And who is buying now?

[Richard Branson]

I bought 7 BTC on 630$, 25k$ more waiting to see if bears are just idiots or full idiots 

Not bears. Panic bulls. Bears allready bought back a few %. Thanks for the cheap coins pigs.

[teukon]

The Russians are buying now.  Their government has just declared it awesome (i.e. they've banned it) and the news is sweeping the country!

[HairyMaclairy]

All these waves and fans are too complicated for me.

I just had a good chunk of my limit orders filled and reset to resell closer to 800.  Let's see how we go.

[Kluge]

The Russians are buying now.  Their government has just declared it awesome (i.e. they've banned it) and the news is sweeping the country!

Everyone knows Russians only accumulated bitcoins through malware and ponzi scams, anyway.

[teukon]

The Russians are buying now.  Their government has just declared it awesome (i.e. they've banned it) and the news is sweeping the country!

Everyone knows Russians only accumulated bitcoins through malware and ponzi scams, anyway.

Touché!

I guess the global market values Russian scams more than Russian rubles.

[c0ldfusi0nz]

As if by providence I was awoken from my slumber at 2 AM local time and snagged some of those sweet, sweet sub-$700 coins.

[MatTheCat]

Hodlers hodl - they are irrelevant, but who sold at 900 and now is buying back? For me it looks like at least a temporary bottom.

After my spidey senses haven woken me from my sleep just as Bitcoin hit $666.66666666 after a ~1700 single sell order hit, I placed a sub $500 buy-in. Now are at $720, charts are looking horrible although past experience and 'common sense' tells me that this still should be a good time to buy as we are likely to reach up towards new resistance level ($765) over next few days.

However, I have absolutely no faith that some whale isn't sitting watching and even encouraging buy-in support building up, with 5000 BTC ready to dump on the market. This slide, consisted of some ridiculously 'well timed' humongous sell orders that came right out of blue. Are these just a big bunch of 'panicky whales' who happened to have impeccably bad timing, or is this all deliberate?

It's too difficult to identify these "resistance" and "support" levels during a serious downtrend. I thought support today was going to be 750 or 720 but it was 619 and now I have no idea where "resistance" is going to be. The levels are always likely to be lower than I expect or descend too fast for me to respond to and then I make a failed trade, losing fiat value. During a downtrend it is important to preserve fiat value rather than coin value and it will ultimately end up buying me more coins - as long as I reverse this strategy once the uptrend starts.

The major episodes of slippage were caused by whales coming along and dumping 1500+ BTC all at once. A swing trader simply cannot legislate for that and how can anyone have any faith that the same thing isn't away to happen in 10 minutes or whatever. Only reason I think it won't is cos a 1500 BTC sale would knock the BID wall back $100 USD at the moment. It won't happen again until reasonable support builds up,....I wouldnt have thought..

[MatTheCat]

Doppelpost

[Torque]

MattTheCat, I agree that the dump by a couple of whales seemed to be coordinated and well timed at the end, taking advantage of the FUD factor.  The only plausible explanation. 

Could they do it again?  Probably, sure, but I'm wondering if it was really only one time thing.  Especially if it had been planned for some time.  But hindsight is always 20/20, and in a month or two we could possibly be looking back at this moment in the charts as the final capitulation.

[seldon]

All these waves and fans are too complicated for me.

I just had a good chunk of my limit orders filled and reset to resell closer to 800.  Let's see how we go.

pretty good idea imho!

[Miz4r]

Unless you were really bearish before and think the drop was a correction, this is a pretty clear overcorrection, so I'm buying a little. Everyone knew a Gox implosion has been imminent for about a year.

I really doubt Gox is actually going down in flames this time, it will rise back up when the BTC withdrawal issue gets fixed. Fiat withdrawals however are another story, but it has been like that forever so people are used to that. It's good to let this final bearish steam out though, that way we will soon all be fresh and ready for another big rally like in October-November 2013.

[MatTheCat]

MattTheCat, I agree that the dump by a couple of whales seemed to be coordinated and well timed at the end, taking advantage of the FUD factor.  The only plausible explanation. 

Could they do it again?  Probably, sure, but I'm wondering if it was really only one time thing.  Especially if it had been planned for some time.  But hindsight is always 20/20, and in a month or two we could possibly be looking back at this moment in the charts as the final capitulation.

and the dump volume was heavily focused on Bitstamp, the main cashing out exchange.....

.....I suppose that could mean lots of things.....'Chinese Bitcoins being turned to fiat with fake numbers coming out of Chinese exchange perhaps'

[zby]

MattTheCat, I agree that the dump by a couple of whales seemed to be coordinated and well timed at the end, taking advantage of the FUD factor.  The only plausible explanation. 

Could they do it again?  Probably, sure, but I'm wondering if it was really only one time thing.  Especially if it had been planned for some time.  But hindsight is always 20/20, and in a month or two we could possibly be looking back at this moment in the charts as the final capitulation.

and the dump volume was heavily focused on Bitstamp, the main cashing out exchange.....

.....I suppose that could mean lots of things.....'Chinese Bitcoins being turned to fiat with fake numbers coming out of Chinese exchange perhaps'

The final beat of the dump was margin calls on bitfinex.

[Bobsurplus]

I've been buying.. there's never a better time then the moment to increase my holdings.