How things will progress over course of evening.

[MatTheCat]

A 1000 BTC Ask appeared on Stamp just recently. I would suggest that with the timing of it's appearance, that some whale wants the market to go down. There has been no attempt by the whale to chase down the spot price as his order triggered a series of panic sell-offs. If the market had the appetite to go much higher than where we are now (before it goes much lower), then this 1000 sell wall would have been devoured. Instead, traders are running away from it.

Down in the $550-$560 is a pretty solid Bid wall however.

I would imagine that Bitcoin will test this wall and rebound of it, and then trend back up to the $580 spot, where the 1000 Ask offer sits on Stamp, conveniently positioned so that the resistance it provides, will form a bear wedge at by then three distinct tops, with a floor around $555 - $560. At this point, traders may want to consider shorting Bitcoin, waiting to ensure that the $580 resistance isn't breached of course, which I don't imagine it will be.

All the 4hr indicators are maxed out and are ready to come back down.......

......I think we all know what comes next just as soon as the Chinese cowboys are out their beds and back on the game.

[genco]

Do you see a crash and then a yo yo back up...or a crash with some stability (and sane growth)? or are we going to be in a long term $100+ yo yo cycle through summer at least?

Related question: why the yo yo this year? Mt gox news wasn't hitting every day...so I presume volatility is based on day traders trying to take advantage of unsophisticated, new market entrants that joined btc based on publicity when it hit 1000.

If that is the case then I'd say the yo yo would stop as number new entrants falls (due to bad news) and the newer people just hold and see where it goes...since I presume these people bought in with a prediction of REAL growth, and not a desire to day trade.

[raid_n]

Wow, that wall was raped

[MatTheCat]

I stand corrected!

Wonder what fucking clown bought into the 1000 Bid walls on Stamp and Bitfinex? These will be expensive coins soon enough (compared with much lower buy in opportunities ahead) unless it was just another pass the parcel manipulation trade designed to alter market psychology.

Now, there is a 1600 BTC wall on the Ask side....probably the same whale trying to give the artificial momentum he thinks he has created a boot up the arse.

Hope the clown gets fkn slaughtered..........that triggered my Short Stop Loss that did.

[Miz4r]

MatTheCat, the bear that tried to become bull but couldn't.

[MAbtc]

I closed my last short after we dipped to mid $400s, and I don't see myself going short again until I am very confident the down trend continues. I was tempted when Stamp broke $600, but ... too risky at the moment. Order books are still painted green.

[MatTheCat]

MatTheCat, the bear that tried to become bull but couldn't.

I was a bull for the whole of yesterday......came out far too soon though, literally 2 minutes before the 6000 BTC mad buying surge at $750, so I let myself off for not seeing that coming.

Right now, far more downside potential than upside all things considered, but that is not to say that it won't be pushed up a bit witnessing current events.

Not a good time for normal Joe's to enter or exit market here.....there be nefarious deeds getting played out here by some whale rat trying to empty everyone elses USD into his koffers. If it breaks out of pennant formation then there is not likely more than a $20-$30 in it, if it fails to break pennant then it is just going to rebound at about $579 again before heading back up.

Shite day, glued to this like a fly to site, all just to lose $250 in the end.

I closed my last short after we dipped to mid $400s, and I don't see myself going short again until I am very confident the down trend continues. I was tempted when Stamp broke $600, but ... too risky at the moment. Order books are still painted green.

Agreed. This market will break in short term in which ever direction results in the most amount of people emptying USD into this whales pockets.

I am out.

[MatTheCat]

Update.

There goes the whale on Bitfinec/Bitstamp again, with his 1000 BTC walls. This time it is an Ask wall right at spot price...

Ooh the suspense.....is he gonna buy up his own wall thus creating a panic buying upsurge to give impression of impending break out......or is he going to dump a shit load as soon as the organic upsurge support he is looking to create gets into place to hoover up a shit ton of coin he bought down in the $400s?

The suspense is killing me.....

......just not enough to be foolish enough to enter this market, neither short or long.

