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Author Topic: All quiet on the Western front  (Read 3106 times)
Blinken
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March 17, 2013, 09:53:49 PM
 #1

For the last week or so the price seems to be stuck trading in a very narrow range around 47. Anyone have theories why this is?

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March 17, 2013, 09:58:41 PM
 #2

Traders got scared by the fork? That event took some heat of the rally. We made it back up and next week we break 50?  Smiley
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March 17, 2013, 10:14:05 PM
 #3

It has gone up 2% in the past week. That is better than most yields on savings accounts for a year.

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March 17, 2013, 10:27:16 PM
 #4

I guess I expected the price to be more volatile. For example, the market for, say, silver is much larger than btc, yet currently it is more volatile. It seems strange to me that such a relatively tiny market can be so stable.

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March 17, 2013, 10:37:12 PM
 #5

My take is that its either stability or a crash. 

The market was taken by surprise by the sudden growth a few weeks ago, on back of all that good news.

What I expected was that the price would drop again to the $17-$19 price range, but that hasn't happened, and what we have had instead is this stability. 

The only thing to take from this is that the vast majority of people in the market are getting used to the idea that BTC has a value of over $40. The longer the stability lasts, the more normal that price becomes and the chances of a drop below that figure minimise.

The latest events demonstrate that the technical aspects of bitcoin are under control and its maturing as a technology.  That can only be a good thing for all crypto currencies.

The dangers are now more business and political.
We are getting to the end of the business financial year, and that could make a difference.
However, I will be very interested to see how the events in Cyprus effect BTC and LTC (its got a big Russian following for what I understand) over the next few weeks.

Its not going to be at $40-$50 for long! Wink

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March 17, 2013, 10:41:13 PM
 #6

I would say that BTC is undervalued right now. It will go over 50 in few days.

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March 17, 2013, 10:48:08 PM
 #7

I agree..

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March 17, 2013, 10:51:16 PM
 #8

However, I will be very interested to see how the events in Cyprus effect BTC and LTC (its got a big Russian following for what I understand) over the next few weeks.

Its not going to be at $40-$50 for long! Wink

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March 18, 2013, 12:02:09 AM
 #9

Watching the real time trading graphs the volume of trades has really slowed down.  Seeing like 1 or 2 trades a minute down from 1 or 2 trades a second during the mania phase.  Also Bitcoin days destroyed down significantly to almost 0 as of the writing of this post.  Basically there is no movement either way. 

http://blockchain.info/charts/bitcoin-days-destroyed

If I had to guess, I would say, that people who were going to buy to invest have pretty much all done so by now, and people who are holding to invest are waiting to see whats going to happen next.  All the while, we have miners who need to pay power bills. 

I think this indicates a slow drop off over the next several months as miners continue to sell part of their coins to keep the lights on as well as others who were holding starting to notice a downtrend and getting out before they are on the losing end of a downward trend. 

Unless new money comes in to the market to pump it up more, it seems like this party is over.  At this point the best we can hope for is to maintain, or a slow decline. 

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March 18, 2013, 12:10:26 AM
 #10

Watching the real time trading graphs the volume of trades has really slowed down.  Seeing like 1 or 2 trades a minute down from 1 or 2 trades a second during the mania phase.  Also Bitcoin days destroyed down significantly to almost 0 as of the writing of this post.  Basically there is no movement either way. 

http://blockchain.info/charts/bitcoin-days-destroyed

If I had to guess, I would say, that people who were going to buy to invest have pretty much all done so by now, and people who are holding to invest are waiting to see whats going to happen next.  All the while, we have miners who need to pay power bills. 

I think this indicates a slow drop off over the next several months as miners continue to sell part of their coins to keep the lights on as well as others who were holding starting to notice a downtrend and getting out before they are on the losing end of a downward trend. 

Unless new money comes in to the market to pump it up more, it seems like this party is over.  At this point the best we can hope for is to maintain, or a slow decline. 

Comparing the weekend to the mania phase... not a great comparison.

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ehoffman
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March 18, 2013, 12:14:53 AM
 #11

Watching the real time trading graphs the volume of trades has really slowed down.  Seeing like 1 or 2 trades a minute down from 1 or 2 trades a second during the mania phase. 

Yes, I noticed the same thing too.  However, I noticed too that a LOT MORE people are putting sell order between 47.5 to 48.5 compared to people putting buy order between 47 and 46.  So there a big wall that prevent prices from rising compared to falling Undecided

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March 18, 2013, 12:37:27 AM
 #12

Cyprus Vs Fork

Let's see what happens, my money's on sideways.

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March 18, 2013, 01:17:40 AM
 #13

No, I'm afraid that all of you are wrong. Theoretically, a stalemate after a big rally with the price maintaining in a narrow channel that's only a little bit under the latest high usually means a bigger rally occurring imminently.

                               
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March 18, 2013, 01:20:35 AM
 #14

No, I'm afraid that all of you are wrong. Theoretically, a stalemate after a big rally with the price maintaining in a narrow channel that's only a little bit under the latest high usually means a bigger rally occurring imminently.

Source?

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March 18, 2013, 01:23:16 AM
 #15

Cyprus Vs Fork

Let's see what happens, my money's on sideways.


Hmmm... Try Cyprus+Argentina+Coinlab Vs. Fork

Dankedan: price seems low, time to sell I think...
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March 18, 2013, 01:55:14 AM
 #16

No, I'm afraid that all of you are wrong. Theoretically, a stalemate after a big rally with the price maintaining in a narrow channel that's only a little bit under the latest high usually means a bigger rally occurring imminently.

I don't know where you get this, but it looks plausible.  I just bought another 2K$ worth of Bitcoins Grin  Let's hope it goes up!

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March 18, 2013, 02:00:46 AM
 #17

No, I'm afraid that all of you are wrong. Theoretically, a stalemate after a big rally with the price maintaining in a narrow channel that's only a little bit under the latest high usually means a bigger rally occurring imminently.

Source?
No source at all. It's only a theory applying on the stock market. Moreover, I observed that the buying transactions are still overwhelming the selling ones in most of the time.

                               
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March 18, 2013, 02:04:57 AM
 #18


                               
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March 18, 2013, 02:12:11 AM
 #19

No, I'm afraid that all of you are wrong. Theoretically, a stalemate after a big rally with the price maintaining in a narrow channel that's only a little bit under the latest high usually means a bigger rally occurring imminently.

Source?
No source at all. It's only a theory applying on the stock market. Moreover, I observed that the buying transactions are still overwhelming the selling ones in most of the time.

http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:chart_patterns:ascending_triangle_c

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March 18, 2013, 03:18:28 AM
 #20

Yes, that's it!

                               
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