Big crash again, are we going under 100?

[mgio]

I really don't know why bitcoin has been slumping recently.

Hopefully the past week will at least convince people that difficulty does NOT drive price. If anything price drives difficulty.

I hope we don't go under 100, but I wouldn't be too surprised if we do.

[1714918974]

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[OurSUBMARINEGo]

I certainly hope so. I need more coins. 

[massivebitman]

I just pulled all my money out.

I'd say a dip below 100 is almost certain.

Those walls at 100 don't look real to me

[Zotia]

We are at 101 right now.


Looks like we will be under 100 soon.

[worldinacoin]

There is a 10k wall at $101.18, hopefully this holds and we can see a rebound.

[massivebitman]

lol

Seems like the last crash all over again.

Gradual decline..

Only people buying now would be the silk road users / gamblers.

Still it makes it pretty useless when you know your money will be worth a lot less in a few hours

[bitwhizz]

now is the time to buy

[lucas.sev]

lol

Seems like the last crash all over again.

Gradual decline..

Only people buying now would be the silk road users / gamblers.

Still it makes it pretty useless when you know your money will be worth a lot less in a few hours

No no, we have thriving economy, silkroad is so 2011! 

[massivebitman]

There is a 10k wall at $101.18, hopefully this holds and we can see a rebound.

I doubt it's going to hold.

There was a wall at 104-5 earlier. Not sure what happened to that.

My thoughts are if there's any single wall, it's just a rich person who put it there to prop up the price.. They don't really want to buy 10k worth, otherwise they'd have done it some other way.

[CryptoMinter]

There is a 10k wall at $101.18, hopefully this holds and we can see a rebound.

I doubt it's going to hold.

There was a wall at 104-5 earlier. Not sure what happened to that.

My thoughts are if there's any single wall, it's just a rich person who put it there to prop up the price.. They don't really want to buy 10k worth, otherwise they'd have done it some other way.

The coins changed hands... well maybe into the same hands who know's but the trade was executed for the 20k+ coins that stood between 106 and where we are now.

[freedomno1]

Well this is interesting

[worldinacoin]

I guess the Wall shifted again and again.  It seems to be shifting again.  It is time to go in for those who needs Bitcoin I guess.

[bitwhizz]

if the 100 dollar walls are broken, its going down to 75-80,
you heard it here first

[tvbcof]

I really don't know why bitcoin has been slumping recently.

Hopefully the past week will at least convince people that difficulty does NOT drive price. If anything price drives difficulty.

I hope we don't go under 100, but I wouldn't be too surprised if we do.

Probably uncertainty about Bitcoin's trajectory.  It's starting to smack people between the eyes that some of the promises of the solution are mutually exclusive, and it is not nearly clear which way things are going to go.  It strikes me as a reasonable hypothesis that certain of the promises (high scaling, low fees, de-centralized peer2peer, anonymity, etc) were simply marketing hype to draw people into the solution and thus pump up the price.

I've not sensed much price buoyancy for the last few weeks.  I think maybe we are in a genuine bear market like around this time 2 years ago.  If that pattern repeats, in another quarter or two we might see $20 BTC, then a year or two long slow ramp and hopefully another spike.  Of course there is always the possibility for external events like a currency crisis in mainstream-land and that sort of thing.

[superduh]

40k coins is insignificant volume

[bitwhizz]

there is no point in predicting bitcoin, or reacting to the price drops and rises, bitcoin is still at the random walk stage, and from my experience will do the opposite of what you think and do the opposite of the opposite you think, in other words, buy and hold, be scared if we reach 50 dollars in which case buy more

[lucas.sev]

I guess the Wall shifted again and again.  It seems to be shifting again.  It is time to go in for those who needs Bitcoin I guess.

Nope, all but around 2k of the wall was real. There is someone there sitting with a lot of 106 and 105 coins.

[massivebitman]

40k coins is insignificant volume

Not anymore

[mgio]

you guys realize that everytime Bitcoin crashes the chances it will succeed go down signficantly.

You may want "cheap coins" but if bitcoin goes below 100 it may never go above 100 again?

[bitwhizz]

anyone just see that 1500 bitcoin dump

[Zaih]

Thar she blows

[Frozenlock]

you guys realize that everytime Bitcoin crashes the chances it will succeed go down signficantly.

