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All those spikes with their huge candle shadows were mostly the result of 1 person buying 10-15k at once against the trend. I actually mislabeled the first one even though it was probably the most ridiculous, you should be able to spot it.
The point is that even though they bought that much, the market didn't reverse.
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May 31st, MtGox: 130-126 price range. You should have sold in May and gone away.  And concerning any bounces caused by "huge smart money", have a look at this again: How hard is it to believe that a good number of the whales are smart, savvy geeks like us who can see the incredible potential, but with just a fuck ton more cash? And they throw in a few % of their net worth to hold for the next few years... and everyone in the wall thread is like OH SHIT 10K BUY haha
 Smart money so clever! Smart money, trading against the trend. Do you really want to be a part of this "smart money"? |
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I love the smell of fresh Bitcoins hitting MtGox to extract some sweet, sweet FIAT MONEY.  |
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How did you zoom in on the 2011 Google Trends chart? Can you link it?
Good observation by the way.
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At current prices, over 14k BTC are required to even be a millionaire. The clever millionaires have done a stellar job extracting the USD out of the order book and into their pockets, and they are now free to go to a market that's actually trending up. Don't worry though, there are still lots of people sitting on Bitcoins with tremendous profits and they're ticking time bombs. Plenty people can extract half a million in one go. |
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It can take a while. Weeks. Months. It's coming though.
Perhaps Blightcoin being introduced on MtGox will deliver the final blow to BTCUSD.
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I can feel a Winkledump coming. BTW, how many coins do they have? Over 100k, though in their SEC filing they propose to sell 200k BTC. Very telling that no bounce is achieved even at current levels. Sorry to be the bearer of bad news, but bear with me: This thing needs to capitulate on incredible volume and a low <50 before we bottom out for good. |
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I can feel a Winkledump coming. |
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Actually meant to post this here: Just a reminder for what will inevitably happen again: How hard is it to believe that a good number of the whales are smart, savvy geeks like us who can see the incredible potential, but with just a fuck ton more cash? And they throw in a few % of their net worth to hold for the next few years... and everyone in the wall thread is like OH SHIT 10K BUY haha
Smart money so clever! Smart money, trading against the trend. Do you really want to be a part of this "smart money"? Was the smart money buying or was it selling the bounces? You tell me. |
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Just a reminder for what will inevitably happen again: How hard is it to believe that a good number of the whales are smart, savvy geeks like us who can see the incredible potential, but with just a fuck ton more cash? And they throw in a few % of their net worth to hold for the next few years... and everyone in the wall thread is like OH SHIT 10K BUY haha
Smart money so clever! Smart money, trading against the trend. Do you really want to be a part of this "smart money"? Was the smart money buying or was it selling the bounces? You tell me. |
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I love the smell of freshly minted Bitcoins hitting MtGox in order to crush the delusions and denials of the bulls.
The Great Dollar Extraction.
Don't forget to pay capital gains on your fiat profit. By the sound of it (assuming you sold $100+) that's going to be quite a dollar extraction from your wallet to the state. Worrying about taxes on your profits – first world problems. |
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Everybody should hoard at least 1 btc for their long term future (though it is not possible for everybody to have 1 btc, sorry).
Good advice and I agree on the bubble. |
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I love the smell of freshly minted Bitcoins hitting MtGox in order to crush the delusions and denials of the bulls.
The Great Dollar Extraction.
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Don't worry, plenty newly-made multimillionaires left who will gladly take a clean exit at 50 USD later on when we come knocking at its door.
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The price declined just fine without me posting here, so I hope you guys can acknowledge that I do this simply because it's fun. |
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I used to harass you regularly by going back 365 days because I knew BTC would look bad for a while by this metric. It will be interesting to find out if I'll be able to pull that stunt again.
With a top of 266 put in? Very probable. |
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Following a rally is easier than taking the knife..And i consider my net profit of $1500 to be a win, you don't win until you sell  See that's the thing. $1500 isn't profit. BTC is profit. Any fool can make $ in this market, but to increase your share of the limited supply of bitcoin is what will really matter in the end. [/quote] That's only if there's 0% risk associated with Bitcoin. Successful trading is limiting your risk, even if you sacrifice some gains. Most of the time though, you will gain Bitcoins in a bear market. The point is that people are actually leaving (for however long) this market and the coins are distributed among fewer people. Furthermore, even among the people who remain, the cash (dirty bernanke bux) is leaving. Thanks Dalib, good confirmation. |
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Daily RSI has closed below 30 (oversold) multiple times now confirming the bear market and confirming a trending mode. Check out what happened conversely the last time the RSI has stuck in overbought:  |
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It's definitely not the worst play considering historical charts, good success to you guys in extracting some delicious dollars. |
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