It's orders all the way down baby!

same thing that happened here.

http://bitcoincharts.com/charts/mtgoxUSD#rg1zig5-minzczsg2012-01-11zeg2012-01-11ztgSzm1g10zm2g25

bitcoinica was a few cents either side of gox - ironically this was during the 'zero spreads' offer, so I would suspect less people were liquidated than under normal circumstances.

The market was played by some big player(s). Gox, bitcoinica et al had nothing to do with it.

I'm with you, orders all the wait down to <$1 just my play money though. Keep holding a chunk of BTC long whatever. If we do go to the moon I don't want to be left out

same!

150554   BTCUSD   Market   -50.0   -   20 minutes ago   Executed @ 6.9564

Hourlies: Falling OBV with rising price. RSI touching 70 again.

Failure to break $7.25 for the third time will be a pretty hard pill to swallow, and at the moment I think the odds are against it. My order book overfloweth, at the prospect of a dip

I've sold down to just my long term core holding whilst this plays out!

Hehe, this made me chuckle, I would have loved to have seen your face (I empathise for I am in a similar position with my work)

code was for USD's

not sure the *'s are connected to the withdrawals

This bit stood out to me. Before bitcoinica I would have agreed. The way the bitcoin market behaved was whack because there were no stop losses orders, no shorting. These two things are pretty fundamental to driving some of the price patterns in classical markets.

I still think that this market can throw up some surprises, but as any market can I don't think that in itself is surprising!

The main threats are big players shoving the market in ways that no amount of charting can predict. Provided you are prepared to lose your entire position if/when that happens then you don;t have anything to worry about.

Going all in on any move, is crazy even in classical markets in bitcoin, over time its a guaranteed blow up.

Credit where credit is due...

I just did a mtgox code withdrawal from Bitcoinica and it was completed in less than 10minutes.

Thanks zhoutong, you win 10 internets!

hehe. I have done this on gox plenty of times

what an anticlimax

here goes!

I have nothing to sell

The wall at 6.17 is a flasher. I reckon it will disappear with any serious selling into it...

I wonder if that wall at 6 will hold...

call me when its in the 'oversold' part

I don't think there is anything wrong with your reward logic. I just don't think you can assert a floor based on mining though.

So yeah when the reward gets cut in half i think we'll get a price bump, but the underlying price is wholly psychological. with a constantly shifting distribution of bulls and bears and their perceived value either side.

This will continue until such time as goods can be valued in BTC (as opposed to BTC being merely a proxy for USD). Then the fun will begin

agreed. this is pure psychology play.

it couldn't possibly happen again!

It's no small coincidence that Iran was in the news today. It must be that.