The Bear Market is officially...OFF?!?

[notme]

We are going down.

The market didn't know where to go, but now there's an obvious direction.

Don't be so sure, the bitcoin market likes traps.

[ElectricMucus]

Next support @97.5

[dandirk]

This was just a single/group sell off... Fueled by lag and insanity...  Already it is recovering.  The last few days have had a consistent moving support  up (though a resistance at 120, which probably spurred the sell off).

If I were to guess its the same people that boosted the price to 122 a few days back, they missed their 122 opportunity, saw it was bouncing off the 120 resistance and decided to cash out.  And as usual, everyone got gox'ed but at least it was only a min or so lag.

Now could this action cause a trend down, sure...  but it is too short of a timeframe to tell considering the last few days have been pretty "slow" to begin with.

[Frozenlock]

This was just a single/group sell off... Fueled by lag and insanity...  Already it is recovering.

Last chance to get out while in the triple digits. 

[evolve]

This was just a single/group sell off... Fueled by lag and insanity...  

I don't know, I have trouble believing that this was some sort of coordinated selloff.  I think a small downward move triggered a panic sell, and the Dwolla/Homeland Security news probably didn't help matters, either.  The market is on edge right now, and I think small moves can get over exaggerated because of the uncertainty.


For now it still looks like there is heavy downward pressure to me. I dont know that we are recovering just yet.


(2 day / 5 min, closing price *live chart*)

[Rampion]

This was just a single/group sell off... Fueled by lag and insanity...  

I don't know, I have trouble believing that this was some sort of coordinated selloff.  I think a small downward move triggered a panic sell, and the dwolla news probably didn't help matters, either.  The market is on edge right now, and I think small moves can get over exaggerated because of the uncertainty.


For now it still looks like there is heavy downward pressure to me. I dont know that we are recovering just yet.


(1 day / 5 min, closing price *live chart*)

I guess the Dwolla situation is the type of FUD that could scare some overinvested folks. "First governamental action against Bitcoin" could be a headline soon (really don't know it, let's see how this unfolds).

EDIT: By the way, didn't the crash started as soon as the first users reported about Dwolla's email?

[smoothie]

This was just a single/group sell off... Fueled by lag and insanity...  

I don't know, I have trouble believing that this was some sort of coordinated selloff.  I think a small downward move triggered a panic sell, and the dwolla news probably didn't help matters, either.  The market is on edge right now, and I think small moves can get over exaggerated because of the uncertainty.


For now it still looks like there is heavy downward pressure to me. I dont know that we are recovering just yet.


(1 day / 5 min, closing price *live chart*)

I guess the Dwolla situation is the type of FUD that could scare some overinvested folks. "First governamental action against Bitcoin" could be a headline soon (really don't know it, let's see how this unfolds).

EDIT: By the way, didn't the crash started as soon as the first users reported about Dwolla's email?

Just about the same time yes.

[evolve]

Mystery solved, then....it's a panic sell from bad news. 

[dandirk]

EDIT: By the way, didn't the crash started as soon as the first users reported about Dwolla's email?

Just about the same time yes.

That is pretty fast reaction time, 50% of the drop occurred in less then 15min, given the steady rise the last few days...  Even it was a reaction to the news, only a few dropped big stacks of coin and the lag took over for the other 50%.

I still think it is too early to tell, a 10% drop isn't insane, but granted the news of the Dwolla/mtGox is getting worse... just saw that article that quoted this is probably the US saying enough is enough, if that IS the case then we are all doomed!

EDIT: I will add the volume looks to be returned(ing they are too small to tell lol) to normal.

[smoothie]

EDIT: By the way, didn't the crash started as soon as the first users reported about Dwolla's email?

Just about the same time yes.

That is pretty fast reaction time, 50% of the drop occurred in less then 15min, given the steady rise the last few days...  Even it was a reaction to the news, only a few dropped big stacks of coin and the lag took over for the other 50%.

I still think it is too early to tell, a 10% drop isn't insane, but granted the news of the Dwolla/mtGox is getting worse... just saw that article that quoted this is probably the US saying enough is enough, if that IS the case then we are all doomed!

EDIT: I will add the volume looks to be returned(ing they are too small to tell lol) to normal.

10 seconds to login to mtgox

5 second to set price

1 second to press sell button

16 seconds so yeah it can be fast.

[Brushan]

We're probably entering a decline that will last for days if not weeks.

[smoothie]

We're probably entering a decline that will last for days if not weeks.

As much of a bull that I am...i tend to agree with this.

Take some profit guys. Just saying. Or be patient.

[gizmoh]

We're probably entering a decline that will last for days if not weeks.

As much of a bull that I am...i tend to agree with this.

Take some profit guys. Just saying. Or be patient.

At last common sense from smoothie 

[smoothie]

We're probably entering a decline that will last for days if not weeks.

As much of a bull that I am...i tend to agree with this.

Take some profit guys. Just saying. Or be patient.

At last common sense from smoothie 

Pfssh I've got common sense even when I'm a super ultra bull lol.

What I post on this forum isn't necessarily what I am doing in person lol.

Dont be fooled so easily.

But take some profit. 

[Streets 2.0]

We're probably entering a decline that will last for days if not weeks.

As much of a bull that I am...i tend to agree with this.

Take some profit guys. Just saying. Or be patient.

At last common sense from smoothie 

Pfssh I've got common sense even when I'm a super ultra bull lol.

What I post on this forum isn't necessarily what I am doing in person lol.

Dont be fooled so easily.

But take some profit. 

Smoothie has like 12 accounts!

As it started, I was driving and I went all ape shit!

[Miz4r]

I'm not so sure this will last several days, I think the market may be overreacting to the dwolla news. When things are cleared up and it turns out it isn't as bad as it seems then price will shoot back up fast I think. Or perhaps it's really that bad after all, but my gut tells me that it is an overreaction and people assume the worst due to lack of information.

[smoothie]

We're probably entering a decline that will last for days if not weeks.

As much of a bull that I am...i tend to agree with this.

Take some profit guys. Just saying. Or be patient.

At last common sense from smoothie 

Pfssh I've got common sense even when I'm a super ultra bull lol.

What I post on this forum isn't necessarily what I am doing in person lol.

Dont be fooled so easily.

But take some profit. 

Smoothie has like 12 accounts!

As it started, I was driving and I went all ape shit!

This coming form a guy who created his account on April 23, 2013.

LOL yeah i have 12 accounts and I create them every 2 years lol

[kooke]

Next support @97.5

Is it just me, or does any else see a dragon in that chart?

[ElectricMucus]

Now I see it. 

[kooke]

Let us gather brethren, the inner voice speaks. I now see a dawn of destruction; theft, pillaging, carnage! A society out of control! Oh the torment! The suffering! Brethren, you must sell all your bitcoins by tomorrow! This is the end of the old order! A new order of panic and fear shall abound! Brethren, the great fall, has begun!