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capsqrl
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July 30, 2013, 06:41:50 PM |
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8000 BTC wall at $100 now, and just 2400 BTC away from the 30-month high of 104.17. Now we just need some volume plz.
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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micalith
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July 30, 2013, 06:47:17 PM |
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Are they taking us to support to just drop us off or go higher? I don't know, I guess either is possible. But big money would probably not be smart to do the former.
I would have thought that their aim would be to get us more than just past that support, convincing enough people to take over the buying from them. Then they could wait to dump much higher once the enthused smaller buyers are exhausted. |
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adamstgBit
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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July 30, 2013, 07:15:22 PM |
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Are they taking us to support to just drop us off or go higher? I don't know, I guess either is possible. But big money would probably not be smart to do the former.
I would have thought that their aim would be to get us more than just past that support, convincing enough people to take over the buying from them. Then they could wait to dump much higher once the enthused smaller buyers are exhausted. big players aren't buying bitcoin to later dump higher.... big players are making a small investment that they will ride to the end of time, maybe they will have some fun buying low selling high, but their primary strategy is to make a risky bet that can pay off big in 10 years or not at all. at least this is the only thing that makes any sense to me, this is my strategy as well, but i'm not a big player, far from it.... |
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thezerg
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July 30, 2013, 08:16:19 PM |
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Sorry for an on-topic posting  , but anyone track the 3000 GoxUSD bid wall that's on $100? When was it put up, has it been touched, etc? Also, anyone care to speculate on the CampBX/bitstamp inversion? That is, normally CBX is closer to gox, but now bitstamp is closer.Don't know about CampBX but Gox is now sitting above support (technical and psychological). The longer we are there the more Bitstamps price will creep up, because people know we can pop. So, that premium for withdrawals will evaporate as we move up from 100 imo. Yeah, campbx is a small exchange and someone has been slowly dumping lots of coins ( in terms of campbx volume) by continuously setting sell orders until they fill, then rinse and repeat. They are using flat dollar amounts, 93.0, 94.0, 95.0 more or less the same thing is happening at cavirtex, its as if people are scared about MtGox price, they think its artificial so instead of letting the exchange rate catch up, they are keeping the price low and slowly selling off. they have no reason to take DUMPS as MtGox and Stamps are still both a few % points higher. A good buying opportunity if you ask me, Time is running out tho, price and volume is rising, the wall holding us back has just now been bitten into. seller are probably selling low like this because they think mtgox price will drop again, and they will forsure be able to buy lower. Most people sell at the bottom, its up to you to take advantage of that fact.  You hit one point that has really caught my attention. The volume and not only the volume, but the block sizes. VERY big players brought us here. Are they taking us to support to just drop us off or go higher? I don't know, I guess either is possible. But big money would probably not be smart to do the former. When large money really starts to move in, listen. Be careful, but listen. I'm trying to do both. As it was brought to my attention, look at the weekly and monthly charts, both quite bullish. I think that we are seeing the predominately North American "early" (anyone up 100% or more, say) adopters leaking some coins for summertime fun on campBX and CAvirtex because they can't get out on Gox. This is pushing the prices down on these geographically limited exchanges. At the same time buyers who do not have access to these exchanges (Asian) are buying from Gox. The significant # of exchanges in China with quite high total volume strongly implies coins are shifting to this region via Gox. Why not bitstamp? I don't know. Can Asian and non-euro European areas get easy access to bitstamp? Whales move slowly but have a longer memory. They are bringing us up because they are probably completing their analyses started during the run-up and entering long term positions. Fewer small buyers are discovering bitcoin due to the ebb of the hype cycle (at the same time the level of news coverage in this "ebb" seems significantly higher than in 2012...so it hasn't ebbed so much as de-hyped) and the effect of these small buyers is probably hidden by the incumbent sells and inflation. |
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micalith
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July 30, 2013, 08:27:48 PM |
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Are they taking us to support to just drop us off or go higher? I don't know, I guess either is possible. But big money would probably not be smart to do the former.
