this is insane again

[NamelessOne]

Its up from yesterday and everyone will agree with that. $93 to $89 is an laughably short time period, minutes. It could easily be beyond $93 in a couple minutes but that wouldn't make me right either.  A real bulltrap would be if we started drastically falling now and eventually lower than $50 to fully confirm. I would call that a bulltrap because it would be one. All of those other points you put black dots on were always hitting the upper line of their downward channel that had been falling downward for days, lower lows, lower highs, clearly going down. Every time it hit that line the price would grind along it, never breaking. Always down. The reverse is happening now and we will see what plays out.

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[Rampion]

Its up from yesterday and everyone will agree with that. $93 to $89 is an laughably short time period, minutes. It could easily be beyond $93 in a couple minutes but that wouldn't make me right either.  A real bulltrap would be if we started drastically falling now and eventually lower than $50 to fully confirm. I would call that a bulltrap because it would be one. All of those other points you put black dots on were always hitting the upper line of their downward channel that had been falling downward for days, lower lows, lower highs, clearly going down. Every time it hit that line the price would grind along it, never breaking. Always down. The reverse is happening now and we will see what plays out.

Well, some things are true:

- we have already seen MASSIVE sell offs in the last few days. All time high, +500K coins in one day!!
- buying BTC for the first time is slow. Massive queue at Gox, 2/3 days waiting for the money to appear there. So, there's still a lot of fiat in the system
- making fiat enter Gox is much easier than leaving Gox.

[Wuji]

Its up from yesterday and everyone will agree with that. $93 to $89 is an laughably short time period, minutes.

Every time the price goes up the bulls run to the forum saying omfg the price is going back up buy buy buy.  Sounds like a bunch of bulls getting trapped.  


The price has been declining and is down form $260-$89 in only 6 short days.  I love how you say that minutes is a laughably short time period immediately after talking about the price being up for one day.  My point was that the price has only been going up for 2 days compared to down for a week.  

The $93 to $89 was simply me showing that I spotted another bull trap breaking when I put the black dot at $93.  By the way we are now at $87.  You are intentionally confusing two distinct points to try to prove your argument.

[niko]

Nice times to rake some profit daytrading. Never did that actively, but its very profitable indeed

Been daytrading for over 15 years and I have to say I have yet to see anyone get rich at it.  Lot's of guys who made a quick million and then lost it all though.  You can't predict a panic sell off and can easily lose weeks of profit in one day.  Anyone who replies claiming to be getting rich on Bitcoin daytrading please show us your statemtents and continue to show them from now on.  I doubt you will see this.

Thank you.

[Wuji]

Yep we are getting trapped all the way from 0.01$, 0.10$, 1.00$ etc...


BTW is there some shorting going on at clones of Bitcoinica somewhere? A short squeeeeeeze could be spectacular.

Really in the past six days you've bought at .01, .10, and 1.00?  Can I have the name of your exchange please?  I've been buying since $14 and bought at $71.  My only two sells ever were 20% at $103 and 80% at $230.  You guys need to stop seeing everything in bull/bear and start reading.  Your religion over Bitcoin is clouding your ability to comprehend and read.

Just because I point out bulltraps as defined by traders worldwide doesn't mean I'm a bear or on the other side from you.

[Rampion]

Yep we are getting trapped all the way from 0.01$, 0.10$, 1.00$ etc...


BTW is there some shorting going on at clones of Bitcoinica somewhere? A short squeeeeeeze could be spectacular.

Really in the past six days you've bought at .01, .10, and 1.00?  Can I have the name of your exchange please?  I've been buying since $14 and bought at $71.  My only two sells ever were 20% at $103 and 80% at $230.  You guys need to stop seeing everything in bull/bear and start reading.  Your religion over Bitcoin is clouding your ability to comprehend and read.

At what point would you buy in again?

[Wuji]

Yep we are getting trapped all the way from 0.01$, 0.10$, 1.00$ etc...


BTW is there some shorting going on at clones of Bitcoinica somewhere? A short squeeeeeeze could be spectacular.

