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Not all in one market order but over the course of a day or two like in April.
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Why so much hostility? I didn't say this was going to happen. Most likely it won't. I'm just curious as to what price this hard support level is at right now, which will absorb an unlimited amount of selling.
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I know some of you think the coins have shifted hands and there are no longer any such whales or none that are willing to ever dump. I also know that in the past the whales wait for higher ATHs and for support to grow before dumping.
However, for purposes of discussion, let's say they went completely out of phase and surprised us by starting to dump 500,000 btc right now. Where would support be? Where would the bulls really dig their war trenches in?
Based on the walls I think about $150.
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That was very frustrating. I read the chart on gox perfectly and shorted right before a $25 drop on gox. Bit stamp moves $3 and I barely make anything on the trade before having to panic buy back. I should have traded on btce.
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It's because bitfinex was decoupled from bitstamp.
When this happens the depth becomes thin and market orders and stop triggers that were based on bit stamp go very wrong.
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Anyway we might not be ready to rally just yet. I think the chart ought to do something like this:  It's happening!  |
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I panic sold today on bitfinex at $390.
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Crash is when several whales compete to dump their 50,000btc each. Back in april there was 100,000btc dumped in the 60s in a matter of minutes.
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It might correct to $355, before a gradual rise back to ATH and then a breakout. Like so: |
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lotta price increase without impressive volume / $ amounts
and BTW that previous sell from a few days ago was a test run, no true panic volume on the so called "panic day".
The real panic day is yet to come. Don't know when, but I don't want any part of it. These parabolic rises are never a good thing.
Why would you dump now though? The crashes do not begin when bitcoin is stable, the begin when it is rallying and making a huge increase for the day. |
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$550, or $800. Bitcoin has not had two 'tall bubbles' in a row since its inception. We might a short bubble like in 2012 instead. I feel the resistance at each level getting progressively heavier and more violent. Eventually it will be too much for the bulls to handle and they will turn into bears.
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no bitstamp asks on bitfinex orderbook
seems bitfinex is out of stampUSD
EDIT: even says it right there: "Not enough USD reserve on Bitstamp, you cannot buy on Bitstamp at the moment."
Bitfinex has decoupled from Bitstamp! One BTC is 5-10$ more expensive at the exchange that supports margin trading.  This always happens at the worst times!!! -_- Anyway we might not be ready to rally just yet. I think the chart ought to do something like this: |
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I don't know if it's ready just yet. I think the chart ought to do something like this: |
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So it appears the seller is not really out yet and he just pulls back to toy with the buyers. This could consolidate for days or weeks till it meets the October trend line. Or maybe there's a small chance of a crash even. In any case this isn't worth the now 0.61%/day interest rate on bitfinex so I'll just go back to holding regular btc (i took a new margin position at $275) so basically today we learned what we knew already which is MT Gox sets the price of this market and all the other exchanges just follow Mtgox. Uhh I hope that is supposed to be sarcasm. Bitstamp doesn't give a shit what MtGox does, it's going up while MtGox was going down. Bitstamp doesn't always follow the smaller gox movements but does panic on the larger movements ($15+). |
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BTC will eventually fail and go to $0... There's my bearish input.
It would be so unbelievably difficult to undo what's being built around the world pertaining to this technology..... The longer we go with governments and banks doing nothing, the stronger the infrastructure is getting. The stronger the infrastructure gets the less chance BTC will ever hit zero. The more viral BTC goes the less chance BTC will ever hit zero. The more businesses accepting BTC ... the chances of BTC hitting $0 become *zero*. I honestly can't even think of what would have to happen on a global scale that could make BTC drop to $0. Maybe nuclear war ... Therefore, statements like the above one, don't seem to reflect an awareness of reality to me anymore. I'm talking about an unforseen unrecoverable technical failure involving the protocol, the internet, cryptography, etc |
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The OP's chart applies to pump and dumps. bitcoin is growth.
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no... I think this is one of several small corrections on the way up.
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in short. Banks hate them
So where do you all guys trade your coins, Coinbase? I trade on BTC-E. There is lower liquidity there, generally, than Gox or Stamp, and panic usually sets in pretty fast there. It can make for a nice quick BTC profit on days like today. The best action is on BTC-E, fast falling and fast climbing, generally faster the other exchanges. the place rocks  Also btce follows gox moves exactly. So all you need to do there in order to trade is watch clarkmoody. On other exchanges it's not quite as easy. |
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