Has some large dumping started

[samson]

It's hard to get data out of Gox at the moment.

Their regular http API isn't giving out any details, the Clark Moody service isn't working too well and btccharts also appears to be down.

However what I did get out of Clark Moody is on the graph.

In 1 hour intervals we've seen the price change from $60.69 down to $58.00 in the last 3 hours with trade volumes of 1499, 3569 and 2950 for each hour all with red candles.

I'm no good with the technical analysis stuff, is this just a fluctuation or the start of a downtrend or do we just have to wait it out ?

I've got an itchy trigger finger right now.

[1714195010]

1714195010

[1714195010]

1714195010

[1714195010]

1714195010

[1714195010]

1714195010

[1714195010]

1714195010

[Minor Miner]

relax.   just wait.   there are tons of BFL people that will need to get BTC to buy batch III from a company that actually ships.   they are sleeping and you are being paranoid.

[Bowjob]

Go ahead. Sell all your coins. Buy higher later.

[samson]

I'm just getting a little nervous that's all.

Normally when these kind of movements happen I'm not sitting at my computer at the time so this is the first time I've seen it dip like this before.

I fully believe that we will be well into the $60's in a short period of time.

[🏰 TradeFortress 🏰]

We're just seeing resistance at $60.

[BitPirate]

http://bitcoinity.org/markets?currency=USD&exchange=mtgox works OK.


Price in the short-term always goes up and down. The only reason to watch closely is to buy in more at a better price. The price goes down, as that is what everyone is waiting for to buy in again. It's a bull's market -- this time next week it will be up.

Hold or buy, but don't think about selling unless you need the US$...

[Melbustus]

I'm no good with the technical analysis stuff, is this just a fluctuation or the start of a downtrend or do we just have to wait it out ?

I've got an itchy trigger finger right now.

Sounds like you should NOT be short-term trading. So look at the fundamentals of bitcoin, decide what you think the "fair" price would be considering your estimation of value in the success case, value in the fail case (if not 0), the probabilities of those cases, and how long from now those might occur. If current price is below your result, buy. If above, sell. (note that this analysis is independent of taking your life's circumstances into account, and how variance might affect your utility and therefore your rational buy/sell decisions).

And yes, there will be lots of guesstimation involved in the above analysis. But that's still much better than what you're doing right now. Few people are able to actually have a long-term statistically significant edge in short-term trading. But many people have a long-term ability to fool themselves into thinking they do.

[oakpacific]

If you, like me, switch to the bear side for a while and sell a small part of your coins, you will notice how incredible the buying pressure is, and how difficult it's for bears to acheive any sizable progress.

[samson]

You guys are right. I'm moving my BTC off of Gox into a cold storage wallet, this removes a whole level of temptation for me.

If I sell any I know there's a high chance that I will need to buy back in later at a higher price - I've done this before.

However the last time I sold big (for me) a couple of weeks ago I purchased a bunch of Litecoin which enabled me to more than double my money when I sold that off. I suspect this was a one time event though. For now I'm staying put.

[phlogistonq]

So far, the only occasions I have been able to profit significantly from short term sell and re-buy transactions were immediately after a very, very steep increase. These have so far been followed, nearly always, by a little dip, retracting approx 70% of the increase, only to increase again a little and settle into a new (temporarily) stable price.
This is also the pattern that we followed yesterday, steep increase 47->62 (it unexpectedly filled my sell order at 60.9), then a dip back to 53 (I was expecting 54), then up/down oscilliations with decreasing amplitude to 'settle' around 58.
What you are seeing now are only small volume transactions, the market consolidating and in a little while, perhaps today, but more likely in one or day or two days from now, we will take off again barring seriously bad news.

[Vladimir]

I've got an itchy trigger finger right now.

You are probably better off just selling and getting on with your life. If you do not sell now they likely will shake you off along with a bunch of other emotional and weak hands and likely at a lower price too.

[mccorvic]

I'm no good with the technical analysis stuff

Don't worry, no one is good at TA stuff because it's just a bunch of post hoc tea reading.

Anyone who dumps will just see people take the opportunity to buy their cheap coins and spark a mini-rally.

[justusranvier]

Don't panic, the price will rise and fall.

[RodeoX]

Yes, please do panic sell. It will help bitcoin to get the coins away from shaky, speculative hands.

[Mark Oates]

Don't panic, the price will rise and fall.

So cool.

[thebaron]

It's not dumping, it's either retarded SR sellers liquidating big chunks at a time at a time or retarded bots.

[ehoffman]

Every dumping result in an equivalent pumping/buying! 

[bzzard]

and btccharts also appears to be down.

No place thin foil hat here - planned maintenance at my hosting.

[stereotype]

Is that right 23,000 volume in the last 15mins?

[gimme_bottles]

Is that right 23,000 volume in the last 15mins?

hell yeah, that's correct