Correction O'Clock?

[BitSlut69]

I believe that the price is being manipulated by people who don't care about the long-term success of Bitcoin. I believe they will continue to induce wild and unexpected runs and crashes in order to create panic buying near the top and panic selling near the bottom.  They scoff at the true believers as they rake in their profits.

I believe the only way to accurately call the tops and bottoms would be to be priivy to their plans.

I also believe it is possible to profit from their artificial volatility by gradually selling all the way up, and using that fiat to back buy orders at lower prices on the way back down. For example, sell at $160 and place a buy order for slightly more coins at $150.  Repeat every few points.

In order to succeed at this strategy, you must not buy in a panic when it seems the price will never crash again, and not cancel your buy orders in a panic when it all seems to be falling apart.  Their goal is to make you panic and lose money.  You have to be smarter than they think you are.

By day trading like that you are enabling the manipulators you speak of. Just hold your coins and you are keeping the price more stable.

[BitSlut69]

Come on bears, grow some balls. It is not "correction o'clock" every two weeks. You had your correction already, you should have made the most of it while you had the chance.

Yes, exactly. A correction is not the same as a crash. The next correction could be from $250 to $220 or from $400 to $350.

These flash crashes don't seem to change the overall up trend. The previous correction has indeed been completed, there probably won't be another crash in the immediate future.

[Dargumin]

I only just caught up properly onthe paypal news.  I'd revise my estimate to 195 before a correction now.  I think theres a real psychological barrier to going past 200, this month at least.

[miernik]

Why no 4-digit options?

I think next major correction (to below half of pre-crash rates) is gonna be somewhere between 1000 and 2000 USD.

[uMMcQxCWELNzkt]

I think the options are way to limited, I think this range is less close minded.

• $150
• $250
• $350
• $450
• $550
• $650
• $750
• $850
• $950
• $1000+
• $1,000,000+ (lol)

For the record I chose over $400+, if the price starts to dramatically climb again I see people hanging on watching the numbers climb then a massive dump/BTC giveaway will occur when a tiny blip occurs in the rise lol. I am to layed back to care either way, I am confident that my coins will be worth a lot in the future regardless, I am to layed back for panic exchanges.

[crazy_rabbit]

aaaaaand we are in a correction.

[glendall]

It's funny, I get more nervous when BTC is climbing than I do when it crashes.  I feel we should be at $110 - $130.

[Dargumin]

Is it fair to give the $165 voters some credit then?  Or has the correction not been big enough to warrant that?

[jzcjca00]

I believe that the price is being manipulated by the boogeyman

There is no boogeyman.

So in your "no price manipulation" scenario, who placed the 5,000 BTC market sell order that started the crash, who performed the DDoS attack, and was it purely coincidental that they occurred one right after the other?  And what was the purpose of the DDoS if not to induce panic selling by the person who started the crash?

It seems more likely to me that the two events were organized by some individual or group in order to achieve a common goal, presumably to crash the market in order to sell high and buy low.

However, I am open to alternative explanations.

[jzcjca00]

I believe that the price is being manipulated by people who don't care about the long-term success of Bitcoin. I believe they will continue to induce wild and unexpected runs and crashes in order to create panic buying near the top and panic selling near the bottom.  They scoff at the true believers as they rake in their profits.

I believe the only way to accurately call the tops and bottoms would be to be priivy to their plans.

I also believe it is possible to profit from their artificial volatility by gradually selling all the way up, and using that fiat to back buy orders at lower prices on the way back down. For example, sell at $160 and place a buy order for slightly more coins at $150.  Repeat every few points.

In order to succeed at this strategy, you must not buy in a panic when it seems the price will never crash again, and not cancel your buy orders in a panic when it all seems to be falling apart.  Their goal is to make you panic and lose money.  You have to be smarter than they think you are.

By day trading like that you are enabling the manipulators you speak of. Just hold your coins and you are keeping the price more stable.

I don't understand.  I don't have enough resources to have a major impact on the price, but logically it would seem to me that the little trades I made today should have served to slightly reduce volatility, if anything.

I've been selling 1 BTC for every three points rise in price.  After the sell orders execute, I place buy orders 20 points lower than my sell points.  When those buys execute, I place the original sell orders over again.

It would seem to me that my sells at 129 through 165 should have slightly helped to cool the rally, and that my repurchases at 142 and 145 would have helped slow the correction.

How can selling during a rally and repurchasing during a correction increase the volatility?  Please explain.

Whether it's caused by market manipulators or some natural forces unknown to me,  the volatility in Bitcoin seems to be here to stay.  I would think the true believers would be eager to use their coins to reduce the volatility, especially when you can turn a little profit in the process!