I would have thought that their aim would be to get us more than just past that support, convincing enough people to take over the buying from them. Then they could wait to dump much higher once the enthused smaller buyers are exhausted. big players aren't buying bitcoin to later dump higher.... big players are making a small investment that they will ride to the end of time, maybe they will have some fun buying low selling high, but their primary strategy is to make a risky bet that can pay off big in 10 years or not at all. at least this is the only thing that makes any sense to me, this is my strategy as well, but i'm not a big player, far from it.... I also like the long-termist strategy best (although I'm fairly conservative about where the asymptote maximum price will be), but I fear that there is likely enough big-player incentive to want to make a bull-trap profit, dumping hard, then reloading on cheaper coins again, especially if it's perceived by many to be a legitimate bear market. It might even make sense to ride it for all it's worth until a very convincing bottom has been reached, in order for the subsequent bull market to be all the more successful in the long run. For example, such a bull market would be less likely to suffer further drops once the bitcoin economy is more established. I'm pretty new to all though though, but this seems to ring true to me atm If you're right, and there are more than just a handful of big investors, what I've said might at least be a contingency. |
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vokain
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July 30, 2013, 08:36:55 PM |
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i just wanna have fun! hurry up bitcoin market, afford me more of that!  /greed |
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MAbtc
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July 30, 2013, 09:03:30 PM |
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Someone wants 104 to break. |
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Kupsi
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9.9.2012: I predict that single digits... <- FAIL
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July 30, 2013, 09:03:44 PM |
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Bye, bye double digits...  |
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N12
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July 30, 2013, 09:07:51 PM |
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Take note, we surpassed 104. Fun ahead.
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capsqrl
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July 30, 2013, 09:08:44 PM |
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Having fun yet, Vokain? We just hit a 30-day high.
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humanitee
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July 30, 2013, 09:09:56 PM |
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Take note, we surpassed 104. Fun ahead.
Are you... dare I say it.. bullish? |
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Loozik
Sr. Member
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Merit: 250
Born to chew bubble gum and kick ass
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July 30, 2013, 09:12:13 PM |
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Did you notice tradingview was 10 - 20 seconds faster than bitcoinwisdom in reporting the price during the breakout? They must have powerful servers.
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N12
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July 30, 2013, 09:12:43 PM |
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Take note, we surpassed 104. Fun ahead.
Are you... dare I say it.. bullish? I've been short term bullish for days, I'm seeing a large bull trap playing out. Polarizing people here don't seem to comprehend that there can be different time frames and different levels of certainty. |
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Coinseeker
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July 30, 2013, 09:18:24 PM |
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105!?! Well done bulls. It's a new ball game now.
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humanitee
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July 30, 2013, 09:21:02 PM |
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I've been short term bullish for days, I'm seeing a large bull trap playing out. Polarizing people here don't seem to comprehend that there can be different time frames and different levels of certainty.
That's why I asked. I'd be more inclined to think it was a bull trap if the Gox queue wasn't so crazy. People withdrawing fiat are stuck between the proverbial rock and a hard place. I think it goes up to at least $115 just because Gox is giving it nowhere else to go. Gox trap? Gox trap. |
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hlynur
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July 30, 2013, 09:25:38 PM |
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i haven't followed markets very much lately,
so sorry if i missed a point there.
are we really going only up because people can't get their fiat out of gox,
or is there a connection with the inside bitcoin conference today in New York?
Are there any other bullish news?
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humanitee
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July 30, 2013, 09:29:55 PM |
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i haven't followed markets very much lately,
so sorry if i missed a point there.
are we really going only up because people can't get their fiat out of gox,
or is there a connection with the inside bitcoin conference today in New York?
Are there any other bullish news?
It is at least partially to blame. Everyone is trying to make sense of what is going on. There is just so much going on it's hard to make sense of, lol. In my mind the ETF news is huge, even if it fails it sets precedent for another attempt in another country. |
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N12
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July 30, 2013, 09:33:04 PM |
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Bitstamp hasn't stopped following MtGox's lead (with a spread), so it's safe to say that people are viewing MtGox's price as "real". As someone speculating on MtGox, say MtGox suddenly opened their valves and the withdrawal backlog is cleared within a week, I think there's a good chance for the bull trap to still play out. Maybe stunted. And if MtGox doesn't fix it, the spread will just stay even or increase. Are there any other bullish news?
Forget about the news, they don't matter. We're going up because the charts are looking good. |
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dwdoc
Legendary
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Activity: 966
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- - -Caveat Aleo- - -
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July 30, 2013, 09:33:17 PM |
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106!
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bobdude17
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July 30, 2013, 09:37:44 PM |
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i haven't followed markets very much lately,
so sorry if i missed a point there.
are we really going only up because people can't get their fiat out of gox,
or is there a connection with the inside bitcoin conference today in New York?
Are there any other bullish news?
It is at least partially to blame. Everyone is trying to make sense of what is going on. There is just so much going on it's hard to make sense of, lol. In my mind the ETF news is huge, even if it fails it sets precedent for another attempt in another country. Speaking of the ETF I'm surprised Jeff's comment didn't get more attention.
A bitcoin ETF is huge.
(note: they are not the only ones working on one...)
https://bitcointalk.org/index.php?topic=251133.msg2673918#msg2673918 |
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