Stamp BID wall piles up WTF!?

[billyjoeallen]

I would challenge the view of a 'clear' bear chart. The last bear run died at critical support on all exchanges. I think the best a bear could say is that it's very flat.
besides, any kind of technical analysis will be intercepted soon by brewing fundamentals. It is 50/50.
up, thats my 2 cents.

I am sorry, but every standard investment text book in the world would have the right angle formation that has formed on the Bitcoin chart since 6th Jan, as a bearish indicator.

Look it up

google it.

See for yourself from countless historical examples of right angle triangle formations that when the 'horizontal' line is formed as a price support line, a break down in price is to be expected, especially so when the right angled formation is formed from a rally from previous greater highs.

Now, I have already learned a lesson about applying text book trading rules to a market that is largely cornered by a relative few...but that is on the short term scale. On the large term scale, is Bitcoin really going to be one of those examples that breaks the classic mould of textbook examples?

Edit: Here are a couple of examples (no they are not cherry picked, but representative of the norm)

Maybe the textbooks are wrong. Maybe you are interpreting them wrong. Maybe Bitcoin is the exception that proves the rule. Maybe you are right. The price is stabilizing and not you interpret that as a bad sign while earlier you saw instability as a bad sign. Maybe you are looking too hard for bad signs because you missed the boat. I just don't think your observations/analysis carries much weight. Who the fuck are you that we should be listening to you? I heard stuff just like this when a bitcoin cost $10.

[Holliday]

What happens next?

[chessnut]

The fact of the matter is that support was and is not broken.
I have read a lot of technical analysis books (in vein) and none of them draw firm conclusions at any time, thats very bad practise. The situation is ambiguous at best. we are only looking for an edge. the market does what it wants when it wants. fact. It will eat a 1500BTC wall when it wants, because thats just how a zero sum game works.
you must have heard the saying, the trend is your friend. for all my experience it's the only thing Ive come to believe about trading.
my name is chessut because I am a very good chess player. I know a good technical analysis is worthless without strategy and foresight. a bearish analysis of this chart has no value to a trader.

Then I am sure you are familiar with the two versions of right angled triangle and what happens to the price in the majority of cases when the break out occurs.

Although no 'firm' conclusions can be drawn, history teaches us that the strongest probability is that Bitcoin has formed a descending right angled triangle (bearish).

I might have bought that, but the triangle has falsely broken up, falsely broken down, and now its heading up. I dont understand what it is doing so I will wait for a real opportunity. you dont have to trade any old setup.

[sgbett]

What happens next?

MOON!

[Singlebyte]

Something may be up with Bitstamp.

Via reddit....ATM halts buy option because of bitstamp problems.

http://www.reddit.com/r/Bitcoin/comments/1w83db/weve_shut_down_the_buy_option_at_the_bitcoin_atm/

[billyjoeallen]

Something may be up with Bitstamp.

Via reddit....ATM halts buy option because of bitstamp problems.

http://www.reddit.com/r/Bitcoin/comments/1w83db/weve_shut_down_the_buy_option_at_the_bitcoin_atm/

so more buyers than sellers at the ATM. obviously bullish.

[TERA]

All of the buying this morning was following mtgox.

[billyjoeallen]

All of the buying this morning was following mtgox.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

[TERA]

All of the buying this morning was following mtgox.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

But it originated at mtgox. Without gox it wouldn't have happened.

[billyjoeallen]

All of the buying this morning was following mtgox.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

But it originated at mtgox. Without gox it wouldn't have happened.

Maybe, but if people were just cutting their losses so they could sell on another exchange, the price would have gone DOWN on those exchanges and it didn't.

[RicePicker]

All of the buying this morning was following mtgox.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

But it originated at mtgox. Without gox it wouldn't have happened.

Maybe, but if people were just cutting their losses so they could sell on another exchange, the price would have gone DOWN on those exchanges and it didn't.

I am pretty sure most people are not just going to cut their loses by buying at over 1k and immediately sell on other exchanges. They can HOLD an wait for the price to go up.

[TERA]

All of the buying this morning was following mtgox.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

But it originated at mtgox. Without gox it wouldn't have happened.

Maybe, but if people were just cutting their losses so they could sell on another exchange, the price would have gone DOWN on those exchanges and it didn't.

Wrong. People can panic buy out of Gox without selling on other exchanges right away. They just hold the btc. They would rather not realize a loss, and instead wait for the next price rally or until mtgox fixes its problems.

Also, since this morning, the gap between mtgox and other exchanges has increased from $160 to $200!

[billyjoeallen]

All of the buying this morning was following mtgox.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

But it originated at mtgox. Without gox it wouldn't have happened.

Maybe, but if people were just cutting their losses so they could sell on another exchange, the price would have gone DOWN on those exchanges and it didn't.

Wrong. People can panic buy out of Gox without selling on other exchanges right away. They just hold the btc. They would rather not realize a loss, and instead wait for the next price rally or until mtgox fixes its problems.

Also, since this morning, the gap between mtgox and other exchanges has increased from $160 to $200!

ok, so if they are hodling then they believe the price will go up eventually. If enough people believe this, it becomes a self-fulfilling prophecy. The point is a bullish spin could be put on this story just as easily as your bearish spin.

[chessnut]

All of the buying this morning was following mtgox.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

But it originated at mtgox. Without gox it wouldn't have happened.

Maybe, but if people were just cutting their losses so they could sell on another exchange, the price would have gone DOWN on those exchanges and it didn't.

Wrong. People can panic buy out of Gox without selling on other exchanges right away. They just hold the btc. They would rather not realize a loss, and instead wait for the next price rally or until mtgox fixes its problems.

Also, since this morning, the gap between mtgox and other exchanges has increased from $160 to $200!

ok, so if they are hodling then they believe the price will go up eventually. If enough people believe this, it becomes a self-fulfilling prophecy. The point is a bullish spin could be put on this story just as easily as your bearish spin.

So true! it's all perspective.

[MatTheCat]

What happens next?

Good try but no cigar.

That move played out over just a few days, and because it occurred on a strong up move, could be considered a bullish wedge.

Bitcoin has been in this desceding triangle for the past 3 weeks, after a slow recovery from a brutal correction.

The majority of examples from financial history would suggest a break to the downside after this.

Because Bitcoin is controlled by a relative few cocksucking whale-rats, Bitcoin may be different. We will see. I will however be shorting Bitcoin again just as soon as it falls short of recent 836 high and starts to trend down again.

[Holliday]

The majority of examples from financial history would suggest a break to the downside after this.

Because Bitcoin is controlled by a relative few cocksucking whale-rats, Bitcoin may be different. We will see. I will however be shorting Bitcoin again just as soon as it falls short of recent 836 high and starts to trend down again.

Well... I'm no whale-rat, but if I was, I would paint the charts to look like the exchange rate is about to do what a majority of examples from financial history would suggest, and then do the opposite.

Then again, maybe people would expect me to do that... in which case I would... stick with history!

Fuck day trading.