Why is bitcoin plummeting?

[MatTheCat]

MatTheCat, I advise caution, your position could be overrun.
But if you'll keep a close eye on the market and move fast, you'll be able to avoid this.

I have shorted about 20 BTC at $785.

I can place a stop loss at $785 and have over 300 Asks in front of me and the spot price.......and Huobi is slipping all the time.

So far, the trade is a no brainer and a no loser.

[1713558321]

1713558321

[1713558321]

1713558321

[1713558321]

1713558321

[1713558321]

1713558321

[LOADING.READY.RUN]

The guys who got insider info of china sold? This happened at the last crash aswell, just speculating tough.

You don't need insider info, you just need enough people seeing the market move down and thinking someone has insider info. They react accordingly and push the market further down.

[fonzie]

MatTheCat, I advise caution, your position could be overrun.
But if you'll keep a close eye on the market and move fast, you'll be able to avoid this.

I have shorted about 20 BTC at $785.

I can place a stop loss at $785 and have over 300 Asks in front of me and the spot price.......and Huobi is slipping all the time.

So far, the trade is a no brainer and a no loser.

300 BTC ask on Stamp moved down to 779. 

Let´s have a shotr Party. 

[MatTheCat]

MatTheCat, I advise caution, your position could be overrun.
But if you'll keep a close eye on the market and move fast, you'll be able to avoid this.

I have shorted about 20 BTC at $785.

I can place a stop loss at $785 and have over 300 Asks in front of me and the spot price.......and Huobi is slipping all the time.

So far, the trade is a no brainer and a no loser.

300 BTC ask on Stamp moved down to 779.  

Let´s have a shotr Party.  

300 Ask wall at 775 and counting.

This sucker is going back down.

EDIT: and then within one second 234 of the 775 Buy wall is bought up. There are forces at work here who are seeking to maintain a high Bitcoin price......I wonder if it is wise to bet against them?

EDIT: Another couple of massive purchases made at stacked up Ask wall. Someone with real clout is doing thier utmost to keep the price held up. Such volume is not happening on any other exchange. I conclude that if there are whales powerful enough to blow almost $500K on dismantling a bearish Ask wall, then Bitcoin is going to stay up for now.....Will take another China sell off to defeat the sharks on Bitstamp. The same entity probably has the Bid wall stacked as well. Just shows ya how entities with clout can drive a market like it was their bitch.

[doctor877]

The guys who got insider info of china and/or MtGox sold? This happened at the last crash aswell, just speculating tough.

Quite possible

And if this is the case, we'll probably see serious action tomorrow (china).

[MatTheCat]

And if this is the case, we'll probably see serious action tomorrow (china).

It will take China to take Bitcoin down and I sincerely hope they do just to fuck over whoever it is who is manipulating Stamp.....even if I don't profit from it, I hope this happens.

[paulifa123]

Matthecat, I've never seen anyone switch between bull/bear as fast and frequently as you do, it's most entertaining following your posts, you're just so emotional about it all... 

[MatTheCat]

Matthecat, I've never seen anyone switch between bull/bear as fast and frequently as you do, it's most entertaining following your posts, you're just so emotional about it all...  

Once upon a time, back in the day, I had a starry eyed personal appraisal of Bitcoin pretty much like many people here still do, but these days, I see it as nothing less than the crypto spawn of Satan.

I don't give a fuck about Bitcoin.

I only care about winning and I will jump sides whenever I feel I need to in order to be on the winning side.

[keithers]

It's variance. Going down a few percent isn't really plummeting...

[DPoS]

There are forces at work here who are seeking to maintain a high Bitcoin price......I wonder if it is wise to bet against them?

Coinbase is doing 'God's Work'

you don't need an account there to watch their frantic spread
https://coinbase.com/charts


remember coinbase will make a ton more on processing fees and have stated they just trade to break even basically..  with their spreads and fees compared to what they pay trading on bitstamp they have a stacked deck

they only lose if copy cats spring up and crowd out their margin

[brokenchair]

Thanks for the replies and link.  I guess I have a slightly better understanding of what is going on now.  

[MatTheCat]

remember coinbase will make a ton more on processing fees and have stated they just trade to break even basically..  with their spreads and fees compared to what they pay trading on bitstamp they have a stacked deck

they only lose if copy cats spring up and crowd out their margin

I have no clear idea what coinbase is or how they operate.

When I think of reasons that might make spending/wasting a couple of million dollars to hold up the market price of a vapour-asset, I think of stuff like protecting the nominal value of 144K worth of DPR coins..

[shmadz]

MatTheCat, I advise caution, your position could be overrun.
But if you'll keep a close eye on the market and move fast, you'll be able to avoid this.

I have shorted about 20 BTC at $785.

I can place a stop loss at $785 and have over 300 Asks in front of me and the spot price.......and Huobi is slipping all the time.

So far, the trade is a no brainer and a no loser.

300 BTC ask on Stamp moved down to 779.  

Let´s have a shotr Party.  

300 Ask wall at 775 and counting.

This sucker is going back down.

EDIT: and then within one second 234 of the 775 Buy wall is bought up. There are forces at work here who are seeking to maintain a high Bitcoin price......I wonder if it is wise to bet against them?

EDIT: Another couple of massive purchases made at stacked up Ask wall. Someone with real clout is doing thier utmost to keep the price held up. Such volume is not happening on any other exchange. I conclude that if there are whales powerful enough to blow almost $500K on dismantling a bearish Ask wall, then Bitcoin is going to stay up for now.....Will take another China sell off to defeat the sharks on Bitstamp. The same entity probably has the Bid wall stacked as well. Just shows ya how entities with clout can drive a market like it was their bitch.

Whaletank don't care.

[pietje]

plummeting?
We go down from 820 to 780 and we are plummeting?

If you look at the 4h chart you barely see a dip.

[proudhon]

plummeting?
We go down from 820 to 780 and we are plummeting?

If you look at the 4h chart you barely see a dip.

The 4h chart is not the confirmed way to look at bitcoin price history as it prevents you from fully appreciating the dramatic failures of the market.

[muyuu]

LOL plummeting...

You haven't been around for long have you.

[Bobsurplus]

plummeting?
We go down from 820 to 780 and we are plummeting?

If you look at the 4h chart you barely see a dip.

The 4h chart is not the confirmed way to look at bitcoin price history as it prevents you from fully appreciating the dramatic failures of the market.

The Daily is the main chart to watch. WITHOUT A DOUBT!

[DPoS]

remember coinbase will make a ton more on processing fees and have stated they just trade to break even basically..  with their spreads and fees compared to what they pay trading on bitstamp they have a stacked deck

they only lose if copy cats spring up and crowd out their margin

I have no clear idea what coinbase is or how they operate.

When I think of reasons that might make spending/wasting a couple of million dollars to hold up the market price of a vapour-asset, I think of stuff like protecting the nominal value of 144K worth of DPR coins..

you only see it as waste as potential gains..  they are making their gains outside of the exchanges

[podyx]

matthecat is bear again??

time to buy 

[newtothescene]

How about the fact that Google confirmed they are not working on incorporating Bitcoin as a payment method?  Of course if it is anything like Google confirming they are not interesting in buying Waze, things could turn around in a few weeks...