You may want "cheap coins" but if bitcoin goes below 100 it may never go above 100 again?

That's why you shouldn't invest more than you can lose.

[cedivad]

you guys realize that everytime Bitcoin crashes the chances it will succeed go down signficantly.

You may want "cheap coins" but if bitcoin goes below 100 it may never go above 100 again?

I don't think so. The success of this amazing idea has nothing to do with us speculators and how much we lose gambling. Cheaper coins will pay out on the long way, I'm sure of it.

[pinger]

anyone just see that 1500 bitcoin dump

Anyone see the 6300 selloff ? at 81 I think

I did.

[bitwhizz]

anyone just see that 1500 bitcoin dump

Anyone see the 6300 selloff ? at 81 I think

I did.

vast! Pull Me Mast!
Shut Ye Pie Hole, I'm Diving in Ye Bung Hole
Rubbers are for land lubbers
I've hit the Mother-load! (and the daughter-load)
Wench Press
Ye want to see me Cockswain?
Walk the plank, wench, and then ride it.
Pirates do it harrrrrder!

Touch my loot, feel my boot.
Touch me parrot, me bite your carrot.
Save thee Bilge rats!
Let's drink grog before the fog.
Shiver me timbers! Me wooden leg has termites.

THAR SHE BLOWS

[jubalix]

I hope it goes back to less than $50, I would buy the ever...fff out of that.....imagine at $2 so many weak hands would sell...omnomnom eat them all


however I think unfortunately everyone else will be out there buying the lowest I think this can go is $45, but that is kinda dreaming.....

probably a $70 or maybe $60...and this will be the last chance to buy that cheap

unfortunately the upside risk of a 10x jump making $1000 the new 100, is so high in my book that I will not sell out but buy in with more fiat if the price drops.

Only take very few moderately wealthy people / corps to do the 10x jumps, and it's going to happen.

[ktttn]

you guys realize that everytime Bitcoin crashes the chances it will succeed go up signficantly.
...snip

FIX'D
OMNOMNOM HUGE TRANSACTION FEES.
*wishing I had a mining rig*

[wopwop]

these are just miners selling their profits of the last 2 weeks

as of yet speculators 'pigs' are still holding and will be slaughtered like any pig

[bigdude]

$98 ...

[bigdude]

$90 ... wowser

[ktttn]

The high on Bitstamp has grinded to a halt at around $110. The graph is screaming nope.
Also ¥ is freaking out at being OVER 9000.

[worldinacoin]

Looks like the prices have reached a trough, seeing $94.9 right now

[freedomno1]

Looks like the prices have reached a trough, seeing $94.9 right now

Yep thanks for riding the bitcoin rollercoaster
The next ride is scheduled in (obscure noises) look forward to it

[ktttn]

Looks like the prices have reached a trough, seeing $94.9 right now

Yep thanks for riding the bitcoin rollercoaster
The next ride is scheduled in (obscure noises) look forward to it

More people should watch the Aronofsky film "pi."

[freedomno1]

Looks like the prices have reached a trough, seeing $94.9 right now

Yep thanks for riding the bitcoin rollercoaster
The next ride is scheduled in (obscure noises) look forward to it

More people should watch the Aronofsky film "pi."

If you find it then you found my obscure noise filter
Secret message what goes down can go up

[ktttn]

The high on Bitstamp has grinded to a halt at around $110. The graph is screaming nope.
Also ¥ is freaking out at being OVER 9000.

That green line on top gives no less than 110 fucks.
Nopenopenopenope.
The chances of <$100 happening once the daytraders wake up is not high at all.

[pwi]

Looks like the prices have reached a trough, seeing $94.9 right now

Yep thanks for riding the bitcoin rollercoaster
The next ride is scheduled in (obscure noises) look forward to it

More people should watch the Aronofsky film "pi."

<----Badass, thumbs mf'ing up

More in line with the OP, my gut has been telling me (as I day trade a small amount on thin margins) to bail on my longer holdings. I hit my stop loss on my DTs, and was a few % away from my stop on long holdings. I chickened out and hope to buy in lower. Even though mathematically I know I made the quasi-right choice, I still feel like a chump and a traitor. While I think I'm right, secretly I hope I'm very wrong and I should've been buying. In the mean time I will hang up and listen. Just when you think you have it all figured out - Good luck guys and gals.

