Bitcoin Forum

I have refused to buy it and so it has risen over $6.  As long as I refuse to buy it and have no coins, it will keep rising.

But if I buy it, it will start dropping.

I suggest you keep on waiting!  ;D ;D ;D


seriously though, don't buy any coins  :D

Please do the opposite then... :) (for your sake)
Or wait to buy (for other's sake :) )

Start reading T.A. reports and rely on them exclusively to give you a direction on when to buy or not. I had a similar problem before and solved it that way. =)

The Castanza method doesn't work.  The price still screws me over, which sucks because I want to one day store my savings in bitcoins.

"George is getting upset!"

 ;D

 ;)

I think best would be to put staggered bids and asks.
So you dont commit too much to either ask or bid & close out trades for small margins.
In that way you benefit from swings in both directions

Also, may be you can hold some % (lets say 50%) and put the rest on the above.

P.S. Thats what I am doing :)

If anyone wants to donate to thank me for the rally, I would appreciate it.  I lost a whole lot of money in bitcoins and will have trouble paying bills this month.  I promise to sell the coins right away so that since I have no coins, the price will continue to rise.

it's "costanza", btw

I would know, it's my last name

It's jumping around a little but today the high is 6.795.  It will probably keep going higher.

It looks like it's trying to cross the $7 threshhold.  Not even The Manipulator can stop it.

I would imagine that horrific 17500BTC wall would say otherwise. Hopefully whatever The Manipulator has up its sleeve will involve finally removing that.

I think if we close in on the wall, he'll just cancel his sell orders and let it climb.

Third time's the charm!  Last time it took three tries to defeat The Manipulator... might see the same thing this time.  Prices look like they're rebounding from $6 support up (hopefully) to a new high.

My fingers are crossed that The Manipulator will show mercy this go around.

http://images.memegenerator.net/instances/400x/10136891.jpg

http://images.memegenerator.net/instances/400x/10136948.jpg

http://images.memegenerator.net/instances/400x/10136920.jpg





seriously though, there is no manipulator. can we stop with the conspiracy stuff?

LOL, love the images, but if there isn't one manipulator, there are probably a couple working together, a normal market doesn't have 17500BTC walls appear and disappear instantly when it is useful for whoever is controlling them. This in addition to 12000BTC 'fake support' way down in the buys. There aren't 700 people putting those walls up and taking them down all at once. It is a manipulation. Today it/their/his/her goal seemed to be to keep the price from rising over 7 so they could buy more at the lower price.

I have bought 3 coins at 6.14334 (2.988 coins after Gox fees), using only about 5% of my available money.  We shall see where the price goes now.

Based on the price screwing me over, it would best screw me over if it stagnated right around where I bought it, never reaching my sell order of the coins for 10 cents more, but also never dropping real low either.

Holy crap it starts collapsing!

Sell your Bitcoins ASAP. ;D

I bought hardly anything, about 5% of my available money.  If it collapses to cheap then it's like sacrificing a pawn in chess.

That is actually quite amazing how someone (The Manipulator or a weakling) dropped 2500BTC minutes after you bought. The Manipulator is watching you.

This isn't that bad.  It may actually go back up.  I've actually not had every trade I make as a loss.  It's just I've had many incidences where it will drop several dollars seconds after I go all in and buy everything.

I agree, I think it will go back up too, it is just annoying set back. The market seems happy with 6 range at the moment, with a subtle climb happening. I'm glad things haven't actually been that bad for you. The same has happened to me previously so I understand the pain.

Well I also bought 13 coins around $5.99 and sold them at $6.10.

Excellent!  ;D

So now it's down to under 5 USD. It's the end of the month and the gubbermint check hasn't come yet. I think we've hit bottom. Live or die, bitcoin. Let's see if you have another rally in you.

What makes you think this is the bottom?  People have been saying that for a while but it keeps dropping.   

A plausible argument can be made for "support" at this level, based on the fact that it has bounced from here twice now.  Pretty thin evidence, though, and completely retrospective.  I have no idea what the basis for those bounces was, and whether it still applies now.

You're right about that, it's odd it's been at this level with no major activity so far though.  I think the stagnation is scaring off the investors, they are afraid there won't be an up in a short period of time in which to sell into, and the midterm beyond that is uncertain at this point. 

Triple bottoms are very rare.  Far more often you break through the support and try again lower.

This is interesting.  Where can I read about how this principle was established?

You can't; the reverse is recognized by some people:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:triple_bottom_revers

Yup, the rare triple bottom happens when buy side interest outweighs the sellers -- you have increasing volume as well as break through resistance.  In other words, if you really do have a reversal it's quite likely to be real and the start of a lengthy up trend.

What is far LESS rare in a down trending stock is failure to break out to the upside and instead breaking through support.  In which case that's simply an unconfirmed double bottom reversal pattern and you try again later.

You don't have to go far to see this in bitcoin.  Bring up the 6 month non-log chart.  You can easily see a double bottom with the first dip start of July, second dip mid July, third dip in August which was not confirmed by an upside breakout but instead by smashing of support.  Try to find triple bottom patterns on stocks you watch.  For every one you find I will easily find five unconfirmed double bottoms.

As proof I submit this is exactly why experienced technicians do not advise buying near support levels on an unconfirmed double bottom reversal.  It's risky until you know it's really *IS* a reversal pattern.   The same goes double for triple bottoms.

I revised my theory.  Bitcoins just simply always does something bad.

Typically:
1) Stagnates.  Bad for investors.
2) Slowly drops.
3) Jumps a huge amount when you're not expecting it screwing over everyone who sold.  Then it sits there a long time before it crashes back down.
4) Drops and then when you wait for it to go back up, it sits there forever.
5) Rallies big but once it goes up 20 cents, then some a-hole sells 20K coins to force it back down

I agree. These times are great to wipe out the weak hands.

I'd rephrase that to "triple bottom happens when the sellers are exhausted*".

*Mentally (Screw it, the money is gone.. I'll hold the rest) , financially (no BTC left) and chronologically (They are tired of seeing a bear market)