[SlidingHorn]

Man I wish I knew what the hell you guys were saying

I just look for a reasonably low price, try to get in there, and hold on. 

All this technical trading talk is hurting my head, lol

[Miz4r]

Update.

There goes the whale on Bitfinec/Bitstamp again, with his 1000 BTC walls. This time it is an Ask wall right at spot price...

Ooh the suspense.....is he gonna buy up his own wall thus creating a panic buying upsurge to give impression of impending break out......or is he going to dump a shit load as soon as the organic upsurge support he is looking to create gets into place to hoover up a shit ton of coin he bought down in the $400s?

The suspense is killing me.....

......just not enough to be foolish enough to enter this market, neither short or long.

Maybe they're trying to squeeze out all those sweet shorts people have going and cause a crazy spike where they can sell into? Not that I know whether this is truly all being manipulated, but if it is I would think that would be their aim.

[theonewhowaskazu]

Update.

There goes the whale on Bitfinec/Bitstamp again, with his 1000 BTC walls. This time it is an Ask wall right at spot price...

Ooh the suspense.....is he gonna buy up his own wall thus creating a panic buying upsurge to give impression of impending break out......or is he going to dump a shit load as soon as the organic upsurge support he is looking to create gets into place to hoover up a shit ton of coin he bought down in the $400s?

The suspense is killing me.....

......just not enough to be foolish enough to enter this market, neither short or long.

Maybe they're trying to squeeze out all those sweet shorts people have going and cause a crazy spike where they can sell into? Not that I know whether this is truly all being manipulated, but if it is I would think that would be their aim.

Or, MAAAYBE somebody with a lot of coins wants USD, and somebody with a lot of USD wants those coins?

[thezerg]

he

Man I wish I knew what the hell you guys were saying

I just look for a reasonably low price, try to get in there, and hold on.  

All this technical trading talk is hurting my head, lol

he's just making stuff up and losing money in the process it sounds like.  nobody can tell you why a buy or sell wall exists... or tell if someone is painting the tape -- that is buying his own sell orders to increase volume.

Update.

There goes the whale on Bitfinec/Bitstamp again, with his 1000 BTC walls. This time it is an Ask wall right at spot price...

Ooh the suspense.....is he gonna buy up his own wall thus creating a panic buying upsurge to give impression of impending break out......or is he going to dump a shit load as soon as the organic upsurge support he is looking to create gets into place to hoover up a shit ton of coin he bought down in the $400s?

The suspense is killing me.....

......just not enough to be foolish enough to enter this market, neither short or long.

Maybe they're trying to squeeze out all those sweet shorts people have going and cause a crazy spike where they can sell into? Not that I know whether this is truly all being manipulated, but if it is I would think that would be their aim.

yeah the opportunity today was to feed the shorts at .1 to .2 pct per day btc on bitfinex

[Cyberlight]

Mat is turning bullish , he sees how strong bitcoin hold despite the gox debacle.

[MatTheCat]

Or, MAAAYBE somebody with a lot of coins wants USD, and somebody with a lot of USD wants those coins?

If I had 1000 coins to sell off, I would want the best possible price. I would not just place a 1000 limit order into a static market. When someone does that, it can only be because they are trying to knudge and push market psychology in a direction. I have sat and watched these 1000 BTC single orders appear on both sides of the Wall a few times. First time, on the Ask Wall, which resulted in scared Bitcoiners doing a runner from it the instant it went up, and then on the Bid wall, chasing the price up to break out from the mould......Some whale was clearly trying to tip the scales in an upward direction, by first instigating a slight panic run, followed by a much more potent charge.....it never worked out that amazing but my stop loss was certainly triggered.

....what seems to be happening with this one is....

....absolutely nothing.

The market is dead. Nobody wants to make a move either direction. Whatever the planned effect of the Wall is intended to be, the effects will be minimal.

Do you trade Bitcoin at all?

If so, how do you get by with this totally naive assumption that all that goes down in the market place is a big bunch of traders happily and honestly buying and selling Bitcoin?

Do you not get totally fkn shafted all the time?

