why were staying ~800 ish

[coinpharmer]

I think its got a ton to do with the fact that many of the big holders of coins are now "hedging" their btc holdings with fiat. everywhere you look people are saying "I have plenty of btc, so im protecting my current situation" this is good news imo, its a lot of selling going on by big holders, and a lot of new buyers at the same time holding the price where it it.
If they try to buy back that 20% btc they moved to fiat watch low liquidity/selling pressure meet high buying pressure.

[TERA]

You know what will drive the price up more than the 20% fiat buybacks? The 300% margin positions on top of that.

[chessnut]

You know what will drive the price up more than the 20% fiat buybacks? The 300% margin positions on top of that.

exactly. with all the bears around here shorting. selling bitcoin is one thing, shorting bitcoin is beyond me....

[ElectricMucus]

you guys sound awfully sure of yourself.

[TERA]

I was actually thinking about longs. I don't think the people who drive the market are stupid enough to hold shorts open like that.

[aminorex]

exactly. with all the bears around here shorting. selling bitcoin is one thing, shorting bitcoin is beyond me....

I suspect most people who short bitcoin are bulls.  They'd rather lever long, but the carry is too high.  I short in a short-term downtrend, and roll my profits back into btc, constantly increasing the base btc position.  Why not just sell and buy back, since they are equivalent?  It's easier to cover a short than to buy back without damaging your cost-basis.  Also, the psychology is different.  If I were a robot, the difference would be unimportant, but I'm not, sadly.

[coinpharmer]

you guys sound awfully sure of yourself.

only thing im sure of is that in September nobody I knew had heard of bitcoin. now several people I know are very excited about bitcoin and 5 people have told me they own bitcoin resently. those people are going to tell people. I told the Arab dude at 7-11, bet he will be into it, hes pretty techie always working a few angles while working that job.  the adoption is whats holding us up while lots of yall panic. with all the talk of crashes and catipulation that we are seeing it yet at least, too many new people want coins.

[nodroids]

I got short a little and more cash on my main exchange to buy this dip which I hoped would be deeper, but still two more weeks in my theoretical dip period, so jot sweating too badly on being a little overly fiat exposed. Just keep your eyes On developers like Mike Hearn to not be screwing over the protocol itself!

[coinpharmer]

I got short a little and more cash on my main exchange to buy this dip which I hoped would be deeper, but still two more weeks in my theoretical dip period, so jot sweating too badly on being a little overly fiat exposed. Just keep your eyes On developers like Mike Hearn to not be screwing over the protocol itself!

thanks for getting me to google Mike Hearn, im now more bullish, like a madadoor riding a bull

[DieJohnny]

China and online stores that convert to fiat are the only things keeping Bitcoin down.

We may see 600s but we definitely won't see anything below 500 until world war III.

 

[MatTheCat]

China and online stores that convert to fiat are the only things keeping Bitcoin down.

We may see 600s but we definitely won't see anything below 500 until world war III.

If there was an interest for Bitcoin above $800, it would go above $800. Despite the efforts being made to stop it dropping below $765, there is declining interest in Bitcoin as we approach previous resistance levels. Go take a look at the Stamp charts. Marvel at the rapid sequence of bot microtransaction keeping spot at the nearest Ask offer, laugh at the total lack of volume at this present 815 ridge being formed.

Lack of interest to take Bitcoin back up, and manipulative price support to stop it falling, is why we are staying at these levels.....at least until China hits in like less than a week or something.

[coinpharmer]

China and online stores that convert to fiat are the only things keeping Bitcoin down.

We may see 600s but we definitely won't see anything below 500 until world war III.

If there was an interest for Bitcoin above $800, it would go above $800. Despite the efforts being made to stop it dropping below $765, there is declining interest in Bitcoin as we approach previous resistance levels. Go take a look at the Stamp charts. Marvel at the rapid sequence of bot microtransaction keeping spot at the nearest Ask offer, laugh at the total lack of volume at this present 815 ridge being formed.

