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Poll
Question: How could the Bitcoin Market Colapse
Big players leave - 14 (12.1%)
Computer Auto traders Flash Crash - 5 (4.3%)
Small investment  sell - 2 (1.7%)
The US government - 43 (37.1%)
Hackers on the exchanges - 11 (9.5%)
Nothing happens and we all keep making money - 41 (35.3%)
Total Voters: 115

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Author Topic: How does the Bitcoin Collapse Start?  (Read 6301 times)
bitcoinconnection
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June 05, 2011, 06:45:59 PM
 #1

Today the MtGox exchange price is 16.1 for Bitcoins, down 15%. Should we worry when it fall below 14.5 today? Weighted Price (30d) 8.17 Are traders on a Sunday break or are the cracks in the ecurrency starting to show? Deepbit.net mining pool is a very big investment in the Bitcoin currency. What are they thinking today?
I noticed the down volume is out pacing the up volume. I hope one of the big holders of Bitcoins is not ready to bail leaving thousands of traders with Bitcoins less than what they paid for. Could Computer Auto trading programs cause a Bitcoin Flash Crash?
WATCH THE DOWN VOLUME!   A good CORRECTION could see Bitcoins at 10.5
See updates @ http://www.bitcoinconnection.com
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S3052
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BTC Up or Down? go to www.bullbearanalytics.com


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June 05, 2011, 06:49:47 PM
 #2

Too many people calling for a collapse or crash...

Very likely most of them want to buy BTC cheaper.

Not sure if they will be successful, as the Technical Analysis shows a typical pausing consolidation, with another likely upmove to test or break 20$

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Dude65535
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June 05, 2011, 06:51:09 PM
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Funds stop moving from bank accounts into the exchanges on the weekends so a small drop in price as the buyers run short of money is normal.

I don't think investors are over leveraged enough or panicy enough at this time to cause a huge drop.

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stic.man
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June 05, 2011, 06:52:57 PM
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Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules
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June 05, 2011, 06:54:29 PM
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THE BUBBLE HAS BURST!!!!1!

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June 05, 2011, 06:55:43 PM
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Even if the price drops to $1, Bitcoin will still have gone up more than a thousandfold. I've said elsewhere that I believe that some sort of major correction will (and should) occur, but the underlying fundamentals are still there.

Tips are appreciated (very tiny tips are perfectly okay!) 13gDRynPfLH3NNAz3nVyU3k3mYVcfeiQuF
CravenEconomics
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Happy deflation!


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June 05, 2011, 06:56:01 PM
 #7

Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

this.  Also CRASHHHHHHH EVERYONE SELL FAAAAAAAAAAAST...lulz

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June 05, 2011, 06:58:37 PM
 #8

Yes it is bubble burst. Guys just sell it quickly  as possible. I am still have some funds to buy  Grin

We will  meet in not-so-distant future.
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June 05, 2011, 07:10:33 PM
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Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

That's true. But I think that price should consolidate a little before rising again, so that we get more Thash/s.

A market correction could happen in the near future though, I wouldn't be surprised. And that would be a very good time to buy a lot of bitcoins!

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Adam
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June 05, 2011, 07:16:38 PM
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Looking at the trade data right is kind of interesting because you do get to see supply and demand in action and volatility is much higher with the volume so low.  I'm sure in the long run it means very little, because this is pretty much equivalent to the after hours market on regular stock exchanges which may be way different than what happens when trade opens.  I remember watching Jim Cramer's show on CNBC like five years ago, and any time he'd do a big segment on a certain stock it would jump a few percent in after hours, and then almost invariably give the gain back during the next trading day.

My prediction for the rest of the day, which will mean nothing I'm sure but I'd like to see if I'm right, is there is there is some support at the $16 range, so we'll likely stabilize around there, but if it breaks through the $16 mark it will go all the way down to $14.  Should make for a good buying opportunity.

TraderTimm
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June 05, 2011, 07:18:05 PM
 #11

1) The price could trade down to the 14 - 15 area and still be within the long-term trend. (Bitcoincharts.com mtgox/USD, log chart). This pattern was followed when price ran to 8 from 4.

2) High Frequency Trading wouldn't work with the 1-block-per-ten-minute throttle in place now. I'm very glad this is the case. Another win for bitcoin.

Fluctuations in a new market are not new nor do they forecast complete destruction. Give the market time to mature, it is really too early to say x% means we're on a ride to the bottom Smiley


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mikewillz
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June 05, 2011, 07:23:19 PM
 #12

Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

+1 I have been waiting on dwolla and Mt. Gox since Wed.

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June 05, 2011, 07:32:17 PM
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Looking at Mt.Gox there is a big buy @ 16, i think if that gets filled its looks like there is very little buying power left to keep the price up.

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June 05, 2011, 07:35:19 PM
 #14

Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

+1 I have been waiting on dwolla and Mt. Gox since Wed.

Same but with paxum (which they don't accept anymore, after I'd already sent my funds). I've been waiting for them to manually add my funds for three days now after I sent it to MtGox. I have found this wait very frustrating as the price rallied and rallied. I'm hoping it will stabilize at something close to what I originally hoped to buy at. 
carbonpenguin
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June 05, 2011, 07:36:17 PM
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Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

Is anyone arbitraging this trend yet?
Bit_Happy
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A Great Time to Start Something!


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June 05, 2011, 08:09:46 PM
 #16

Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

Is anyone arbitraging this trend yet?

The new rally tends to start on Sunday afternoon/eve.
Correction over BUY NOW!!!  

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CravenEconomics
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Happy deflation!


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June 05, 2011, 08:13:50 PM
 #17

Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

Is anyone arbitraging this trend yet?

The new rally tends to start on Sunday afternoon/eve.
Correction over BUY NOW!!!  


lol this guy is obviously trying to sell his BTC

GAMES FOR BTC --- STEAM and EA STORE (Origin) --- GREAT DEALS! (http://forum.bitcoin.org/index.php?topic=20559.0)
Bit_Happy
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June 05, 2011, 08:23:57 PM
 #18

Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

Is anyone arbitraging this trend yet?

The new rally tends to start on Sunday afternoon/eve.
Correction over BUY NOW!!!  


lol this guy is obviously trying to sell his BTC

LOL, actually:
1) I've seen more than one weekend end with a strong rally that starts on Sunday afternoon/eve.

2) The "herd mentality" is the downfall of many good people.
How many of the BTC'ers who are afraid to buy this moment:
{"ticker":{"high":18.998,"low":16.2,"vol":27622,"buy":16.32,"sell":16.3902,"last":16.3902}}
are the very same ones who panic buy when the rest of the "heard" is also buying?

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CravenEconomics
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Happy deflation!


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June 05, 2011, 08:30:49 PM
 #19

To say CORRECTION over buy now is just ridiculous...to say a "correction" happens every weekend and then ends Sunday is just as ridiculous.

GAMES FOR BTC --- STEAM and EA STORE (Origin) --- GREAT DEALS! (http://forum.bitcoin.org/index.php?topic=20559.0)
Anth0n
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June 05, 2011, 08:31:51 PM
 #20

Every time a huge rally ends we have this same discussion. Then another rally begins and people talk about prices of $1000+ by the end of the year. People's opinions with Bitcoin are often too extreme.
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