This past few days I observed gox hit rock bottom at 300 and reverse. that's what it looks like, and that's what it looked like in july with 66. when its just smashed against the same level for 3 days with a slowly increasing support and theres one guy dumping relentlessly on high volume and another guy using a stealth pattern to accumulate an unlimited amount of coins. I have no idea what this means for the rest of the market trading at 650 though.

covering their bases

july or August. base trend t intersects ath in September

Think of all this not like a setback but like a purifiication and a purge of evil. The malleability problem revealed how incompetent and untrustworthy our current exchanges are. This will lead to the creation of new and trustworthy exchanges that we can build a future on, and hopefully people will abandon the old exchanges now. It is better that this happened now than later down the line when everyday people were using bitcoin. Then those people would get hurt so badly it would put such a negative imagine on btc that people would abandon it or governments might even ban it because of the losses its caused.

I was in fear over the trustworthiness of exchanges, but the swings were awesome. If there is ever like a regulated and insured exchange in the U.S. (with volume), then I wouldn't have any fear.

It could collapse upwards too.

The big wall is gone and there are lots of little walls in its place.

I might agree that mallaebility and reduced trust in exchanges is a set back (until new exchanges are built), but in terms of price action the people 'losing their pants' was neccessary and was going to happen anyway. Price needs to consilidate against real long term log trends - not float way up in the air on no volume.

Don't you learn by now? Train references are a jinx.

What do you mean? This was a great week. There were 20% and 40% swings all over the place. You could have made a fortune.

It's been obvious for a while that gox hit bottom. But what does this mean for the rest of the market, which has been trading at over twice the price of gox?

Gox enabling withdrawals at 3:15 is FUD?

Mtgox wrote a pdf as FUD?

Can you explain why the entire 2 weeks of negative events and downtrend would be reversed just because gox enabled withdrawals? That is only a single thing. Gox is not bitcoin.

What? This completely conflicts with the pdf that was released saying they would take some time to test and analyze the deposits and that an update would be provided about withdrawals on Monday.

If you are depositing fiat then it's not a risk - your only risk is not getting the bargain deal, but you'll still get the same amount of fiat worth of btc.

wtf 780 and sideways? really? that would break almost every major resistance point and ema on the chart right now. are you crazy?   oh yea gox fixed withdraw so the entire bear market is off. lets forget all the other problems and the capitulation trolololol.  Unless 780 is another trap before the real bear market even begins.

If mtgox dies then I will have more faith in bitcoin.

Actually imagine if, instead of just getting cheap coins on gox, you were also trading them these past 2 days, and multiplied them by 3. I'm tempted to make a deposit to gox myself now.

Deposit is old news.