rpietila
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July 26, 2013, 10:41:34 AM |
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We have the standoff between a buying whale and sellers that are willing to dump at 96-97, I believe mostly people who missed the train on the 19th July (I didn't, sold at 99 the day before). If the buying whale makes another move today, up to 98 I believe, we'll find out if the sellers get exhausted or not. If they do, the way to 100 and beyond is open IMO.
Don't be too preoccupied with the idea that only one entity in the world is accumulating bitcoins now, whereas the sellers are many. This is the age when the pros make their moves, and they don't necessarily use the exchanges at all, except for the purpose of price suppression. Bitcoin is quickly redeeming its place among gold and silver. But there's so much resistance.. What makes you so bullish? Are you thinking we going over 100? Volume is so small it does not matter much. The exchanges have their regulatory problems and worries, very few are willing to commit serious amounts of coin to Mt.Gox any more. This has changed over the last 3 months. I used to keep more than 2000 coins in Gox but do not do any more. My bullishness is based on fundamentals. Bitcoin will be either destroyed, or become a dud, flourish, or conquer the world. The latter 3 scenarios all mean that price will increase compared to now. I have parked my bitcoins in deep storage - to be activated when the price hits $1400. The risk is great but that can be mitigated by only investing what you can afford to lose. For many people that is quite much, actually ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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tutkarz
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July 26, 2013, 10:49:23 AM |
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interesting part is that people who push now to sell bitcoins will want to buy back them later no matter what price will be because there is only so much of them in the world ... i'm not going to give mine any time soon.
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rpietila
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July 26, 2013, 11:39:44 AM |
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interesting part is that people who push now to sell bitcoins will want to buy back them later no matter what price will be because there is only so much of them in the world ... i'm not going to give mine any time soon.
No, the price is far too high for that ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I sincerely believe that most holders of bitcoins have done exactly as I (among others) has advocated: only invest a modest sum, and fully prepared to ride it to the oblivion if need be. My own bitcoin holdings are already up more than 1000% and I am not selling until the proceeds will give a sizable boost to my economy. Most people are not inclined to sell at a loss, even to their own detriment. On the contrary, there is a weird willingness to wait for years until an investment breaks even in fiat terms and then sell, once it has finally started to perform.
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wachtwoord
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July 26, 2013, 12:09:43 PM |
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interesting part is that people who push now to sell bitcoins will want to buy back them later no matter what price will be because there is only so much of them in the world ... i'm not going to give mine any time soon.
No, the price is far too high for that ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I sincerely believe that most holders of bitcoins have done exactly as I (among others) has advocated: only invest a modest sum, and fully prepared to ride it to the oblivion if need be. My own bitcoin holdings are already up more than 1000% and I am not selling until the proceeds will give a sizable boost to my economy. Most people are not inclined to sell at a loss, even to their own detriment. On the contrary, there is a weird willingness to wait for years until an investment breaks even in fiat terms and then sell, once it has finally started to perform.I can't disagree with that ... running losses and cutting profits seems to be most investor's greatest weakness. It's a losing strategy in the long run as I am sure you know. How this relates to BTC I don't know, I was only teasing with my previous post ... I don't profess to know where we are going from here in the next few minutes, let alone days or weeks. Longer term seems a bit more assured ... zero or infinity ! I have the first weakness, not the second one though. What can I say, I just hate selling. My preferred holding period? For ever! ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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barbs
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July 26, 2013, 12:21:53 PM |
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thisis tooo fing boring. Wasoraj can you please get your USD cannon out?? ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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Tzupy
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July 26, 2013, 12:31:12 PM |
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The buying whale has decided to wait for seller exhaustion at 96. And yes, this is f-ing boooring!
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molecular
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July 26, 2013, 01:00:11 PM |
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We have the standoff between a buying whale and sellers that are willing to dump at 96-97, I believe mostly people who missed the train on the 19th July (I didn't, sold at 99 the day before). If the buying whale makes another move today, up to 98 I believe, we'll find out if the sellers get exhausted or not. If they do, the way to 100 and beyond is open IMO.
Don't be too preoccupied with the idea that only one entity in the world is accumulating bitcoins now, whereas the sellers are many. This is the age when the pros make their moves, and they don't necessarily use the exchanges at all, except for the purpose of price suppression. Bitcoin is quickly redeeming its place among gold and silver. this my thoughts. smart accumulators use off-exchange channels.
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reactor
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July 26, 2013, 01:06:09 PM |
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The buying whale has decided to wait for seller exhaustion at 96. And yes, this is f-ing boooring!
