Do you think the rally is over now... or very soon?

[Richy_T]

I didn't say which week. Though it will be soon, real soon. Very soon even.

[Bit_Happy]

The over-due correction is happening now.


<EDIT: Gox was showing incorrect asks below $29.75>
Stop Selling!
Now is the time to buy  

[jwzguy]

The over-due correction is happening now.

Stop Selling!
Now is the time to buy   

One large sale is not a correction.

[Bit_Happy]

$3 is a decent short-term correction. A much bigger drop is possible, but we have so many "bubble-heads".

...
One large sale is not a correction.

This
https://mtgox.com/code/data/getDepth.php
was showing the ask price at 29.xx, but it was goxed.
The best fill I got was very low $31

[jwzguy]

$3 is a decent short-term correction. A much bigger drop is possible, but we have so many "bubble-heads".

34.2 - 32.8 = $1.6

One guy cleared out the order book, that's not a "correction" to the lowest price he got. Half the ticker sites are still frozen and the price is already over 50% over the lowest price he got to. I suspect if you give it another minute or two it will be back higher.

[Mousepotato]

This is getting a little too high. I'm cashing out while the cashing is good.

[Fuzzy]

This is getting a little too high. I'm cashing out while the cashing is good.

Just don't make the mistake of going back and checking the price later, to see that it's gone up to $40. Even with all your sweet profit, you'll be kicking yourself.

[Bitobsessed]

I emailed this to a friend this morning calling the sell off.  Too bad I did not 100% believe myself.  Email was titled "Ready for the sell off?"  This is hilarious watching people panic.  It will recover and continue to climb...

[Bit_Happy]

...
34.2 - 32.8 = $1.6
...

FYI:
$34.51541 - 31.05   (....BTC at $31.05107)  =  $3.46  (or more, it probably went under 31)
$3.46 which is a very decent short-term correction.

[jwzguy]

...
34.2 - 32.8 = $1.6
...

FYI:
$34.51541 - 31.05   (....BTC at $31.05107)  =  $3.46
$3.46 which is a very decent short-term correction.

The price is currently 33.32, not 31.05. 31.05 is just the point to which a seller cleared out the order book. It's not where the price ended up.
Maybe your ticker window is still frozen. Try hitting refresh.

[Gatekeeper]

that's what i find most pathetic, 1 person sells a chunk of coins and all the bears jump all over it, shame that every time it just moves back up to what it was before and shows them up.

"omg 1 person sold" crash crash correction correction!!

[Bit_Happy]

The price is currently 33.32, not 31.05. 31.05 is just the point to which a seller cleared out the order book. It's not where the price ended up.
Maybe your ticker window is still frozen. Try hitting refresh.

Try paying attention to detail, especially when you previously decided to insult someone.
I had orders filled at 31.05, did you?  

The (short-term) correction was ~$3.50, no matter what you believe...

[Bit_Happy]

This was on page 1 of the thread.
Was anyone able to respond to the challenge? Perhaps I didn't see it
...

• Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.

Good luck finding one.

[jwzguy]

The price is currently 33.32, not 31.05. 31.05 is just the point to which a seller cleared out the order book. It's not where the price ended up.
Maybe your ticker window is still frozen. Try hitting refresh.

Try paying attention to detail, especially when you previously decided to insult someone.
I had orders filled at 31.05, did you?  

The (short-term) correction was ~$3.50, no matter what you believe...

Maybe if you didn't use such self-righteous silliness as "I'm sorry to inform you", you wouldn't have felt insulted by someone pointing out how foolish you sounded.

[jwzguy]

The (short-term) correction was ~$3.50, no matter what you believe...

Maybe this will help you out: http://en.wikipedia.org/wiki/Market_correction

At no point was 31.05 established as an equilibrium.

[Bitobsessed]

This was on page 1 of the thread.
Was anyone able to respond to the challenge? Perhaps I didn't see it
...

• Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.

Good luck finding one.

Shhhh...quit helping all the noobs.  Just a joke.  But you are correct, it just does not happen(that I know of).

[rpietila]

Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.
Good luck finding one.

There is none. But what you cannot know beforehand is the magnitude of the spike. Today we are talking about +200% in two months. Remember late 2010? At $1 bitcoin was screaming overbought, yet it decided to go up another 30-fold before the dramatic correction.

That is akin to going to $1000 in the following 5 months. Now THAT is something

[Piper67]

Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.
Good luck finding one.

There is none. But what you cannot know beforehand is the magnitude of the spike. Today we are talking about +200% in two months. Remember late 2010? At $1 bitcoin was screaming overbought, yet it decided to go up another 30-fold before the dramatic correction.

That is akin to going to $1000 in the following 5 months. Now THAT is something

Actually, that would start to move into cool territory 

[Domrada]

I'm sorry, I'm confused.  24 hours ago the price was 31.5.  Now it is 33.5.  How does this qualify as a correction? Explain it like I'm 5.

[cheat_2_win]

I'm sorry, I'm confused.  24 hours ago the price was 31.5.  Now it is 33.5.  How does this qualify as a correction? Explain it like I'm 5.

+1