Does this mean GTFO of btce? Don't see why it should. BTC-E is run by Russians, whose office is based in Cyprus, but whose exchange is based in Bulgaria. Worry about BTC-E when the Bulgarian Central Bank states that they are out to nail Bitcoin. That sounds ridiculous. It reminds me of a hand of poker where you're trying to catch a backdoor straight draw and there's also a potential flush and full house on the board that might beat you. |
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Does this mean GTFO of btce? |
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Something has just occured to me: The Chinese charts do not look nearly as oversold as the USD charts. Instead, they look like they have just begun a normal drift into a downtrend. Now I realize that I may be making an error in analyzing USD charts: What if... the trend is actually driven by China? China has been instrumental in driving prices throughout the past 6 months and movements on their charts have always trumped ours (whether that's due to some type of manipulation I do not know). If the volume in btcchina during the bull market was in fact real, then we could assume that the Chinese are actually driving the bear market as they sell out now. If so, it would be prudent to follow Chinese charts. I know it is a complex mess because the support will ultimately come from the US but the sellers are Chinese, and there is a U.S. chart and a Chinese chart and somehow you have to combine these... But let's assume hypothetically the Chinese chart is actually more important. If the bear market actually plays out on Chinese charts, and looks something like the bear market in 2013, then it could play out something like this:  I'm not sure how this would affect USD trends. USD could fall as low as low as $300, or it might find support at $500 after all if fiat starts flooding into Bitstamp by new investors. In any case, expect the trend to be different than what you are currently analyzing on USD charts now. It will be a rough game. |
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That timer is counting up, not down.
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Countdown is begun,
Tokio/Japan GMT, 23:45
Peking/China GMT, 22:45
More details plz... Can I see a live graphic of the countdown timer with a ball and explosions? |
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A large (1000) order was sent into a thin orderbook area, still thin due to a temporary oversold condition. The order was made with no regard to execution price and could have been more strategically handled to fetch a far better price if only a few more minutes of attention were given to trading. I honestly dont understand who doesn't have 5 minutes to spare to save $30,000.
Maybe he tried to make an impression and have others follow him into buying? Setting the trend after a 4hour MACD crossover? Can you explain the financial incentive in him making this movement and the prospect that he would receive back more than he paid for it? |
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I remeber litecoin rallying about 500% against bitcoin and I sold my litecoins at $48. I was very thankful.
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Clearly a winning strategy here is to hold limit orders far outside of market prices for flash movements. Then after the positions are filled, you quickly liquidate them once the movement has corrected itself. It is practically a 0 risk strategy.
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I don't care how bullish I am about the future of bitcoin. If there is a chance to increase my position by 5% in 5 minutes when taking my position, then I will do it, even if I think that bitcoin is going to rise to $1,000,000 - this has nothing to do with my point that I can increase my position right now. Your post fails to address the underlying points that I made in my post. $30K is not "pennies" - you can clearly see that something is wrong with the math in that statement right away. But if you disagree with me, that is fine. You can be a client of my business where I magically get you a better price that you did not think was possible.
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What are you talking about. Why does it matter the amount that is invested? The loss remains proportionally the same amount. The larger the buy, the larger the loss. $30K is a lot. You may disagree with me, and that is fine, but my point is I think I may have a business opportunity here. I am willing to wager that I can execute the orders at a better price. I see that there are people like you and like this whale who panic and think that they must execute a high volume order immediately at any price - I will use this to my advantage and a make a business out of using my expertise (common sense) to actually execute it at a better price.
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Deducing facts based on price movement is a mistake. It was a mistake to deduce them on the way down, so it still a mistake now to deduce them on the way up.
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After a 3 day consolidation in the upper 600s and low 700s, there was a 0 chance that prices were going to suddenly be at 750 and rising with no chance of return. If you know how to look at a chart or an order book you can clearly see that this rash movement was immediately corrected back to where it started from, requiring additional volume to actually persist the move upwards. Even the now the price is BELOW $720 somehow.
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I should start a business where I execute these orders on behalf of the whales. I will keep half of the savings and pass the other half onto them.
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Now since when has mtgox been known for making timely responses to the public? You guys are really expecting something right away on Monday? I'm surprised there aren't more votes for the last option.
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A large (1000) order was sent into a thin orderbook area, still thin due to a temporary oversold condition. The order was made with no regard to execution price and could have been more strategically handled to fetch a far better price if only a few more minutes of attention were given to trading. I honestly dont understand who doesn't have 5 minutes to spare to save $30,000.
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Sup with sudden buys @stamp
fear becomes greed |
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I understand this but say that hypothetically, new lows were being reached and it was not on higher volumes. Say that day 1, bitcoin fell to $700 on 50K volume, then on day 2 it fell to $600 on 20K volume, and then on day 3 it fell to $500 on 10K of volume. This would be extremely bearish and indicate that the market has completely lost support.
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I just bought the 4 hr macd but i dont expect it to go very far and am expecting a sell signal to be given somewhere in the mid or upper 700s.
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Update:
It is not actually looking that bad. 4 hour MACD just went up. I may have gotten carried away by watching mtgox prices and btce trends and my vision may have been clouded by the markets movements surrounding mtgox. It would be great if either mtgox could get its problems completely resolved or if it could be completely removed from the market - one or the another.
The low volume would be explained in that prices are not actually declining but consolidating. I originally made this post when I was drunk was following btce price when I should have been following bitstamp price and now I realize how stupid that was. If I follow Bitstamp then new lows have not been reached and price has been consolidating well above the low of $619.
Anyway, right now it looks like we may in fact be in the midst of a two week consolidating upwave, which will trend until it finds resistance in the mid or upper 700s, before proceeding to the next high volume downwave. The downwave will end somewhere between 400 and 550 where it will find support against the long term logarithmic growth trend and then proceed upward as planned.
The long term logarithmic growth trend is driven by commercial adoption in the United States and has been there to support the price when foreign-driven and hype-driven trends have finally failed. As such, the United States will have an instrumental part in determining whether this trend continues. If the United States government bans bitcoin then the trend WILL fail. If the United States government officially recognizes Bitcoin as a legitimate enterprise, and if reputable exchanges based in the United States are built, then the trend will continue, and the price will break into new highs starting in June or July.
I would like to delete this thread, as I was acting irrationally and emotionally at the time, but I do not have that ability. The issue of where to safely store fiat during bear markets is still a valid concern. However, I should focus that discussion in another area, away from price speculation, such as Service Discussion.
My apologies.
no need for apologizing.When I read your OP I was a bit puzzled by your opinion,when the prices goe down with dercreasing volume is bad. I always thought (and still do) it is only bad when the volume is increasing. So your correctioin is ok. I'm not sure where you get that viewpoint. If the prices are falling on high volume, it means there is a high level of support by buyers. In the case of bitcoin, this is bullish because Bitcoin has a limited supply and eventually all of the limited supply will be bought out by buyers, leaving prices nowhere to go but up. However, if prices are falling on low volume, then this is not the case. There is no support, and prices will continue to decline further and further into deeper levels until finally a high volume is found and there are buyers for the coins. |
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wtf @ stamp?
710 -> 755 with a 1000 buy
wtf, trying to turn the trend? 4 hr macd, bots |
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