Low volume over the weekend has consolidated into a narrowing trading rage. Perhaps wall-busting volume will occur on Monday.  |
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Chartbuddy stop spamming
If you find the 3-D depth chart unhelpful, then simply ignore the Chartbuddy user - its a bot. |
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Most people here are new and don't remember.  2011 was Crazy Awesome the atmosphere on the forum as we slide down closer and closer to 1$ was ecstatic!  I wasn't there but I can just imagine how people were so happy and falling over themselves to buy shedloads of BTC at $5, $4, then $3, then whoohoo $2! I was there. The reason that prices went so low was that bargain hunters bought back in too high. For example, I bought back in at $14. Postings the week of the 2011 bottom were looking for bitcoin to drop below $1 - which did not happen. |
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Low volume may pick up as we have come to expect late Sunday.  |
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Low volume, trending downwards from $122 with support through thin bids at $113.  |
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As of close, yesterday:  Drop the blue trendline down a bit and we are still on it. Subconsciously or otherwise, that line is in people's heads and is affecting their long-term plans. The further the price drops from the blue trendline, the more that trader sentiment is drawn to the trendline of 2012 as the underlying trend. I will be looking for signs of that divergence widening in future versions of this well designed infographic chart. |
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My fiat is not on Gox, and odds are if we go over $125 I won't buy back in. If I can get cheap coin I will. but i do agree with you over all. Once people see they can't get coins under 100 we might jump to test 160 again. but then again, we might see 80 soon But clearly there is lots of fiat on the order book, it's just in the "hoping for a crash" range. It doesn't help that all the people waiting for a crash are posting the bubble is about to burst, crash is coming, sell your btc. They fail to mention if it did drop, they'd buy it back up faster then you can blink. Shit I hope it crashes too. It's easy money. At the same time I'm not going to go around making charts trying to scare the fish. If you have to scare the fish, you are doing it wrong. The fish should just be doing what you want without them being aware  Indeed, a bubble collapses because new buyers diminish. Most of the trades from here to the bottom of the bubble will be the iterative transfer from weak hands to stronger hands. Hands become weak as fewer successive buyers prop up prices. |
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Bid Sum is almost at all times high. Last time this happened we went to 160.
Have we left the racy moves behind and are now turtley going up, or will some tiny positive news ignite a rocket?
But ask sum is higher than last time. Still I think, we will go up.  The bid sum is interesting. According to the chart, the sum rapidly declined from a similar high point during the drop from $145 down to $80. It will take volume to consume the walls constituted by those bids. We are witnessing very low volume. |
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Note the expected low weekend volume.
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The upward movement from $97 has broken through the up-to-now primary bubble collapse trendline. This weakens the case for the bubble collapse to continue, but there is another distinguished line of resistance nearby.  |
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30 days after the April 10 peakAt this important 30-day milestone, note that although at the current price of $118.78, bitcoin has fallen 55% from its peak at $266, it remains 8.8x higher than back in January, when a bitcoin was priced at $13.50. By way of comparison, at 30 days after the June 8, 2011 peak, prices had fallen to $14.2, also a drop of 55%. Although obviously not aligned with respect to the timing of their capitulations, they remain consistent with regard to overall pace of collapse. Bubble 1 at 30 days ...  This bubble at 30 days ... 
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If trading volume drops off for the remainder of the day, and volume over the weekend is relatively slow as we have come to expect, then the bid depth chart could fill in to form a narrow trading range, e.g. between $117 and $120 over the next 48 hours.  |
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Ok, i did market orders only today. I'm tired of trading this thing. (i was waiting for a re-entry point since when i sold everything at 110, i kicked myself not to have bought at 78$).
I bought at 122 and sold at 119. I bought again at 121 (5% of losses only for this move?).
Cashed out to a paper wallet, i don't want to see mtgox again for the next 2 months. I reached the 0.29% trading fees, they want me to get addicted. I have other things to do in the meanwhile, the only choose was between staying all in or all out.
Bitcoin conference, lot of positive media reviews, lot of buzz, 40k btc on buy orders from here to 100$, i don't think that this will be another 2011, but this confidence should tell me that maybe everything is out there to convince me to do the wrong choice.
We will see, bitcoin. 2 months from now, we will see.
This change of sentiment by one trader is entirely consistent with the steady drop in volume after the April 10 peak. |
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I saw the 0.1337 bot in action with repeated buys. What is the motive?
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What do we make of this hour's sales - a pump and dump? Are the sellers now the same as the buyers six hours ago?
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i have started my dump
just did 200
Really? Or are you trolling. 14K BTC sold would greatly move the market. |
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Does anyone else see the possibility of a reversal of the uptrend? It was stopped at $122. It took 15K BTC to bust walls and take asks on the way up. Could that hot money be forced to take profit quickly?
I don't think so. The bid wall has lagged a little since the push to $122. But $115-$120 is pretty solid. $122 to $125 is 12k BTC. Unless some new money starts making up for lost time, we'll probably bounce around $118-$121 for a bit. We'll see some dumping for sure, but there's enough buying pressure to keep us above $115. The ask wall doesn't seem to be getting out of the way at any point so far, it will be a lot of little jumps, regrouping, let the bids come forward then it's up again. If the rally continues it will be slower, that jump was 2 days of no action crammed into 3 hours. If I was selling between $122-$130 right now, I'd be content to wait for the bulls to pay me off. I'd be surprised to see a lot of panic selling, we're more lilkey to pickup some bears to buy up any dumps. Any drop right now is a chance for someone to get back in. I deleted that post soon after I made it, realizing that if the rally stopped at $122, then the most likely successor pattern is what you said. Thanks for the insight. |
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Here is the next triangle.  |
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The breakthrough launched as it approached the rising support, with relatively moderate-high wall-busting volume.  |
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That wasnt even a rally, that was a huge sudden jump that got no support. I am afraid the bear-may still holds
I believe that the bear case still holds. I am curious however to see how a bearish pattern unfolds from this breakout. |
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