Maybe the problem is there is no clear explanation as market movements are mostly not based on news? Maybe looking at what happens and trying to puzzle out why it happened leads people to see causal links where there are none?
Indeed, news that are only relevant outside China (such as stores accepting bitcoin, the NY regulation process, etc.) seem to have no visible effect on the price. On the other hand, most of the major price movements since last Decemer were obviously immediate reactions to events and news that were relevant to the Chinese traders: the PBoC decrees in December, the announcement by Mark of a "bug in bitcoin", the rumors and leaks of the PBoC circular in March, the passage of the 15 April deadline without the expected blockages, etc.. There were a few major moves without obvious cause, but it may be that there were causes (such as inside information) that we did not get to know. To me, it is obvious that it is still the Chinese traders who define the price of bitcoin. The lags between the exchanges during this last rally may not be proof, but are at least quite consistent with that claim. I take it you still don't want a Bitcoin off me for Christmas just like last year  |
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This is so much fun, havent traded like this in months. Gonna be a good Xmas this year  |
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Has the bottom been reached?
The bottom was reached a month ago, all the intelligent people who don't stare at charts 24/7 or get bothered by $20 movements loaded up the boat then and are now sitting back with a cigar laughing at all the people trying to trade a market like this, myself included. Trading short term in a market like this is a gamble at best. |
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WTF is happening?  ? china is crazy, i don't know what to do, and i need to sleep If in doubt do nothing. All the clever people are sitting this one out, the ones who were even more clever got fully loaded $130 ago. |
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The lack of retracement is bullish as fuck! 500$ next  Seems like Jorge finally ran out of coins to dump!  Huh? We are over 5% down from the peak in China... the same peak on both exchanges... a nice round number (2750), too, that the bots reacted to. You really think it is going up more? I mean, f---, I didn't expect a 80 point eruption and that happened so educate me on this way of thinking. We're about $6-$8 away from the peaks in the west, the initially retraction was quickly waved off and clearly people are still buying. |
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Pfff, what is wrong with these dumpers, are they afraid that their coins would be worth more tomorrow... After every small pump they can't wait to dump. Why don't they wait untill bitcoin is 10,000$. I'm out for good, bought at 430$, sold all at 414$, it's going nowhere but down. Good luck suckers, will be back after every 50$ price increase. --------------------- Anybody willing to take a guess at who would say the above??  Hilarious, great trading ... |
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The Alts also doing a good job The alts are falling against BTC the board around, how is that a good job? |
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Cmon, no fucking way we will not go down here..
Did you sell? I closed a small bit of my long, Hoping that we hit 410 atleast Yea, this s--- has gotten more than a little bit cartoonish at this point. Even the fiercest of hodlers wasn't saying... oh, we'll be at $450 today. Whoever just happened to have coins, good on you. But, this s--- is cartoonish. Not rly its just what happens in a low liquidity market. Oh and people don't just happen to be holding coins. |
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Nice Chinese bear trap...
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So is this the short squeeze everyone has been predicting?
Add into that Okcoin "news" and Bitcoin Investment Trust soaking up around 7000BTC last night, yes. |
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Jesus Christ okcoin... Asks are super thin as well. 5k buy on Bitstamp takes it to $600
If you ignore the tens of thousands of coins that will be sent to exchanges the next few days? Sure. If your thinking in few day time scales indeed. In regards to how high this rally can go in the very short terms as a trader its something you shouldn't ignore. |
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Asks are super thin as well. 5k buy on Bitstamp takes it to $600
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This could get really interesting, on Finex longs have shot down and shorts have shot up. If this keeps going I can see $480 or so before a major pullback.
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Shorts are closing Shorts are actually adding, not closing. Weren't they 14k before? 15k now. It's good fuel. How does that work? (not sarcasm, genuinely interested) Means shorts are increasing more coins lent out, if the price continues to rise and doesn't fall, these shorts will either close themselves or be forced closed and liquidated(ie the coins they were lent need to be bought back) . Same as when the longs increase during a price slump |
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Shorts are closing Shorts are actually adding, not closing. Weren't they 14k before? 15k now. It's good fuel. Imagine half of them closing at the same time , could get interesting |
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Almost about to break the double top at huobi.
Shit's going quaezy!
Its gonna go crazy if it breaks on all exchanges, its through on huobi. Its also short slaughtering time... |
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Shorts are still increasing on Finex whereas longs have dipped slightly, outlooks still Bullish but breaking $420 and not forming a double top there is key.
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I still feel like this is market noise -- that there is no real driver behind this event and that it won't pick up too much more steam... it'll hit a TA impasse and fall back down. One driver could be Russia, but that doesn't make sense because BTC-e is in the pits vis-ŕ-vis the other exchanges. It could be the dark market situation, but that also seems to have fizzled already on the alt-coin side. So, I think it's just a run for a runs sake. That doesn't, however, mean that it can't go on. It just means that it probably shouldn't.
market noise doesnt propel bitcorn 50usd in in a week... u must be kidding Price jumped $50 USD in 10 minutes on the PayPal integration news... its u who must be kidding. He called it bitcorn? He must be eating popcorn  Or your new around here and don't get the joke... |
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Is it even possible to withdraw btc from unverified accounts? It's not possible, therefore: They can't withdraw fiat without supplying a bank account. It's less risky to fake ID and then simply withdraw BTC.
Or convert to fiat and hold on Stamp until inevitable crash in 3 days. Then buy cheap btc and withdraw. folks people have known about this for 1 year now. any half smart criminal would have done this long, long ago. or like during that 30 day period last year when one could still withdraw without even providing an ID. use your common sense ... They knew that verification was required to withdraw and to avoid forfeiture? Did they think Stamp were just gonna turn round at some point and be like "Ok, no verification required anymore"? How else do you get your usd or btc back without withdrawing? |
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Looking at the numbers, I think this s--- is going to drop like a brick any minute. Don't get me wrong, we might even eclipse $400... but this is probably a profit taking opportunity.
Why?
(1) Look at Darkcoin -- it went up at an incredible pace on the dark markets being seized, but now it is down 10% -- perhaps the dark market issue response is over or overblown at this point;
(2) Dollar swaps are actually starting to fall (very slightly);
(3) Shorts are through the roof (but are not yet reflected in the market depth because you can reserve BTCs for a short without putting them into direct action).
In a nutshell, good on you if you called this jump and made some money, but I'd suggest taking profits now and looking for the next pivot point.
NOTE: This review does not account for mythical creatures like unicorns nor does it account for news on the ETF front.
NOTE #2: I also wouldn't suggest opening a short at this point, either. There's still a good chance you could get burnt big time.
Dark got pumped due to the darknet market news, now it will go back down because it was a pump. Shorts through the roof != a reason to go down, if anything its a reason to go up as they get squeezed. (I dont buy the not reflected in the price statement as most people dont reserve BTC before selling them they just carry out the trade and autolend, the interest rates dont change that much so whats the point of reserving) |
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