If a sizable amount was seized and withdrawn from circulation, it's bullish. But the news is not:

Exactly one year after it went live on November 6 2013, the Silk Road 2.0 has been taken offline in a joint operation between the FBI and Europol.
Visitors to the deep web drug marketplace have been met with an official police notice informing them of the site's seizure.
European police have hinted that further shutdowns and arrests will occur in the next 24 hours.
Operation Onymous, they say, will conclude within hours, and will "disrupt global activity" on the deep web.

OP shorted when price was around 390$, so if he closed his short he has done well.

It's not clear if the feds confiscated any bitcoins, so I can't tell if this is bearish or bullish.

Thank you Mr. Stolfi. However unlikely these seem, if 1 year from now the price will be between 250$ and 300$, this would be a chilling bearish scenario.

30 mil and double top at 420$, that would stage the set for a long squeeze. We'll have to wait about 2 - 3 weeks to test this.

OK, I thought of a classical parabola function. And no it can't be that bearish as the green line.



PS@podyx: the green line would mean that the upwards potential is rubbish, and I don't think so.

Not necessarily, a double bottom on the right scale will do. To ensure that 275 was THE bottom the market has to break resistance at 420$ and push to about 470$.
Then it should be high enough that the corrections that will come will probably build a double bottom and not break major support.
Anyway, soon the 4h MACD should be crossing, so I'm expecting to see a bit of a pump later today.

I'd like to see a parabola fit through these 3 points, my brain says it can't be done with a parabola.
More likely to fit a Gaussian distribution.

Market still undecided...

It looks like someone is taking advantage of the inflection point, where the market can be turned one way or another with minimum effort,
and using BTCChina to crash. Volume reported by bitcoincharts is greater than Bitstamp, Bitfinex and BTC-E together, so it could be fake.

I didn't read this thread when the OP first posted it, after all it was to-da-moon Elwar, so what could a bear like me find in it?
But now I read it and I think it makes sense to describe the base bitcoin (efficient market) price with a more-or-less linear function.
The speculative bubbles are on top of that and since they take a significant time to deflate, the linear base trend is difficult to spot.

The inflection point is here. Either start testing major support or form local double bottom and go up in the short term.

Careful with the reverse psychology, you may jinx it. I hope it won't drop down to 100$, because it would undermine my future trading profitability.

Since some believe that the current market movements are similar to the ones in July 2013, here are 2 charts that show they are not.

Peak of about 5k$ late 2016 and then 2017 will be mostly bear market.

I saw the bids recover nicely on Bistamp, but most are piling around the 300$ support, expecting testing it and a double bottom.

Usually in a descending channel with lowering volume, the drop accelerates after a major support is broken.

You still bullish, Blitz? I agree that it's possible 275$ to hold and form a double bottom, but I find this unlikely. We should know for sure in about a week.

I don't know if he did, but I remember a couple of months ago when price was around 550$ he posted an offer to sell off-exchange.
When I highlighted his bearish stance (why would he sell if bitcoin was supposed to reach 5k$ by the end of 2014?) the permabulls dismissed that.

Interesting... He wants to pimp Monero with his game, until BTC would be replaced by Monero.
The functionality of the game is similar to one of my projects, but rpietila as King, I don't think so...