[KornShell]

92.78 ... growing pains.

[Malawi]

Looks like the prices have reached a trough, seeing $94.9 right now

Yep thanks for riding the bitcoin rollercoaster
The next ride is scheduled in (obscure noises) look forward to it

More people should watch the Aronofsky film "pi."

Second that motion.

[jmutch]

yeah it was just an unsustainable price with a small group of people mining a significant amount of coins. not enough new interest. i mean asicminer is pulling in how many btc a month?...if he was selling all, it would cripple the price...and there has got to be a few new less responsible companies with asics coming online right now...someones going to sell sell sell sell whoever does first (or just has) will make the $$


yeah I'm talking short term. chances are there will be an event like cyprus sometime within the next year which will show an overall increase in interest and price....but who knows.

who knows!!!

[tiberiandusk]

This is what the newbies are doing today.

[smilez]

There is a 10k wall at $101.18, hopefully this holds and we can see a rebound.

Where was the wall at ?

[elefter]

yeah it was just an unsustainable price with a small group of people mining a significant amount of coins. not enough new interest. i mean asicminer is pulling in how many btc a month?...if he was selling all, it would cripple the price...and there has got to be a few new less responsible companies with asics coming online right now...someones going to sell sell sell sell whoever does first (or just has) will make the $$


yeah I'm talking short term. chances are there will be an event like cyprus sometime within the next year which will show an overall increase in interest and price....but who knows.

who knows!!!

Yeah it was coming as those miners with asic have to cover expences too, if they dont find a way to distribute their bitcoin to a broader base then....

[Seal]

Resistance at $100 was weak, what we saw was downward momentum. Trends are easy to take advantage of if you read them correctly. We've been heavily overweight for the last few weeks with the bubble bursting on news that MtGox could not keep up with all of the hype the press generated. Look out for a reversal within the coming weeks and a slow climb back up.

[elefter]

Been trying to get rerified at gox for 2 weeks now  wanting to send some Euros waiting to buy BTC when this happned...
ohh man i missed it...

[ktttn]

Woke up saw $100.06 lol.

[worldinacoin]

I guess everything is back to normal and the price will go up again.  It is $101 now.  Hopefully it goes back to $130 and above

[Malawi]

I guess everything is back to normal and the price will go up again.  It is $101 now.  Hopefully it goes back to $130 and above

One never knows, but there has been a downwards trend for the past two weeks.

[mvidetto]

I guess everything is back to normal and the price will go up again.  It is $101 now.  Hopefully it goes back to $130 and above

That is far beyond wishful thinking especially when there is one or multiple manipulators moving the market down.  The fibonacci retracements after such dumps are only a ray of light which slowly diminish as the price continues its path lower.

[Malawi]

I guess everything is back to normal and the price will go up again.  It is $101 now.  Hopefully it goes back to $130 and above

That is far beyond wishful thinking especially when there is one or multiple manipulators moving the market down.  The fibonacci retracements after such dumps are only a ray of light which slowly diminish as the price continues its path lower.

The market is manipulated. But one just have to take that into account.

What seems to be happening, is that the whale is dumping a fair amount of coins, and then wait for a little panic to set in, and buy them back at even lower prices. The "surplus" coins are probably sold when the market bounce back a little. My guess is that this gives a surplus of at least 5% every time it's done. If the market was genuinely up, this pump and dump would not have worked, as the dumps would have been swallowed by the market.

It's really basic psychology. If prices are 120 and are pushed down to 100 for a short amount of time, enough buyers will see it as a fluke, and buy back in at up to say 115. Then next time it's 115 to 95 and back up again to 110 etc.
In a bull market it would have been the other way around.

Also note those large bid-walls that sometimes come up. They are either removed just before prices hit them. Sometimes they are eaten aswell, but that is most likely either two whales fighting for control, or someone who want to give the impression of a real rise/fall, and are willing to pay the commission both ways to make that impression. (BTW: a whale pays .25% trading fee instead of the .6% for small-fish like me.)