Thats the point. Bitcoin fundamentals are largely unchanged from a year ago. All thats influenced the price is speculation, and until something fundamentally changes, all that will change its price significantly is speculation. Thats the only thing a charts shows you. Its as useful as a guide as an unlabeled chart of some random company (admittedly, also with largely unchanged fundamentals).

I agree that regardless of how it plays out, we're getting close to a reversal. We might have one more crash or a triple bottom at $2 but in the end it's likely to result in a reversal. Unlike some people here think, most Bitcoin traders/investors that are currently in the game are not there to exit the market, they are waiting to buy back in. We're getting closer and closer to the point where people are ready to hop back in again.

It would be nice to know how it'll play out, if I just had a crystal ball telling me if it's going to crash once more or triple bottom...

Did you ever think that he actually wants the prices to go down?  He sets the bid walls to *temporarily* stop the down trend so that he can sell his coins high, after this is done he wants the price to go down so that he can buy back his coins for cheaper.  Then he needs a small bounce back of course - but when there is a dip after a big bidwall was destroyed then the momentum pushes it deeper then the temporal balance - so the bounce back is kind of guaranteed.   Not that I really know the motives of people setting these bid walls - but this way they could earn on their actions.

Hey, I'm not like some evil broker. Whatever things I post regarding Bitcoinica's trading activity or whatsoever, must be from the past (already hedged orders and liquidated positions). It's also morally incorrect (and sometimes illegal) to read customers' orders and trade at the same time.

I have a rule for myself (and I hope other exchanges' owners can follow):

Every time after seeing customers' orders, intentionally or unintentionally, refrain from trading or discussing them publicly for 24 hours.

Is it bottom? No.

Is it double bottom? No.

Is it triple bottom? Seems no.

Is it quadruple bottom? Not likely.

Is it bottomless? Perhaps.

I am not sure why you are cheering for BTC to go below $1. The lower the price, the easier it is for said person to manipulate the price. It requires proportionally less USD holdings or BTC holdings which they have demonstrated they have a significant amount of both. Low priced Bitcoin is actually a bad thing in contrary to what you believe.

We need facebook yahoo or google to post in your forum? is that correct?

Can we not just be Anon?

Well, someone brought to my attention what the manipulator is all about. He is about taking money from many of the bitcoin buyers.

He places these bid walls so that he can sell his own bitcoins in front of his walls to the suckers/fools.

So the manipulator is not trying to raise the overall long term price, he is about short term interests. He could care less the price of bitcoin. he is about stealing money from you suckers. In a way, his tactics will actually make bitcoin price lower in the long run, because he is robbing money from the system. He was probably the main guy who pushed bitcoin to $30.00. He surely has the money to do this, and all he needed was to spend some of it on the way up.

I like him. We will be at $1.00 before you know it. The manipulator will still be around doing his tactics. This is all funny because bitcoin is supposed to be an uncontrolled currency, but it is very well manipulated. In a way, it is being used as a way to make money from the "stupid money out there". All it is is just a way to transfer wealth around, nothing productive is created.

So go on manipulator, put your bid walls up, rob money from the suckers/fools who flamed me when I tried to help/warn them.

I don't know - I've sold in July what I've bought in March, removed 2/3 of the money and now for half of the rest I've got nearly as much BTC as I started with.  Oh boy they are cheap again.  Let's see if betting against S3052 will work this time.

I see an economic fallacy brewing here (not just in that quote but in the forums generally)... there seems to be a notion that a lower price equals a less volatile price, and thus a lower price means Bitcoin is more easily used in commerce.  This is a fallacy and in fact quite the opposite is true.

The lower the price of Bitcoin, the more easily it will swing when $X come in search of it, or when $X attempt to exit it. Consider if the price fell to $0.01/btc.  By myself, with $10,000, I could buy almost 1/7th of the entire supply of Bitcoin. Of course, acquiring 1/7th of the supply would shoot the price up quite a bit. My $10,000 would seriously hamper all y'all's commerce.

Consider the alternative case, if Bitcoins were trading at $1,000 each. My $10,000 purchase then only buys me ten coins and will make no dent in the market price. Even $100,000 could move in and out of the market without much trouble.

The point is this: you can make the argument that btc isn't worth $2 each and should be lower, fine. But you cannot make the argument that it ought to be lower so that it can more easily be used in commerce due to volatility issues. Volatility, when short and medium term noise is removed, will be inversely proportional to the Bitcoin price in percentage terms.

And again, a $1,000/btc price is exactly as easy to use in commerce as a $1/btc price due to the full divisibility of these things. If you're not using Bitcoins in commerce now, it will not be any "easier" if the price is halved... it will in fact be more problematic and more volatile. And buying one $1 coin is no more difficult than buying two $0.50 coins, or half a $2 coin. Don't let notation distract you!

Anyone disagree?