... Lol @ the 270k coin red candle
If you zoom in further you'd think a large part of it was green volume, but if you zoom in to the max, it wasn't.
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OP, you should at least remind people to put a wise stop loss. Right now it's 320$ and if support at 275$ won't hold after the consolidation ends, it's going to be a landslide, and max leveraged longs will lose all. If support at 275$ will hold and a double bottom will form, then it may be worth risking max leverage long.
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... What I meant is that people who were buying thought that yesterday was a clear sign of reversal, others thought that the 30K wall was a clear attempt of manipulation to buy "cheap" so they bought back fast, others thought it was the last sign before the Cho Cho...
What people seem to ignore or don't understand is that once we reach the bottom, no one will miss buying "cheap", because we will be trading at that level for several weeks before going up.
Between 17th October and 20th December 2011, the price fluctuated between 2$ and 3.5$, with only 2 days above that. The current bear market seems to last twice as long as the 2001 one, so you should have between 2 and 4 months to buy cheap coins.
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Summer 2015? I don't think so. If it would last that long, bitcoin would be as good as dead. If the 2013 low of about 63$ would be broken (impossible IMO), early adopters would panic and sell millions, effectively killing it.
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My latest conspiracy theory about the panicked 30k BTC whale is that he's just that: a panicked whale. But not an early adopter, so where does he have the coins from? A possible answer is that those are Gox stolen coins, tumbled of course, that the whale saw greatly depreciating over the last weeks. If the whale is the Gox hacker, I have no idea, he could be a fence that bought them at a massive discount from the hacker and now panicked after seeing long term support at 340$ broken. The result is that there are more coins in the market, even if many were now preemptively moved from Bitstamp, where the bid side looks anemic.
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If the market won't be able to build the first sub-wave of wave 1, then the alternative is to go down one more time. As for the volume of such a down move, if it happens, it could be huge.
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I tried to figure out what happened, and here is my short conspiracy theory: Nemesis dumped some 5k BTC, hoping to trigger a death spiral, he said he wants to kill the hardware (ASIC?) vendors. The market was already in an oversold condition, so it didn't drop much further. But another (large?) whale panicked and flashed that 30k BTC wall. Anyway, Nemesis said he'll be back with more ammo.
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To Mr Manipulator: You already own huge stash of 30K-40K and create panic over an already bear market in the hope of gaining 2k-3k btc more. You just proved bitcoin is a joke, rigged market and being openly manipulated. Your asset will be more depreciated by your action than your gain in the medium/long term. PS: Please continue now, hurt is already done and i have to buy but cheaper Well said, my thoughts too.
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I was expecting to see a 5k ask wall at this market stage, but this I couldn't imagine. Maybe he knows something really bearish, otherwise it doesn't make sense to me. Hes trying to bring btc down. For this a 10k wall would have been enough, I fear it's something else.
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I was expecting to see a 5k ask wall at this market stage, but this I couldn't imagine. Maybe he knows something really bearish, otherwise it doesn't make sense to me.
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brace your self to welcome the old ATH...
You must be bullish... Suddenly the asks more than doubled on Bitstamp, if this goes on we'll see double digits.
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Holy shit! I thought it was over for now. I can't believe this!
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Tim Draper, the current biggest known BTC bagholder? He should slap his son silly for making him lose millions. OTOH if he waits and buys more close to the bottom, that would be wise. You're forgetting the Winklevoss guys, apparently they have/had 100k BTC The Winklevii bought below 20$, so by my standards they are not bagholders. Tim Draper is now about 50% down, and his delusional bid strengthened the bulls' delusion in July.
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Tim Draper, the current biggest known BTC bagholder? He should slap his son silly for making him lose millions. OTOH if he waits and buys more close to the bottom, that would be wise.
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Already 56% were wrong! LMAO... OP should have provided more flexible choices. Below 266$ it's only 1$ and funny how many selected that! And no, I don't believe it will drop to 1$. But below 266$ looks possible.
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... I am surprised we haven't had a flash crash, already. ...
Me too. This drop to 298$ should have triggered margin calls and a flash crash due to long squeeze. Can someone explain why it didn't happen? Could BFX be cooking the books to avoid this?
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Threads like this make me doubt that we've hit THE bottom.
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everything is going to be fine we'll have cheap coins for years to come after all this. Nah, just some 6 - 9 months. Of course, if BTC isn't banned in the meantime...
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