Mat is turning bullish , he sees how strong bitcoin hold despite the gox debacle.

Correct.

I can't bring myself to imagine a lower low than $400 at this point in time. But one thing that is certain is eye wateringly lower prices than we have currently.

[Tirapon]

Man I wish I knew what the hell you guys were saying

I just look for a reasonably low price, try to get in there, and hold on.  

All this technical trading talk is hurting my head, lol

You'll probably be just fine then.

[MatTheCat]

Man I wish I knew what the hell you guys were saying

I just look for a reasonably low price, try to get in there, and hold on.  

All this technical trading talk is hurting my head, lol

You'll probably be just fine then.

Unless the market continues to bear trend in which case he will be holding a bag full of overpriced vapour, like so many others around here who happened to buy into the HODL philosophy at the wrong time in the market.

[Miz4r]

Man I wish I knew what the hell you guys were saying

I just look for a reasonably low price, try to get in there, and hold on.  

All this technical trading talk is hurting my head, lol

You'll probably be just fine then.

Unless the market continues to bear trend in which case he will be holding a bag full of overpriced vapour, like so many others around here who happened to buy into the HODL philosophy at the wrong time in the market.

But you can't buy at the absolute bottom, only if you're really lucky. Almost always when you buy the price will go lower again afterwards, and probably more than you are comfortable with. So why not just choose a price you think is acceptable based on trend analysis and stuff and simply place buy orders there? I'm pretty sure you will get a better price this way rather than waiting for all your indicators to align and you are 100% sure we're in an uptrend that will continue for a while.

[Tirapon]

Man I wish I knew what the hell you guys were saying

I just look for a reasonably low price, try to get in there, and hold on.  

All this technical trading talk is hurting my head, lol

You'll probably be just fine then.

Unless the market continues to bear trend in which case he will be holding a bag full of overpriced vapour, like so many others around here who happened to buy into the HODL philosophy at the wrong time in the market.

Once you have identified the long term trend (hint: UP) then you just want to get in at a good price. Bottom picking is a dirty business, so just buy when you think you're getting a good deal, and then if it goes lower take advantage and buy more.

[MatTheCat]

But you can't buy at the absolute bottom, only if you're really lucky. Almost always when you buy the price will go lower again afterwards, and probably more than you are comfortable with. So why not just choose a price you think is acceptable based on trend analysis and stuff and simply place buy orders there? I'm pretty sure you will get a better price this way rather than waiting for all your indicators to align and you are 100% sure we're in an uptrend that will continue for a while.

Go tell that to all the noobs that were told by Bitcoin Nutter that $800 Bitcoin was cheap Bitcoin, cos it was going 2 da moon, and that they should dive in with as much 'worthless fiat' as they could possibly muster. I was told that not only at $800, but was called crazy for selling $1000 Bitcoin on this forum.

U should go and take a little look at TERA's thread: https://bitcointalk.org/index.php?topic=489756.0

Neither the 1 day RSI or the MACD of this latest crash are consistent with the reversal of a bear phase. $400 might not be the bottom.

[Tirapon]

But you can't buy at the absolute bottom, only if you're really lucky. Almost always when you buy the price will go lower again afterwards, and probably more than you are comfortable with. So why not just choose a price you think is acceptable based on trend analysis and stuff and simply place buy orders there? I'm pretty sure you will get a better price this way rather than waiting for all your indicators to align and you are 100% sure we're in an uptrend that will continue for a while.

Go tell that to all the noobs that were told by Bitcoin Nutter that $800 Bitcoin was cheap Bitcoin, cos it was going 2 da moon, and that they should dive in with as much 'worthless fiat' as they could possibly muster. I was told that not only at $800, but was called crazy for selling $1000 Bitcoin on this forum.

U should go and take a little look at TERA's thread: https://bitcointalk.org/index.php?topic=489756.0

Neither the 1 day RSI or the MACD of this latest crash are consistent with the reversal of a bear phase. $400 might not be the bottom.

Sure, maybe we'll go lower. I have Fiat waiting. Point is, I'm hedged against either outcome.