Really in the past six days you've bought at .01, .10, and 1.00?  Can I have the name of your exchange please?  I've been buying since $14 and bought at $71.  My only two sells ever were 20% at $103 and 80% at $230.  You guys need to stop seeing everything in bull/bear and start reading.  Your religion over Bitcoin is clouding your ability to comprehend and read.

At what point would you buy in again?

I said last week after the bubble burst a minimum of two weeks.  I did buy some at $71 last week because I hate not having coin and I do use them often.  I don't have a price point to buy in because the price is controlled by speculation and not value.  I'm still waiting to see if volatility will continue or if the price will stablize so another week may not be enough time.  I'm more likely to buy based on news about the adoption of bitcoin than a price point.  OKCupid has not be very focused on profit and does not give me reason to buy in today.  I'm still doing a lot of research on that and check the news for annoucments about Bitcoin every couple hours that I'm awake.  I'll post to the forums once I make a decision to do anything.  I always document what I do here as I do it.  So far my return on Bitcoin is 1600% in 2 years and I'm happy with it.

[Rampion]

Yep we are getting trapped all the way from 0.01$, 0.10$, 1.00$ etc...


BTW is there some shorting going on at clones of Bitcoinica somewhere? A short squeeeeeeze could be spectacular.

Really in the past six days you've bought at .01, .10, and 1.00?  Can I have the name of your exchange please?  I've been buying since $14 and bought at $71.  My only two sells ever were 20% at $103 and 80% at $230.  You guys need to stop seeing everything in bull/bear and start reading.  Your religion over Bitcoin is clouding your ability to comprehend and read.

At what point would you buy in again?

I said last week after the bubble burst a minimum of two weeks.  I did buy some at $71 last week because I hate not having coin and I do use them often.  I don't have a price point to buy in because the price is controlled by speculation and not value.  I'm still waiting to see if volatility will continue or if the price will stablize so another week may not be enough time.  I'm more likely to buy based on news about the adoption of bitcoin than a price point.  OKCupid has not be very focused on profit and does not give me reason to buy in today.

Well, I can bet we will have a lot of volatility mid term. I can feel the pain of the ones that have hundreds of thousands of $ blocked in the fractional reserve system of MtGox. It's easier to buy back the BTC to take them out from Gox, that sucks.

[Wuji]

Yep we are getting trapped all the way from 0.01$, 0.10$, 1.00$ etc...


BTW is there some shorting going on at clones of Bitcoinica somewhere? A short squeeeeeeze could be spectacular.

Really in the past six days you've bought at .01, .10, and 1.00?  Can I have the name of your exchange please?  I've been buying since $14 and bought at $71.  My only two sells ever were 20% at $103 and 80% at $230.  You guys need to stop seeing everything in bull/bear and start reading.  Your religion over Bitcoin is clouding your ability to comprehend and read.

At what point would you buy in again?

I said last week after the bubble burst a minimum of two weeks.  I did buy some at $71 last week because I hate not having coin and I do use them often.  I don't have a price point to buy in because the price is controlled by speculation and not value.  I'm still waiting to see if volatility will continue or if the price will stablize so another week may not be enough time.  I'm more likely to buy based on news about the adoption of bitcoin than a price point.  OKCupid has not be very focused on profit and does not give me reason to buy in today.

Well, I can bet we will have a lot of volatility mid term. I can feel the pain of the ones that have hundreds of thousands of $ blocked in the fractional reserve system of MtGox. It's easier to buy back the BTC to take them out from Gox, that sucks.

Agreed I had MtGox issues and got my money out.  I went to using BTC-E but, obviously it isn't ideal.  MtGox has really taken some steam out of me as I don't 100% trust them and it makes me sad they shutdown and can't handle traffic.  I work for a huge hosting company with data center space on wall street.  A serious exchange could handle the DDOS and the "success".

[Richy_T]

We were in a downward channel for like a week, no real bulltraps from what I see. Now we are in an upward channel and broke straight through the previous downward channel after what many are thinking was a double bottom in the 50s.

I look at the past 5 days and I see a bulltrap everyday.  Based on the selloff that just happened this one might be about to break.  We are at 92.9 right now for reference.

