you should also remember mtgox, what will happen when you cant withdraw money from exchange eh? Sounds familiar?
According to that 'fud' news chinese investors will have till spring festival to withdraw their funds from the exchanges, from what i can decrypt on google translate. So it won't be similar panic buy if ever this news is confirmed.. If only they had come way of digitally transferring money out - like a sort of 'internet coin' - someone should invent one  |
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It was just FUD attempt to cause same kind of panic that made a crash on December 7th.
How do you know it is FUD news? How could FUD news cause a 4000 coin wall to come down at 5000CNY? Is that whale really that stupid? Simple - a little panic. China has been drifting down from its recent high steadily since the government's hint that BTC was a little risky. The mid-term EMA changed up a little yesterday, but the market (with a large crowd in it) is still skittish. Today a little nudge down, gox looks iffy too - then a panic. But that is all. 5000 CNY didn't look like holding yesterday - for hours it was 50 over it - I was surprised it held then. When it did, things popped up a bit. But it was still only a little tip to break it (sentiment-wise). And so here we are - back a few hours price-wise on most exchanges. No big deal. I only managed to get one cheap coin too. Bears aren't what they used to be, eh? |
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It was just FUD attempt to cause same kind of panic that made a crash on December 7th.
How do you know it is FUD news? How could FUD news cause a 4000 coin wall to come down at 5000CNY? Is that whale really that stupid? Simple - a little panic. China has been drifting down from its recent high steadily since the government's hint that BTC was a little risky. The mid-term EMA changed up a little yesterday, but the market (with a large crowd in it) is still skittish. Today a little nudge down, gox looks too - then a panic. But that is all. 5000 CNY didn't look like holding yesterday - for hours it was 50 over it - I was surprised it held then. When it did, things popped up a bit. But it was still only a little tip to break it (sentiment-wise). And so here we are - back a few hours price-wise on most exchanges. No big deal. I only managed to get one cheap coin too. Bears aren't what they used to be, eh? |
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back up! Lovely  edit: on gox that is.... edit 2: was the 870 wall eaten or pulled? Hope whoever that manipulative whale was is having to buy back now. Pussy bear pulled it, no sense in losing even more coin |
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It was just FUD attempt to cause same kind of panic that made a crash on December 7th.
+1 |
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EVERYONE CHILL OUT!
We have not even gone back to yesterday's low yet.
If China news was that drastic - it would be carnage.
It isn't! It's bears - and little ones at that - playing with a nervy market.
You want to give Rpietila and his like the last laugh?
Go ahead MAKE HIS DAY.
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What the hell? China is 10% lower from the low of last night while all the other exchanges drop to 1% HIGHER than the low of last night.
Chinese government is about to announce that they prohibit banks from doing services with exchanges. I bet the officials are dumping coins. Back this up please? |
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Whoever made the move - put that 870 wall in to put a little lid on it...
A few coins to take the world markets down this much is cheap for a manipulator.
But the market is way bigger than this move.
People will not want to sell at much below here, but they will want to buy.
HOLD.
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Massive support down to 800 - but it's a cheap buy up to 900 (gox)
Hold tight - selling now is very risky.
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Cryptsy is imploding.
I've taken my coins out and would suggest the same to anyone.
