If price goes below 90, there'll be a big sell-off?

[Jozzaboy]

The blind panic was specifically caused by the DDOS in that case. Thankfully MTGox servers are coping with this small sell off today. There is no blind bids here.

And what was this panic in 2011 caused by? The panic selling is caused by multiple weeks of parabolic price action. Any other factors like news or order delay only serve to quicken/deepen it. Human psychology is always the same.

****Image omitted*****

That's right. Price action causes price action.

Of course but on our timeline, we have already weathered this level of trading? In the last few weeks, low value has promoted a very stable price. Where would you say we are on your little chart, 10/11/11? The drop before taking off again?

[Rampion]

The blind panic was specifically caused by the DDOS in that case. Thankfully MTGox servers are coping with this small sell off today. There is no blind bids here.

And what was this panic in 2011 caused by? The panic selling is caused by multiple weeks of parabolic price action. Any other factors like news or order delay only serve to quicken/deepen it. Human psychology is always the same.

That's right. Price action causes price action.

Exactly. People see it growing SO FAST and their profits increasing SO MUCH that they start fearing a deep crash as quick as fast was the growth. As you say, its just human psychology at work. Panic sells are basically triggered by the price going down fast, which in first instance can be triggered by some news (like the chain fork), but 99% of the times is just triggered by the dump of someone taking profits - no more, no less.

[Inedible]

It would be great if we could say for certain that these things are what caused price changes with hindsight but even with hindsight it's not so easy to tell.

[N12]

My guess is that we are in July or August 2011. Back in 2011, going from 32 to 10 was a huge panic sell, that was the bubble burst, which is equivalent to 266 to 50. The final panic selling that resulted in the $2 bottom happened 6 months later. That's the end of the bubble which inverts and people undervalue Bitcoin.

You can make the case for 50 being the new 2 of course.

[BitChick]

I think that people have already panic sold, or have been selling off some as the price has not moved.  Even my husband has been tempted to just walk away at this point thinking BTC is not going anywhere.  He has not done that yet, thankfully.  I think that in spite of the fact BTC is not doing much, and has even declined, we are on the brink of some movement up again at any point.  The big question that all of us do not know is when that will be! It could be today for all I know, or a few months down the road.  There are some things in the works that can only stimulate it further though, with all the VCs pouring money in and the development of better services.  It is just a matter of time and patience.  Granted, there will be more ups and downs along the way.  Those that are able can profit from that for sure.  I just don't trust myself to be able to ride the waves as well as some of you seem to.

[Jozzaboy]

I think that people have already panic sold, or have been selling off some as the price has not moved.  Even my husband has been tempted to just walk away at this point thinking BTC is not going anywhere.  He has not done that yet, thankfully.  I think that in spite of the fact BTC is not doing much, and has even declined, we are on the brink of some movement up again at any point.  The big question that all of us do not know is when that will be! It could be today for all I know, or a few months down the road.  There are some things in the works that can only stimulate it further though, with all the VCs pouring money in and the development of better services.  It is just a matter of time and patience.  Granted, there will be more ups and downs along the way.  Those that are able can profit from that for sure.  I just don't trust myself to be able to ride the waves as well as some of you seem to.

I have been awake for the last 18 hours, drinking heavily. Made 6 BTC so far. Hard to say if it was worth it really but i'm on a good buzz from 3am to midday so far.

[Spaceman_Spiff]

My guess is that we are in July or August 2011. Back in 2011, going from 32 to 10 was a huge panic sell, that was the bubble burst, which is equivalent to 266 to 50. The final panic selling that resulted in the $2 bottom happened 6 months later. That's the end of the bubble which inverts and people undervalue Bitcoin.

You can make the case for 50 being the new 2 of course.

My guess is that the decline will take longer than 6 months this time.

[BitChick]

I think that people have already panic sold, or have been selling off some as the price has not moved.  Even my husband has been tempted to just walk away at this point thinking BTC is not going anywhere.  He has not done that yet, thankfully.  I think that in spite of the fact BTC is not doing much, and has even declined, we are on the brink of some movement up again at any point.  The big question that all of us do not know is when that will be! It could be today for all I know, or a few months down the road.  There are some things in the works that can only stimulate it further though, with all the VCs pouring money in and the development of better services.  It is just a matter of time and patience.  Granted, there will be more ups and downs along the way.  Those that are able can profit from that for sure.  I just don't trust myself to be able to ride the waves as well as some of you seem to.

I have been awake for the last 18 hours, drinking heavily. Made 6 BTC so far. Hard to say if it was worth it really but i'm on a good buzz from 3am to midday so far.

Maybe that is my problem.  I need to drink more to be good at day trading.   Some of you are very talented.  Wish I had the guts to do it but it stressed me out.

[Spekulatius]

80$ here we come!

[zackclark70]

its alredy been at 88 lol

[Jaroslaw]

70`s we are comming, i mean im comming

[True___Blue]

We are really testing the resistance at 90 right now...

[Jaroslaw]

We are really testing the resistance at 90 right now...

theres no resistance till 88$

[Inedible]

86 here we come!

Plenty of resistance just above 86. Looks like some panicking is going on.

[zackclark70]

well its at 75

[zackclark70]

I was on btc-e I have not looked on gox

[Jozzaboy]

I was on btc-e I have not looked on gox

It's fine Btc-e at 80ish along with the other small exhanges. Normal. Still patiently watching for the right time to buy in, there is a lot of resistance at this point.

[zackclark70]

btc-e right now



Last Price: 80.97 USD

Low: 75.566 USD

High: 91.9739 USD

[Jozzaboy]

btc-e right now



Last Price: 80.97 USD

Low: 75.566 USD

High: 91.9739 USD

See? Normal, nothing to worry about. We are overdue a sucker rally right now anyway. Stay tuned.

[Pajamaw]

You can probably wait to buy in for quite a while.

As long as Bitcoin remains as speculative as it is at the moment, the price will remain fluctuating but on a downward trend.

Google trends estimated that btc was worth about $35 without the speculative bullshit that's feeding all of our wildest hopes and desires to sell off our 1.02 btc for thousands. I'm thinking we're going to keep heading for that bullseye until another PR stunt is pulled off and people get a renewed interest that spikes us back to those triple digits.

That is assuming that btc on a whole remains for the most part a commodity and not an actual currency.

but if ebay, paypal, and dwolla take their prodigal son back than that later assumption goes in the trash and then step 4 people...PROFITTTTT