The amount of btc in buy orders on btcchina has nearly doubled in two days. The same thing has happened on other exchanges. Bitstamp went from 7 million dollars to 14 million dollars. btce went from 3.5 million dollars to 6.5 million dollars. Gox is now sitting at 29 million dollars (from 27). Any kind of crash would be met with massive support and not go very deep.
Any kind of crash? Maybe the manipulators waited for the new fiat to reach the exchanges to take maximum profits, and soon it will be harvest time.
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This was caused by one player who bought about 2.2k coins, for reasons I don't understand. It's possible that the same player panic sold after seeing China going down.
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Does this mean that at least 98% of the market is clueless? I don't remember if I voted, but if I did it was 400$.
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Gox hasn't seen the volume I expected, maybe it's yet to come. But it seems Gox and China trigger each other.
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It's hard to define the very bottom until it happens. I studied the Gox charts and found multiple EW capitulation patterns from April until July (final capitulation IMO), from the bubble spike and from other aborted bubbles. Maybe a new term should be invented for these partial capitulations, until then I'm going to call each a capitulation. I know some of you dislike the 'misuse' of the term, but I don't have a better one.
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lol are you serious? falling wedge pattern doesn't make sense in forex/bitcoin edit: oh and btw we already broke the bottom line at $453 in gox And this was on low volume, the most is yet to come.
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We won't know if it's similar to the 2011 until it fully deflates, that's why I said POSSIBLE.
And with all the good press, it's still going down for now, due to market supply and demand. Think about what can happen when there will be bad press about the crash.
Those who profited most by manipulating the price to new, almost unbelievable highs, will profit most, when they will buy back tons of cheap coins at the bottom. Bitcoin will rise again and they'll make huge profits.
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I'm not saying that it will go that low, but it's possible. From the 10k coins seen in Gox order books, now there are about 33k, and as holders will see the price not going up significantly, they might decide to sell more before the price drops further, in a cascading effect. And then we may see multiple aborted new bubbles and capitulations.
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After looking at the 2011 bubble charts, and the similarities with the current bubble popping, I am getting pessimistic. That 2011 bubble took a long time to fully deflate, and when it did, it was at 15x less than the peak. I hope this one won't be as bad.
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I noticed yesterday that tradingview.i286 malfunctioned. Today bitcoinwisdom was playing the same 'scenario' in a loop. Is this an attack on the sites or just Gox API malfunctioning and causing errors?
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I am a bit nervous about the way the price goes down, it starts to look erratic on Gox IMO. I placed my buy order ay 80$, just in case there's a 100k dump till morning, so I can sleep well.
Did you expect it to go down in an orderly manner? Lol If you would have looked at the charts from April and June, then you would know that Gox performs capitulation in a certain manner, with certain wave shapes. I studied them, but these new ones look erratic.
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I am a bit nervous about the way the price goes down, it starts to look erratic on Gox IMO. I placed my buy order ay 80$, just in case there's a 100k dump till morning, so I can sleep well.
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IMO the bubble has burst, and now we are in the capitulation phase. The rise from 503$ to 747$ was wave B (fake return to bull market), but for now there still is a limited supply of coins in the market. And events unfold about 6 times faster than in April or June. It is hard to predict a bottom, it depends on how many more coins will appear in the order books, but right now it seems the bottom will be annoyingly high for bears like me, in the 350$ - 400$ region. I believe that the market won't know that it's capitulating until the last hours.
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How about you get some sleep, you seem tired, but first correct the title, from 'clam' to 'calm'. Nobody want to 'remain clam' here, bulls or bears alike.
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trading.i286.org has been malfunctioning for many hours, anyone knows why?
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oooops Yes, the bid sum / ask sum ratio points to the 250$ - 300$ range, that's why I am not buying now. Possibly missing some 10% profit, but not worth the risk IMO.
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PLEASE STOP SELLING!
I don't sell, I wait for the bottom(s). And this is going to continue for several days, with ups and downs.
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I am not sure if BTCChina is fake, but it's going down, and for now Gox is not following (but may follow soon).
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A 12k dump (big whale) would immediately crash the price to 400$. IMO it's only a matter of time until a big whale decides that he can't sell all his coins without dumping.
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Relax man, tomorrow things may look different. What would be bullish: to have a bid sum larger than when the price was at 450$, but it's about the same, and the price is still 665$.
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