Ditto, holding the market is almost as bad as the repeated 1000+ BTC dumps we had a few weeks back. At least then there is reason for chaos and disorder, now everyone is sitting around watching the folks who have whipped it out and put it on the table but are too timid to actually do anything. Flaccid whales.
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ElectricMucus
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July 26, 2013, 01:10:07 PM |
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The buying whale has decided to wait for seller exhaustion at 96. And yes, this is f-ing boooring!
Ditto, holding the market is almost as bad as the repeated 1000+ BTC dumps we had a few weeks back. At least then there is reason for chaos and disorder, now everyone is sitting around watching the folks who have whipped it out and put it on the table but are too timid to actually do anything. Flaccid whales. Here is a question: If it's the whales that are accumulating why is the spread vs Bitstamp and BTC-e so high?
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wachtwoord
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July 26, 2013, 01:21:58 PM |
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The buying whale has decided to wait for seller exhaustion at 96. And yes, this is f-ing boooring!
Ditto, holding the market is almost as bad as the repeated 1000+ BTC dumps we had a few weeks back. At least then there is reason for chaos and disorder, now everyone is sitting around watching the folks who have whipped it out and put it on the table but are too timid to actually do anything. Flaccid whales. Here is a question: If it's the whales that are accumulating why is the spread vs Bitstamp and BTC-e so high? This is the right question ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Richy_T
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July 26, 2013, 01:37:09 PM |
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I still have all the data so it would not be hard to re-encode with static axis. Unfortunately, I don't have the price data archived though.
could you program chartbuddy's script to show the current price in the middle at the top? Everybody's looking at bitcoinity or oth. sites to check price, but for animation and historical purposes it could perhaps be a nice gimmick in the future. It's certainly already on my todo list.
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gog1
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July 26, 2013, 01:48:01 PM |
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I always find these 'walls' odd. Other than being useful for 'scalping' (controlling prices to a certain extent and making $ off the bid-ask spread), they look like an inefficient way of accumulating or distributing. As per the other exchange. You raised a valid point. But getting money to BTC-E is difficult and most of the methods involve high fee - their deposit fee is quite ridiculous. Neither BTC-E nor bitstamp's orderbook can accommodate thousands of BTC without price moving significantly. As bitstamp's price slowly creeps up, I guess there goes the theory that people snapping up BTC on gox as a mean of moving their $. As least, they are not dumping their gox BTC on bitstamp. The buying whale has decided to wait for seller exhaustion at 96. And yes, this is f-ing boooring!
Ditto, holding the market is almost as bad as the repeated 1000+ BTC dumps we had a few weeks back. At least then there is reason for chaos and disorder, now everyone is sitting around watching the folks who have whipped it out and put it on the table but are too timid to actually do anything. Flaccid whales. Here is a question: If it's the whales that are accumulating why is the spread vs Bitstamp and BTC-e so high?
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StarenseN
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July 26, 2013, 02:47:16 PM |
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JimboToronto
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July 26, 2013, 02:54:42 PM |
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Funny little wall dance at 96 and change. Up at 96.2 down again soon after and up at 96.5 only to disappear almost immediately.
The 96 wall seems solid though, for now.
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Diabolicus
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July 26, 2013, 03:10:19 PM |
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The 96 wall seems solid though, for now.
yep really solid ... ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fcdn3.dogonews.com%2Fpictures%2F4678%2Fcontent%2Fdispatchwork3picture-53.png&t=665&c=yCZVz5oEMRCcpA)
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adamstgBit
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July 26, 2013, 03:38:07 PM |
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easy does it, keep the slow upward move going and watch momentum ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) bitstamps and other exchanges are obviously very relevant these days, i'd imagine crashing & manipulating the price for personal gain is going to get much harder. expecting to see a stable 96 - 105 with a few false breakouts over 120. i think in the end we will settle on a very slow upward bound trend line and be Crazy stable on this exceptional line that will explode to new highs this Xmas.
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adamstgBit
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July 26, 2013, 04:10:19 PM |
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With only 5.xx$ left on the exchange, i guess you could say I'm all in ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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P_Shep
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This is not OK.
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July 26, 2013, 04:13:27 PM |
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$100 before the end of the day?
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adamstgBit
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July 26, 2013, 04:17:15 PM |
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$100 before the end of the day?
starting to look like that 95 on stamps 102 on gox ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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ChartBuddy
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July 26, 2013, 05:01:31 PM |
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