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Author Topic: Selloff!  (Read 8690 times)
cloud9
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June 08, 2011, 07:57:52 PM
 #41

Is Bitcoin just hoarded? Didn't 1,173,487.14 Bitcoin changed hands in the last 30 days of the 6,472,000 in existence on MtGox exchange alone?  Didn't 103,665 Bitcoins on MtGox alone (www.mtgox.com - trade page) changed hands in the last day?  Have Bitcoin as a medium of exchange now been distributed among the masses?  Is this a good thing not to have such concentrated Bitcoin wealth?

Disclaimer:  Postings of Cloud9 are only individual views of opinion and/or musings and/or hypothesisses.  On a non-authoritative, peer-to-peer public forum, you do not need permission from Cloud9 to derive your own conclusions or opinions, so please do.  Calculations and assumptions to be verified.
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triforcelink
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June 08, 2011, 07:59:33 PM
 #42

Don't you get it? we aren't going to "cash out." ever. Bitcoin is money. we're cashing out of FRNs.

It is this attitude which will allow bitcoin to become the success we are dreaming of!

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June 08, 2011, 08:00:04 PM
 #43

Hold on to your bits, gentlemen. It's going to be a bumpy ride.

But seriously, hold on to them.

No king but Christ; no law but Liberty!

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June 08, 2011, 08:01:08 PM
 #44

If you're looking at a 2 day or 3 day analysis of MTGOX/USD, I'd say yes we're in the later phases of an upward trend. 1-2-5 day ADX indicates a strong shift to a downward trend. In fact, the 2 day ADX shows a drop from 65~ ADX upward trend to 35~ ADX downward trend (and rising trend strength).

This is all fine and dandy if you're just looking for a quick buck.

If you switch to a 30day, 60, or 90day view though you'll notice that there is still a 70~ ADX positive trend with the +DI over 50 and the -DI next to 0.

Don't freak out folks. Keep growing bitcoin and shut your pie holes about 'where BTC/USD is going' until you know how to actually read some charts.

Just my ฿.02.

1Lhifrdmq563mZxY5gqYPEN5AdkN7Townd - For if this made you feel better about your investments Smiley Numbers do not lie!
Son, I don't understand a word you just said.

But, it's time to do some googling.  Wink
jhansen858
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June 08, 2011, 08:01:57 PM
 #45

I am personally hoping for a big sell of down to 10 or lower again.. I would like a 2nd opportunity to load up.

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Scientician!
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June 08, 2011, 08:03:39 PM
 #46

If you're looking at a 2 day or 3 day analysis of MTGOX/USD, I'd say yes we're in the later phases of an upward trend. 1-2-5 day ADX indicates a strong shift to a downward trend. In fact, the 2 day ADX shows a drop from 65~ ADX upward trend to 35~ ADX downward trend (and rising trend strength).

This is all fine and dandy if you're just looking for a quick buck.

If you switch to a 30day, 60, or 90day view though you'll notice that there is still a 70~ ADX positive trend with the +DI over 50 and the -DI next to 0.

Don't freak out folks. Keep growing bitcoin and shut your pie holes about 'where BTC/USD is going' until you know how to actually read some charts.

Just my ฿.02.

1Lhifrdmq563mZxY5gqYPEN5AdkN7Townd - For if this made you feel better about your investments Smiley Numbers do not lie!

I personally don't have much of a dog in this fight. Yet.

But I do probably represent BTC's target market pretty well (reasonably technical auto-didact looking for anonymous non-fiat holdings). The only thing holding me back from investing moderately heavily in terms of a direct USD exchange is the radioactive growth. Im not saying it can't go on like this forever, just that it probably wont, and if and or when that time approaches, there are many like me waiting for a more stable entry point. Just my฿.02

In the meantime, I'll keep on with my 1.5 Ghps.
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June 08, 2011, 08:12:22 PM
 #47

Lol, I thought this was funny.  One buyer standing alone again all the sellers.


Loolz  I could be me, i went out when the price was 31.89 and bid on 28.51

one hour ago:
You Bought 23.37 BTC for 28.5111!
You Bought 11.63 BTC for 28.5111!

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June 08, 2011, 08:12:43 PM
 #48

If you're looking at a 2 day or 3 day analysis of MTGOX/USD, I'd say yes we're in the later phases of an upward trend. 1-2-5 day ADX indicates a strong shift to a downward trend. In fact, the 2 day ADX shows a drop from 65~ ADX upward trend to 35~ ADX downward trend (and rising trend strength).