LOL. Don't you see some change and some difference in your "bullcrap" pattern? Could you possibly observe how "lower lows and lower highs" has changed to "higher highs and higher lows"?

The pointy bits also switched from the bottom to the top of the line. I'm not sure what's going to happen but I don't think I'm going to be able to buy any of my bitcoins back at the price I sold them. So I bought some Iron Maiden tickets instead

[XXthetimeisnowXX]

We were in a downward channel for like a week, no real bulltraps from what I see. Now we are in an upward channel and broke straight through the previous downward channel after what many are thinking was a double bottom in the 50s.

I look at the past 5 days and I see a bulltrap everyday.  Based on the selloff that just happened this one might be about to break.  We are at 92.9 right now for reference.

the 3rd one edned 18 dollars higher..... how is that a bull trap. it has to end lower that the original. no bull trap there.

[NamelessOne]

Its up from yesterday and everyone will agree with that. $93 to $89 is an laughably short time period, minutes.

Every time the price goes up the bulls run to the forum saying omfg the price is going back up buy buy buy.  Sounds like a bunch of bulls getting trapped.  


The price has been declining and is down form $260-$89 in only 6 short days.  I love how you say that minutes is a laughably short time period immediately after talking about the price being up for one day.  My point was that the price has only been going up for 2 days compared to down for a week.  

The $93 to $89 was simply me showing that I spotted another bull trap breaking when I put the black dot at $93.  By the way we are now at $87.  You are intentionally confusing two distinct points to try to prove your argument.

I agree that this could turn out to be a bulltrap. I'm hopeful it isn't and it doesn't look like it so far to me. But a day is 1440 minutes, not the 10 or so you were using. I'm not a more of a bull bear than anything. I just try to be reasonable. It doesn't matter if a bunch of forum junkies pile on being happy about the slightest increase in price if they are unaware that a downward channel is forcing us down. So many newbs joined on here in the last two weeks it is bloody painful to read these forums sometimes.

In your reply you said it was 87, like somehow that supported your argument to use a short timeframe again. Its at 94 now so I must be right by this methodology. But Im not yet because the price fluctuates like that all the time. By that methodology every time the price goes up it would be a bulltrap, and every time it goes down it would be a beartrap. This could still be a bulltrap but I'll still say those other dots were just market zigzag in a down channel without any real bottoming action.

[w1R903]

Bulltrap - A false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline.

How are those not bull traps exactly based on the investopedia definition?  We are at $89 and I posted the chart at $93, sorry that is not up.

One thing I've noticed is that about 80-90% of the people in these fora are using the terms "bull trap" and "bear trap" incorrectly (e.g., 6 out of the last 8 times I've noticed the term).  They are using them to mean exactly the opposite of the investopedia definition.  I'm by no means an expert invester, but even I know what these terms mean.

As to whether or not these are actual bull traps or just normal volatility for a small cap asset that has just crashed due to market manipulation and is returning to its true value is hard to say at this point.  This (long-term) bull hasn't been trapped yet over the past 4 days -- quite to the contrary.

[mb300sd]

This whole crash was a bear trap, just watch 

[relm9]

sold some coin at mid-90s that I bought at $60 during the crash. I don't think we're breaching $100. Feels like it's going to drop down to $70s later.

[Brushan]

[justusranvier]

This whole crash was a bear trap, just watch 

From this point of view it just looks like a minor speedbump:

http://bitcoincharts.com/charts/mtgoxUSD#igWeeklyztgSzm1g10zm2g25zl

[AlgoSwan]

This whole crash was a bear trap, just watch 

If last week's action was a bear trap, four digits will be a strong possibility. If the mentioned action wasn't a bear trap but some large insider selling, in this scenario we'll have a healthier market in the long run, still we'll see four digits but it'll take more time to reach that levels. What do you think?

[dbanga85]

This whole crash was a bear trap, just watch  

Been saying this since last week "largest Shakedown in bitcoin History"

[glendall]

Wish more folks would switch from MTGOX though... you'd think we'd have learned that by now...