stare at the graphs and numbers on http://bitcoin.clarkmoody.com/ for hours at a time trying to discern and discover some pattern.  Then today, the price which had been hovering at around $142 on Gox, moves up and up to about $160 and then it drops to $129 and then back to $142 and then as of this writing, it is hovering at around $134.

Does anyone know why it jumped like that? Was it just one person who was trying to buy in to the market? If there really was more interested all of a sudden in Bitcoin, why did it just settle in at around $134? Should there still be volatility?  It is almost as if just one, or just a small group of people suddenly had too much money on their hands and decided to buy all at once, and that panicked other people who decided to sell. And then other people bought in.

Has anyone had any success using any sort of technical analysis to predict anything about the price of bitcoin?

Today's spike and return, seems so sudden and without any explanation or discussion anywhere.

There are a lot of people who bought over 1000 coins when they were cheap and now have fun manipulating the market with 300k or more.

I've watched MT. gox for so long I know short-term patterns for when it drops and rises. Right now it's rising again.

exactly.you have to remember,it's like gold.Whatever anyone is willing to pay for it at that moment.

You can now think bitcoins as stock now, absolutely free stock, and there are so many speculators here.

I have concluded that most short-term price movements (<1 day) are bot driven after having (like you) watched the order book for hours on end.