This is all fine and dandy if you're just looking for a quick buck.

If you switch to a 30day, 60, or 90day view though you'll notice that there is still a 70~ ADX positive trend with the +DI over 50 and the -DI next to 0.

Don't freak out folks. Keep growing bitcoin and shut your pie holes about 'where BTC/USD is going' until you know how to actually read some charts.

Just my ฿.02.

1Lhifrdmq563mZxY5gqYPEN5AdkN7Townd - For if this made you feel better about your investments Smiley Numbers do not lie!

I personally don't have much of a dog in this fight. Yet.

But I do probably represent BTC's target market pretty well (reasonably technical auto-didact looking for anonymous non-fiat holdings). The only thing holding me back from investing moderately heavily in terms of a direct USD exchange is the radioactive growth. Im not saying it can't go on like this forever, just that it probably wont, and if and or when that time approaches, there are many like me waiting for a more stable entry point. Just my฿.02

In the meantime, I'll keep on with my 1.5 Ghps.

I hope to in the next few weeks, build a better set of online tools for miners/investors.

I need help to do it in a reasonable time frame, as I'm more of a front end developer than anything... but this community desperately needs better tools. Threads like this one are all the evidence I need for that presumption.

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June 08, 2011, 08:20:35 PM
 #49

These conversations about the price of BTC are getting just about as interesting as conversations about the weather.

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June 08, 2011, 08:23:44 PM
 #50

Ivanish,

 technical indicators are concoctions of the past, and in this case are out the window entirely. Float, volitility, news etc etc, are making this mostly unreadable, although I did a "special" analysis last night that told me this was going to 32 within days, that target turned out to be today.
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June 08, 2011, 08:27:49 PM
 #51

These conversations about the price of BTC are getting just about as interesting as conversations about the weather.

Then you either have a large amount of BTC that your never intend to part with any fraction of, or you hold 0 BTC and never intend to invest.

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June 08, 2011, 08:33:07 PM
 #52

Let it rain, Baby!  Grin

I could talk about Bitcoin prices all day long.

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June 08, 2011, 08:34:39 PM
 #53

Let it rain, Baby!  Grin

I could talk about Bitcoin prices all day long.

I think the talking will get less if the price drops...

(No, I'm bullish for BTC)

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A Great Time to Start Something!


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June 08, 2011, 08:41:43 PM
 #54

This is the time to buy!
{"ticker":{"high":31.9099,"low":19,"vol":105869,"buy":26.11,"sell":26.2,"last":26}}

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Insuremeplz
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June 08, 2011, 08:44:41 PM
 #55

Price dropping like a rock. 20% off high
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June 08, 2011, 08:47:35 PM
 #56

I would buy right now... I wish I had more money in dwolla.
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June 08, 2011, 08:48:47 PM
 #57

Dang....misses my entry point...

Here it is
{"ticker":{"high":31.9099,"low":19,"vol":106784,"buy":25.51,"sell":25.6,"last":25.522}}

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Ivanish
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June 08, 2011, 08:51:16 PM
 #58

Ivanish,

 technical indicators are concoctions of the past, and in this case are out the window entirely. Float, volitility, news etc etc, are making this mostly unreadable, although I did a "special" analysis last night that told me this was going to 32 within days, that target turned out to be today.

Correct, they are in the past. However, people will read into whatever they want to, and not necessarily always what they should.

My whole point though is that people need to stop looking at the 2-3-5-7 day patterns and start looking at the 30-60-90day patterns.

The quick bucks to be had will be nowhere as great as the longer term investments according to the 'concoctions of the past' that are technical indicators.

I think we'll see a down trend that will bring it back down below 25 in the next day or so (if not today). So there is opportunity for the 'day traders'.

However, I think we'll be seeing 30-35 again by the weekend regardless of volatility and 'whats in the news'.

"I made you smile or feel better about things" donation address — 1Lhifrdmq563mZxY5gqYPEN5AdkN7Townd

"The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt to the world to himself. Therefore all progress depends on the unreasonable man." — George Bernard
jhansen858
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June 08, 2011, 08:54:58 PM
 #59

There are 4 times as much selling as there is buying.  That signals a massive price drop in the next 24-48 hours.

The ratio up until this point has been at most 2:1 and in alot of the time, there has been a 2:1 in favor of the buyers.  If your going to cash out now is the time.  Other wise wait for the next bubble...

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June 08, 2011, 08:56:00 PM
 #60

How long does it take for BTC to get from the client to MTGOX?
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