Based on what? Er... it's actually down right now: Error 502 Edit - back up - but it has been weird at losing trades and having balance problems lately - not sure it's 'imploding' just yet - what happened? |
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I think I have said all. Under no circumstances will I write anything in this thread before it goes to $500. I have a castle to attend to meanwhile  I assume he was thinking that 500 was imminent, but it doesn't look like we will hear from him soon! Rpietila is extremely confident in his opinions until they are wrong and then he quickly dismisses them without explanation. So he has it in his head that we are going to go to 300-500 on this "bear" market. I think he is very short sighted as usually on these matters and he thinks I am in the "denial" phase. Of course, its hard to deny something that I know is a "possibility" which 300-500 is. Its just not a likely possibility without really bad news. Rpietila is not a brilliant as many give him credit for, but the average IQ of the forum in general is at a level that is easily impressed. I think Rpietila thinks this will unwind like April and I just absolutely disagree. This feels completely different than April to me. We'll see. At least we both agree that we are headed to 10k soon enough. Intelligent people are often capable of jumping to a conclusion and using all their brain power to defend that position when a less intelligent person can easily see it is plain wrong. (paraphrasing Edward De Bono) I can see him; furiously busy, 're-casting' his charts and trying to work out how the market can be so wrong. "But it was supposed to go down!" |
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Random musing-
Christmas effect (ex-China, of course)
Will people cash out before Christmas to spend a little?
I am not even sure if it will be slow - some newbies may have time on their hands and take a look at 'this Bitcoin thing' they've been meaning to check out.
What happened last year (if that is at all comparable)?
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I think I have said all. Under no circumstances will I write anything in this thread before it goes to $500. I have a castle to attend to meanwhile I assume he was thinking that 500 was imminent, but it doesn't look like we will hear from him soon! |
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There's only so many coins and they need to actually have them (or the cooperation of gox to be able to sell coins they don't have). If all the major exchanges join a voting pool there's no way for them to sell coins they don't have without being immediately detected. This would be great, and a huge advantage to the network and for security of exchanges and customers alike. But will the exchanges do this? It may be they already sell BTC they don't have. These exchanges are not run by paragons of virtue! Getting BTC-e, Stamp and Gox all doing this looks tough - UNLESS they are more afraid of security issues than being found out for what they are (potentially) hiding from the market. It is possible on balance this is the case. It would be a leap forward if it worked - but it will take the will and a lot of work. EDITED to remove thoughts on how they could sell coins they don't actually have - no need to freak everyone out! |
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I did, thanks - well done. Respect. |
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Great and erudite analysis of why all TA is utterly useless, unless you have inside knowledge of what the big movers are about to do or know news before others do.
Which is why financial markets have a preponderance of insider knowledge cheats and market manipulators, it's the only thing that gives you an edge.
Perhaps it is possible to learn about sentiments, meaning sometimes it is possible to have a good idea of how others are likely to react - but this is again at best marginal and can of course go horribly wrong.
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China has the largest volume of the lot, and it is going down, slowly but constantly. It has tested the psychological support threshold @ 5000 already 3 times today, and failed to break that dam until now. Will see what happens but honestly the overall scenario is bearish so far.
I agree. I'm gonna' hold off buying more BitCoins (or more accurately, fractions of BitCoin) for today and see what happens. Good luck with that - if you have a strategy your guess is as good as anyone's of course - but are you sure things are not looking a little brighter now..? Don't miss the train, eh? |
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Doom and gloom here or what? C'mon bears - I still have fiat for you, gimme your coins! |
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What's with all the theories that every drop is caused by some manipulation group? What if people just need to sell coins? I imagine there are a lot of chinese that want to get out now, for one, plus the rally just ended and everyone was at a huge profit.
Maybe you're right - but China is still over 5K and has been while this Gox action has been happening - so I am not sure it's them. China started the dumping and gox has had a very delayed reaction. It's almost as if gox doesn't approve of the movement and wants to deny it. They tried for the longest time to maintain a support at 840 while not reacting at all to China dumps. Better with the edit I was looking at 5 days and was going to say they have been more steadily descending on that view, with gox looking decoupled and flatter. However, the links are shaky and China has not been leading since last weekend - I think the gox price is looking fairly robust in the circumstances - but we will not know until Sunday is over which way it ends up. |
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What's with all the theories that every drop is caused by some manipulation group? What if people just need to sell coins? I imagine there are a lot of chinese that want to get out now, for one, plus the rally just ended and everyone was at a huge profit.
Maybe you're right - but China is still over 5K and has been while this Gox action has been happening - so I am not sure it's them. |
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