Pump and dump currently happening

[jamesc760]

I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs  Christmas spending money  and  is  scheming to jack up the price so he  can dump. Just saying...

[MatTheCat]

I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs  Christmas spending money  and  is  scheming to jack up the price so he  can dump. Just saying...

I am 95% confident to my bones, that another Bitcoin slaughter is around the corner.....

I refuse to risk being caught with my trousers down chasing pennies as I try to ride the little waves of upside between now and whenever the 'Schlachterei' occurs.

[MAbtc]

Hehe, this punch through 700 has been a nervous time for bears, though!

[JimboToronto]

I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs  Christmas spending money  and  is  scheming to jack up the price so he  can dump. Just saying...

Unexpectedly?

Ever think that perhaps the market has realized that it over-reacted to the news from China and is correcting itself?

[MAbtc]

I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs  Christmas spending money  and  is  scheming to jack up the price so he  can dump. Just saying...

Unexpectedly?

Ever think that perhaps the market has realized that it over-reacted to the news from China and is correcting itself?

Maybe. Then again, that only works if you believe that the downtrend from 1242 was purely a result of news from China. I would disagree with that -- very much so.

[yogi]

The number of dollars on the gox order book is @ ATH. This may explain the rise.

[jamesc760]

was at $715 mtgox about an half-hour ago, now it's down to $705 and sliding downward. Sell Sell Sell!!! Suckers.

[JimboToronto]

I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs  Christmas spending money  and  is  scheming to jack up the price so he  can dump. Just saying...

Unexpectedly?

Ever think that perhaps the market has realized that it over-reacted to the news from China and is correcting itself?

Maybe. Then again, that only works if you believe that the downtrend from 1242 was purely a result of news from China. I would disagree with that -- very much so.

No, the downtrend wasn't purely a result of the China news, but it was  an over-reaction going as low as it did.

1200+ was probably over-priced and 600 was probably under-priced. Thinking it would go down to 300 or less is as unrealistic as thinking it would hit 10,000 in Q1 2014.

I guess we'll see what the actual price will be but to me the 800-1000 range seems about right at the moment.

[MatTheCat]

The number of dollars on the gox order book is @ ATH. This may explain the rise.

Yup. Gox is insolvent, so when there is a big sell off, because people can't get their money out of Gox ($1000 per day max limit), there will be a lot of fiat registered in peoples accounts. I guess there will be a tendency to play the market with this fiat simply because it is there.

[JimboToronto]

was at $715 mtgox about an half-hour ago, now it's down to $705 and sliding downward. Sell Sell Sell!!! Suckers.

 

[kireinaha]

A $20 rise is unexpected? Aside from this (relatively) small rise, this has been one of the slowest Bitcoin market days in weeks.

[Honeypot]

If anyone bothered to look at the graph and chart for bitcoin for the last month, everyone can see we are on a steady downward trend with few bumps along the way, each time lower than before.

From the peak of 1200, we crashed to 520, then came back to 900, than crashed to 470, and are now back in 660s.

Along each 'rise', it usually takes a week or a bit more at the peak level with prices swinging up and down until the next big crash happens.

We are just about at the point of another big crash within this week.

It's only a natural cycle that is being accelerated by exit of chinese market and overall gloomy media attention, but even so the correction has to be made to at least 500s until the prices stabilize for the next BIG bubble.

I predict this crash and another will bring it down to 400s, 300s if we are feeling lucky. This is a necessary correction to encourage even greater rise in the next bubble cycle.


As the wise one with his gf at the lesbian bar said:

HODL

[TERA]

I think the increasing bid depth is taking everyone by surprise. It didn't reach ATHs like this in April/May. This will continue to push the price up, until it doesn't, and the whale decides that it's harvesting time.

[BittBurger]

and overall gloomy media attention

There was a day or two of media discussion about the crash, immediately after the crash.  

Since that time (for well over a week now) the articles coming out of Google news (all sources) have been promising, upbeat, and extremely optimistic about Bitcoin.

Overstock - multiple positive articles
Denmark positive articles
Numerous articles discussing ALT Coins
Even an article on Target hacking event, asking if Bitcoin could have prevented it.

All in all, there's been mostly good media lately.

[Peter R]

The number of dollars on the gox order book is @ ATH. This may explain the rise.

Yup. Gox is insolvent, so when there is a big sell off, because people can't get their money out of Gox ($1000 per day max limit), there will be a lot of fiat registered in peoples accounts. I guess there will be a tendency to play the market with this fiat simply because it is there.

Yogi is talking about the dollars on the Gox order book.  This is the total dollar sum of all active bids (i.e., people that want to buy more bitcoin, or at least are credibly threatening to do so).  It does not include dollars sitting in accounts waiting to "got out of gox."

[Peter R]

I don't know what else is going on right now. Prices have risen unexpectedly today. How else can you explain today's suden jump? Someone needs  Christmas spending money  and  is  scheming to jack up the price so he  can dump. Just saying...

Why would you pump the price up into the $720's with a bunch of market buys and then place a huge 1200 BTC bid wall at $701, if you wanted to dump some coins?  In addition to market-buying coins you don't want, you're also risking 1200 x $701 = $841,200 USD (if someone calls your bid-wall bluff) just to sell a few coins to people that place smaller walls above $701!?  

That seems high risk plain stupid for, as you hypothesized, "Christmas spending money."

EDIT: and if that wasn't your bid wall, wouldn't you have eaten it buy now?  That's what you were hoping for with this strategy, right?  A nice juicy bid wall to sell into?

[thefunkybits]

Perhaps all the shorts have placed bids back in the orderbook....There has also just been a 4hr. EMA crossover on Gox and BTCChina

[TERA]

The dump was designed to break the downtrend line. Notice it is only broken on gox and on no other exchange.

[shmadz]

Pump and dump has been happening since april of 2011, just sayin'

[TERA]

Well it's more like whale swing trading. We know there is going to be an inevitable capitulation to 500 or below sometime in the next few months like there is after every rally, so the whale wants to sell and get the most fiat possible for his coins before he rebuys during the capitulation.