Lack of interest to take Bitcoin back up, and manipulative price support to stop it falling, is why we are staying at these levels.....at least until China hits in like less than a week or something.

honest question for you mat, do you really believe the manipulation is so bad or are you pulling a proudhorn? youve been telling everyone the sky is fallingthe price is falling, and i wonder if you were just hit with a acornloss

we clearly have support at 800, whenever its less people buy cheap coins. by that, i mean people i know IRL think of sub 800/coin cheap now. stop spreading your fud or if you believe what you say, then be more objective.

[Dragonkiller]

China and online stores that convert to fiat are the only things keeping Bitcoin down.

We may see 600s but we definitely won't see anything below 500 until world war III.

If there was an interest for Bitcoin above $800, it would go above $800. Despite the efforts being made to stop it dropping below $765, there is declining interest in Bitcoin as we approach previous resistance levels. Go take a look at the Stamp charts. Marvel at the rapid sequence of bot microtransaction keeping spot at the nearest Ask offer, laugh at the total lack of volume at this present 815 ridge being formed.

Lack of interest to take Bitcoin back up, and manipulative price support to stop it falling, is why we are staying at these levels.....at least until China hits in like less than a week or something.

honest question for you mat, do you really believe the manipulation is so bad or are you pulling a proudhorn? youve been telling everyone the sky is fallingthe price is falling, and i wonder if you were just hit with a acornloss

we clearly have support at 800, whenever its less people buy cheap coins. by that, i mean people i know IRL think of sub 800/coin cheap now. stop spreading your fud or if you believe what you say, then be more objective.

he has been consuming too many goods from silk road... paranoia

[MatTheCat]

we clearly have support at 800, whenever its less people buy cheap coins. by that, i mean people i know IRL think of sub 800/coin cheap now. stop spreading your fud or if you believe what you say, then be more objective.

The support floor is $765. Huobi went right through their relative support into no-mans land. Bitstamp bounced back, but was falling fast with a large ask wall sprinting after the falling spot price, and then woosh! 300 BTC order came in on Stamp at 774, right out of knowhere followed by another couple of very large orders that took the sting out of the Ask walls. Superwhale had saved the day, and I got called out on my short sell, detracting a bit from the dazzling profits I had previously made.

I can't be objective because I am not armed with facts, only observations of trading behaviour but these observations leave me in no doubt that there are clear market control policies being implemented that go against the grain of the organic market forces at this point in time.

Whatever, I aint betting against these fuckers. More chance of losing than winning and no amount of TA or staring at volume momentum is gonna help you. I amn't betting with these fuckers either. Not right now, not until this China thing has passed and they have the dice loaded in Bitcoin's favour once again.

[coinpharmer]

we clearly have support at 800, whenever its less people buy cheap coins. by that, i mean people i know IRL think of sub 800/coin cheap now. stop spreading your fud or if you believe what you say, then be more objective.

The support floor is $765. Huobi went right through their relative support into no-mans land. Bitstamp bounced back, but was falling fast with a large ask wall sprinting after the falling spot price, and then woosh! 300 BTC order came in on Stamp at 774, right out of knowhere followed by another couple of very large orders that took the sting out of the Ask walls. Superwhale had saved the day, and I got called out on my short sell, detracting a bit from the dazzling profits I had previously made.

I can't be objective because I am not armed with facts, only observations of trading behaviour but these observations leave me in no doubt that there are clear market control policies being implemented that go against the grain of the organic market forces at this point in time.

Whatever, I aint betting against these fuckers. More chance of losing than winning and no amount of TA or staring at volume momentum is gonna help you. I amn't betting with these fuckers either. Not right now, not until this China thing has passed and they have the dice loaded in Bitcoin's favour once again.

remember when everyone "learned" that the price went down on weekends, and that you could make a 100/coin profit every monday buying coins saturday? suddenly people were buying on weekends and we had higher weekend prices then weekday. what everyone "learned" from past bubble/spikes-up, is that we will come crashing down to hellishly low levels. well all those people waiting to buy these cheap half cost coins in the 400 range that "we all knew was coming" is what prevented that from happening.

im not trying to say people are not manipulating the price up, there could be more then adoption going on. but i dont think the people holding the price up are working as team to hold it up until they let it crash down. if their are people or groups of people holding the price up, its likely so they can show those they want to impress how good bitcoin will be in the future, and how cool they are.

people are gaining experiance with  how bitcoin works/trends and the past is only indicative of the future if people never learn from the past.