Bitcoin Forum

Guys,

Get ready to see a massive sell off tomorrow, Too many people bought too many coins at $150+ once the news started to bring bitcoin to the attention of everyone.

They got in for the QUICK FLIP and are now shaking in their boots, either they put money in that they could not afford to live without, or they risked money that they can not afford to lose. For the last 7 days bitcoin has been trying to stay afloat, sadly though the time has come and we'll be seeing a sub $75 bitcoin by tomorrow at this time, this boat has to many leaks, its going to need to be toed back to shore for repairs prior to sailing again.

I have sold all my coins between $200-$99 and I plan on buying back in the $75 or so range maybe even cheaper depending on how tomorrow goes.

Just thought I'd share my view and see what others had to think.

Surp

What makes you think there's going to be a mass sell off?

this is why we have been dropping
people expect to buy back lower

People are like herds of animals.

the market is always right.

I think its already started, or at least thats what I read from the 7 day chart, and as we know, friday is the day people like to make decissions, "I'll decide friday and see where it's at then"

Also, lets be real, 30$ is where BTC was before all they hype, without the hype it may very well have doubled, and if I predict this right thats where were going to land tomorrow.

I think we will return to the upward trend.

Its not that we expect to buy back lower, its that the weekly trend aint just going to pull a 180. its going to continue tomorrow and then cool down over the weekend.

Could that be paraphrased as "I can feel it in me bones"?

I think so too! Just not before we hit 50-75. Its not going back up on a friday!

LOL, funny thing is we all know whats going on, some of us bulls have blinders but "we feel it in our bones"

You'll reap the rewards if you've called it correctly ;)

someone could make a ton of money buying in front of you silly part time bears.

this is bitcoin.

keep dreaming pal. sorry that you bought higher and have been too stubborn to sell. the market is always right, therefore you have been wrong for 10+ days now

Thanks bud, I hope so. I invested in a few avalon 3's and I'm mining some LTC and building more miners. Worst case is I'm worng and I'll buy-back in a little later for a small loss. I've planned a few trips this summer and the dirty fiat still feels nice in my bank account.

Vienna Nice, Cannes, St Tropez, Monaco, Genoa, Rome, Israel.  Then its off to Latvia in November and Vienna in November for the bitcoin conference and I have bitcoin to thank for all this. I FRIGGEN LOVE BITCOINS!

Sounds like you've already done well out of it. Well played.

Buddy, I`m as big of a bull as they come!

This IS bitcoin, but besides major news tomorrow like Paypal funding accounts or WU selling BTC the trend will still flow downwards, and àll the people who have been `waiting till friday to decide`will start selling.

I got lucky just like all the others, only difference is I know how to get out when the getting is good.

Price is approaching the low for today....

This is just another negative news cycle.  I think you may be correct about a drop coming, but it is more related to the Mt.Gox/Coinlab issues and the problem with embedded messages than investors panicing that bought to high.  The panic player already sold last time the price dipped to $50.  

New 24H low.

I cant believe people still think BTC is worth 100+each

Post more FUD please. I love panicking chicken!
It would be great to buy at $50. Just going to make another wire to gox.

I'm about to buy back so I can retire for the night. This stuff is hardcore.

I wish it was that simple, People dont sell beause of a $75 million lawsuit that wont be herd for years to come.

This, and this is only my opinion, is the correction we`ve been needing.

well while you send your wire I`ll have cash ready. This is no FUD, what ever that means! This is reality baby!

 [̲̅$̲̅(̲̅5o̲̅)̲̅$̲̅] --  [̲̅$̲̅(̲̅75)̲̅$̲̅]

Yes sir!

Bought back. Sweat is now off my back. Miniscule btc gain but hell I was way too late in the game anyway. Gain is gain. Today was a good day.

Anyways, do you really think we're going that low? We were at 130 yesterday.

I do, I mean I could be wrong, I have been before but latley I`ve been getting good with reading the charts thanks to some currencey trading videos I`ve been watching. Anyways, look at the 3 or 7 day chart, if you look at the 7 keep in mind that 2 days are a weekend. Watch the slope, see it struggle to stay up.

Were tanking for sure, question is where will we land?

