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Author Topic: Post here when you have no idea which way the market is going to go  (Read 1876 times)
GeniuSxBoY
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August 21, 2011, 01:43:36 AM
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RyNinDaCleM
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August 21, 2011, 02:41:13 AM
 #2

I don't know what the hell is going on!  Cheesy
There are so many bids, but the ask walls keep tumbling down!
I liked when the bot was running things yesterday!

GeniuSxBoY
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August 21, 2011, 02:46:45 AM
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bot wasn't running things yesterday, what you saw yesterday was the little people Smiley
tacotime
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August 21, 2011, 02:49:16 AM
 #4

Bot is still running things... It's been 11.50$ for 36 hours if you haven't noticed.  If it deviates from that it will be pushed back to it within 60 seconds, by senselessly small bids/ask for actual users to make.  The sell wall is increasing in size because Bitcoins appear to be mined but aren't being bought up as quickly, but it's not increasing very quickly.  At the current rate it will be 3-4 days before sell wall volume is the size of the buying side volume on Mtgox.

Why the manipulation?  It looks right now like the price is being kept low more than anything else, but it's hard to say what the actual intention is.

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GeniuSxBoY
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August 21, 2011, 02:58:02 AM
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The last 36 hours, I understand, but the climb to $11.50 itself was not (completely) bot related
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August 21, 2011, 04:16:50 AM
 #6

Post here when you have no idea which way the market is going to go

I don't know which way it will go.. but that's not quite 'no idea'....   it's 3 ideas..  none of which I can choose from. (The sum of all ideas is no idea?.. I guess so)

1) it'll go nowhere for a long time.

2) up due to a bit of conference media coverage and new users

3) down due to disappointment in lack of conference media coverage and new users.

There are also the usual 'down' ideas of .. yet another major hack/incident....  government intervention...  banks refusing to deal with any bitcoin related entity etc etc..  but I don't particularly see any of those as imminent.  If they come - they may just strike out of the blue.
   

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August 21, 2011, 06:27:44 AM
 #7

I just unloaded a nice chunk of  BTC at 11.45 on average because I feel that the conference had about as much impact as these
forums have on a daily basis. And that means to me that there will not be any extra media hype like I was expecting. Oh sure
there will be some articles on nerdy websites but I am no longer expecting mainstream news to pick up on it due to something
really interesting coming out of it.

So I decided to sell BTC into this forum mood of a possible price rise due to the conf. I am expecting others to follow suit
shortly and the price, in my opinion, will sink to about 10 bucks in about 24-36 hours. Too many miners have been holding and
if they wait too long they will miss the current price which is very reasonable to be selling into when you consider many of us
thought 8-9 bucks was the new norm.
julz
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August 22, 2011, 05:37:29 AM
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So I decided to sell BTC into this forum mood of a possible price rise due to the conf. I am expecting others to follow suit
shortly and the price, in my opinion, will sink to about 10 bucks in about 24-36 hours.

If I'm reading the mtgox depth correctly - there's over half a million USD in bids from $10 up. That's quite a lot of support to burn through in a day or two surely!?

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zby
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August 22, 2011, 05:58:35 AM
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I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14.  I have no idea now what will happend - is that bid for real - or is it only a bluff?  Can it stop the market?
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August 22, 2011, 06:16:46 AM
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I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14.  I have no idea now what will happend - is that bid for real - or is it only a bluff?  Can it stop the market?

I don't see how it can be a bluff..  the price did just dip down to that level and nibbled a few off the 10K - now 9952.

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sveetsnelda
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August 22, 2011, 06:18:21 AM
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I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14.  I have no idea now what will happend - is that bid for real - or is it only a bluff?  Can it stop the market?

I don't see how it can be a bluff..  the price did just dip down to that level and nibbled a few off the 10K - now 9952.

Sorry about that...  shorted a "few" coins.  Cheesy

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julz
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August 22, 2011, 06:24:04 AM
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I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14.  I have no idea now what will happend - is that bid for real - or is it only a bluff?  Can it stop the market?

I don't see how it can be a bluff..  the price did just dip down to that level and nibbled a few off the 10K - now 9952.

Sorry about that...  shorted a "few" coins.  Cheesy

Maybe a few have that idea.. you know right now you can sell a 'few' without dropping the price much!

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sveetsnelda
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August 22, 2011, 06:38:53 AM
 #13

Maybe a few have that idea.. you know right now you can sell a 'few' without dropping the price much!
Yeah...  I'm sort of banking on the impatient panic sellers after the lack of media attention.

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Bigpiggy01
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August 22, 2011, 06:46:14 AM
 #14

It's not just on Mt Gox either,

There are a pair of solid support orders on Britcoin as well admittedly at a slightly lower level (10-15 cents depending on the forex). So the overall direction should still be up or fairly flat and once some of the positive bitcoin stories that the conference will spark start showing up (that does take a few days) things might get quite hectic around here. I dunno about Tradehill as I don't have easy access to easily readable data from there but I suspect the story is much the same  Grin

There is still a fantastic potential for a Monday-Tuesday rally.

zby
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August 22, 2011, 07:26:20 AM
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TradeHill is what was stopping the latest rally - there is not much support above 10 and the prices there were consistently lower in recent days.
oakpacific
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August 22, 2011, 03:51:08 PM
 #16

No market movement for  nearly an hour, maybe all traders suddenly found meaning of life and are now cherishing this uncommon tranquility. Grin

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Piper67
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August 22, 2011, 03:59:14 PM
 #17

No market movement for  nearly an hour, maybe all traders suddenly found meaning of life and are now cherishing this uncommon tranquility. Grin

Nope, if they had found the meaning of life, the price of BTC would be 42  Grin
oakpacific
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August 22, 2011, 04:05:36 PM
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No market movement for  nearly an hour, maybe all traders suddenly found meaning of life and are now cherishing this uncommon tranquility. Grin

Nope, if they had found the meaning of life, the price of BTC would be 42  Grin

That is probably the total number of bitcoin traders who are living. Wink

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322i0n
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August 22, 2011, 04:18:29 PM
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that walls going to take a hit.

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apetersson
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August 22, 2011, 09:43:47 PM
 #20

i came here to admit i have no idea where we are heading right now

the only thing i strongly suspect is Bitcoin will take over a large amount of the Financial World once two of those three things happen:

  • Better Clients and Applications
  • Breakdown of the World's Financial System
  • Merchants will adopt it in the Internet wide-scale.

so basically - i went all-in and maybe i can avoid looking at the price longer than 24h. (Which i did not manage to do since May..)
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