What the hell more bid walls getting taken down. Is someone cancelling the orders or are they being sold into and mtgoxlive isn't showing them?
I took all my bids down. Why keep them there if someone's willing to spark panic and dump the price from $7 to $6 within minutes? We could bounce back, or head to $5. Only the dumper knows. |
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Asterisk on bitcoinica is gone, apparently. So now we can freely move up.
Would speculators still feel confident leveraging up when someone's trying to prove to us they're more than happy to dump the price at any moment? |
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Interesting trading. Someone's bot having a fit? I knew I placed a whole bunch of buys at $6.60 for a reason. Nice work to whoever is responsible.
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The most likely situation is that they're purposely causing a slow, seemingly sustained rise to fool people. Everyone buys after it goes up and up and up for days. .....
I'm buying bitcoins because they're going up in price. I suspect a lot of people are doing the same, thus causing the rapid build up in price. Ready to sell all at any stage if I feel the market has turned. It's how bubbles are made and burst. Last one out the door is the loser  |
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Well into Monday afternoon here, and I was watching that big dump. Very active trading, and good defense of the $7 level.
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I wish 60 Minutes would do a piece on Bitcoins, now that would get some attention.
If 60 Minutes USA is anything like 60 Minutes in Australia, it's likely to be a 'zomg' scare piece about drugs and tax evasion. I hope 60 Minutes don't do a story about bitcoin. Any publicity is good publicity they say, but there's a limit. As to why the online currency needs to be illegal in the TV show, it's all to do with not sending the audience to sleep with explaining the nuances of an online currency. Need to move the story along and keep it interesting, so gotta keep things simple. |
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LIES!
 arguments... LIES!! doubts... ambiguity... |
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Strange how it's always the .2's which provide so much resistance/support. 3.2, 4.2, 5.2, 6.2... 7.2
this is an almost completely psychology-driven market. we like dollar multiples and +/- $0.2 is apparently the right amount of deviation to produce the momentum necessary to get us to the next level of resistance. to test my theory, as the BTCUSD rate increases, so should the distance from each dollar multiple to its envelopes of resistance, as it really ought to be a percentage of the rate rather than a scalar. So we should be selling at the x.15 point, just before the aforementioned deviation-resistance constant. That's what an increasing number of people seem to be doing, making the $X.20 resistance level a self fulfilling prophecy. At least it makes for semi predictable trading conditions. |
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More like a firecracker than a rocket to $8
clearly their is strong resistance trying to pass 7.2 this must mean buyers at 2.5 seeing 288% gain as pretty damn good  this is gr8, bitcoin is being distributed more equally  It's very strong, and indeed people buying in at $2, $3, or even $4 would be celebrating the gains of recent weeks. Everyone knows how May/June went and the memories of people buying at the top and getting burnt are still fresh. Maybe $7 is as good as it gets for now and the market needs a rest before speculators are confident in placing new higher bets. |
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More like a firecracker than a rocket to $8
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So you're saying I should buy more at 7.1?
Get in, yes. Before it's too late... Grab those sub $8 prices! I do admire your efforts, but perhaps it should be a little less obvious that you're trying to get other people to buy your bitcoins |
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I would suggest a good proportion of serious traders are active on these forums. When people regularly post 'we're going to the moon!' or 'zomg, here comes the crash' comments, they're more than likely talking their book. The largest traders probably have a good laugh when stories about The Manipulator surface.
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Concern about a price of $6.66? It's a sure sign of the times... the time to take the medicine.
The price is now $6.84. $6.84 - $6.66 is $0.18. 18 / 3 is 6. Three sixes again! We're doomed!
(or not)
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Market is taking a breather at the moment. Someone, go buy or dump a whole lot of bitcoins so that others may follow your cue |
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The rally appears to have taken a holiday. Will it be back?
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I'm thinking of starting a trading experiment based on randomness. I tend to believe markets, like complex systems in general, are mostly chaotic and unpredictable.
This is a variation of trading techniques based on randomness. I've read about people picking stocks by using a dart board, seeing on which stock ticker their cat would walk and where their pet bird would poop. Quite often these stories hit the media when the stock market is booming, and it seems no matter which stock is picked there are sure to be plenty of winners. The stories disappear when the market turns. Bitcoin is in a mini boom at the moment, and the random trading returns |
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completely flat with no trades for several minutes... gox live isn't loading either
I've been putting a few trades through from overnight, but I guess while MtGoxLive is dead people are unwilling to trade. |
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My general strategy is to take an expected future value, something simple like a linear interpolation from the past week or so. When the price jumps higher sell, when it's lower buy, but only a little bit. In the inevitable situation that the price jumps again, sell/buy more. Make sure you have enough reserves to double down 3 or 4 times. If you predict it wrong 4 times in a row, well then you lose.
Have you ever played roulette? On a French wheel you have approximately a 48% chance of winning by betting on red/black, high/low, etc. I have seen someone lose 10 spins in a row. Very unlikely, but it did occur. Imagine if they tried to Martingale their bets. They would either run out of money really quickly, or (100% likelyhood) hit the table's bet limit. "In the inevitable situation that the price jumps again". Why is it inevitable? |
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