I should go to sleep too... guess I can settle for a mere 35% gain for today. Sleep is more important than super profit.

Good work dude, keep it up!  :)

Indeed. I'm not pressing my luck though. Not today. Need to sleep so I am ready for whatever tomorrow holds. I'll gain a little BTC at a time, and stick to my developing Bushido. One rule I've come up with is "NEVER TAKE A LOSS!" And I did that today. And a little more than half of one percent!  :D

Good practice. Anyways holding BTC is SO much less stressful than holding fiat.

I mean for example if I you have 100 BTC and the price tanked or rose by 27% you still have 100 BTC. However, if you had the equivalent in fiat and the price rose 27% you lost BTC.

I'm learning a lot man. Feels good to be gangster. lol

Dude I gained .66% so be happy with 35% ha ha. Greed is the bane of loss. lol Congratz bro. I'm about to head off myself.

Bah, I'm in this for the long stretch and will rely on the power of compound interest.

besides the price started to shoot back up the moment after I bought back in  :D

i'll be waiting with my fiat just like last time it crashed to ~$50

I like the cut of your jib dude!

I'll be buying every 1.3% between here and 50 just in case we don't make it all the way there.

LOL... May I ask how you decided on 1.3%

I run a market maker bot.  I haven't run it in a while, so my trade fees are still pretty high.  1.3% covers the fees and gives me a small profit on each trade pair.  The exchange makes quite a bit more than me off my trading at this point, but I'd rather trade more often to get my fees down for the longer term.  I'm really just playing around with it at this point, but when the semester is over I'll have time to clean it up and add some features.  I'll also have more time to watch it for a while, so at that point I'll start ramping up my trade volume.  There's still a lot of volatility this market has to work out.

You.

I like you.

what does the bot do specifically? i'm curious how market making works...

you place orders on both sides of the market and hope to capture the spread? what if the market moves against you? how do you close bad positions?

More or less.  I have some bitcoins that I don't mind selling at current prices.  I prefer to get more bitcoins, but if price rises too quickly and doesn't retrace, I'm left with dollars.  I then use those dollars to pay down student loans.  I just try to keep the order size small enough that I don't get completely washed out of one currency.

lol

FTFY

+1 you both seem alright.

The market is the aggregate of everyone's individual versions of "right" at a point in time; the "freer" the market, the more outlandish ideas of "right" are included in the aggregate.  Is this an approximation of some objective reality?

Sure, but only sometimes is it an accurate approximation.

lol, yes, because there is no limit to how often it is allowed to change its opinion.

Good luck with all of this.

It seems to be going up in price! What the heck do I pay you people for?!?

FTFY

I don't understand what would be the point of testing 50 again, and I think traders realize that. That being said, I wouldn't mind a retest of 50  ;D

Bad news and infrastructure failures = bear market but how bad was the news really (a big shitty company sued another big shitty company, some guy quit his job at an ATMcorp that's doomed to failure b/c regulation, big drug site down causing dumps of coins, etc) that's not enough to justify the doomsday collapse prediction that some are making. None of that is a crippling blow to the protocol.

These are all war wounds. People will realize that governments are NOT going to make it easy to own and trade bitcoins. They will realize that relying on "big evil companies" to operate exchanges honestly - NOT GONNA HAPPEN. Buy BTC from your friend Joe. At some point in the future, OTC will be the easiest way to get them, and in some areas, this is already the case. Governments/corporations are NOT going to meet Bitcoin on its own terms, but Bitcoin meeting TPTB on *their* own terms would require Bitcoin to be completely stripped of everything that makes it what it is.
There is a "third way" and it involves consumers making smart decisions and realizing that governments and big companies are NOT going to be there for them to make their decision to use Bitcoin an easy one. This isn't like iPods and iPads and cell phones and SUVs this is revolutionary shit. Bitcoin threatens the status quo in an insanely dangerous way, and the decision to use it is one that will meet increasing resistance to individual and businesses. Yet, people are "sick and tired of being sick and tired" and will not bow down to Fiat, this is why stupid shit like BoA neutering Bitfloor, corp1 suing corp2, polish + canadian banks closing exchange accounts, etc - will make people panic sell at first but once they realize this is the norm, the way things are going to be for years, they will gladly accept these concessions in convenience and "government + corporation support" in return for (a) decentralized currency protocol, power to transmit value globally without a central authority (b) deflationary store of value (c) way to overthrow the central banksters and help put an end to power derived from manipulation of fiat, a.k.a. financial tyranny.
If you are of the opinion that Bitcoin will not succeed unless it is regulated, accepted by large corporations and governments, and ingrained into every facet of modern culture like cell phones and color TVs - sell all your coins now and get out, because let's get real here, that's NEVER going to happen. In the same way that we saw traders become much less likely to panic sell @ market price during the first hint of GoxLag (you know, fool me twice, etc?) we will see traders become desensitized to news like "X Bank shuts down Y Exchange's account in Z country." "X Deal fails due to regulatory requirements." Panic selling on news like that is letting the [financial] terrorists win ;D ;D ;D

The "protocol"/reference implementation is revolutionary and people trading on bad news or panic selling because of some interference that's only going to increase with time - isn't going to change that. The argument "Bitcoin has to be completely ingrained into every service, every government has to approve of it, regulation has to be introduced, the gas station down the street has to accept it, before it will become feasible and stable" is bullshit because that will NEVER happen, not in our wildest dreams, at least not before some massive upheaval involving the corrupt financial rulers, the bankster cartels. Bitcoin has to succeed as is, and it will, EASILY, given the current financial/political climate and the fact that things are only getting worse.

There was, is, and will always be a demand for freedom.

good. got my buy orders at 50, 60, and 75. will see how it pans out.

Don't hold your breath. We won't see anything lower than 80.

Most of my buy orders are in the 80s, I think we'll bounce off 78-80 once or twice more. But I think we'll go lower.

https://i.imgur.com/SVyC8bb.png

https://i.imgur.com/bR1uhRw.png

Just havin a pretty hard time feeling bullish here.

Here's my stance :

Short term (few days) is mildly bullish, the market cannot stay oversold for too long.

Mid-term (weeks/months), no so sure where we are in the deflation phase of the 2013 bubble.
Either we are in a downwards channel that will last a few months (with inevitable rallies in between) like in 2011.
Or we are already past that and recovering in a chaotic fashion after capitulation at $50. Again, in 2011, after the capitulation at $2 in October/November the price went up to a plateau at $7 in Jan 2012 and crashed back down to $4 in Feb before hovering around $5 until June. Is it similar to what is happening now ? I don't know.

Long term (years) if we didn't believe in Bitcoin none of us would not be here on the forums. Bullish all the way !

 ::) ... Let's wait and see

We are animals, astute observation.

Good call. The only thing missing was a chart with a line going to $50. A red line, those are the scariest.

Roughly when today is this going to happen, because I'd really like to be buying some?

WHERE IS THE OP?

http://cdn-static.zdnet.com/i/story/61/06/004026/dell-laptop-fail.jpg

Looks like my prediction did not come through, as such I seem to have lost about 40 BTC. :(

Hopefully now that I bought back in I'll make the 4k back soon, even if I dont though, I'm still a bitcoin winner!

LOL, you make it sound like I'm just a troll or something. I just stated my point of view, I'm not big into making predictions but I truly believed what I wrote in the OP.

Prediction: $75, actual $113. Only missed it by *that much*

To be fair, check the date of my OP.

I thought it would go down between 50-75 on may 3rd. It did hit $79 on May 3rd, about 6 hours after my prediction.

All in all I was way closer then most of you think because you all fail to check when the op was posted!

To be fair, the date says May 3rd.

LOL, to be fair, it was 330 am est, for me tomorrow was when I wake up which would have been on the third, if you read my posts in this thread you'll see I was refering to friday as tomorrow, even though it was already friday. None the less I came close.

And if you would have put in buys at 79, you'd have made money, but I bet you didn't.

I did not! :(

Given the China news, it looks more like it might managed to hold above $100 this week or even go back up to $40, it's a topsy-turvey time!

$140?

It could be the black swan needed to break us from the downward trend. For now, at least...

Learn from everyone else, it's just better to hold your bitcoins long term. We might never see numbers this low again.

Another great prediction!

Thanks OP  ;D