Can someone explain how the price is so stable all of a sudden?

[RyNinDaCleM]

Why would the removal of the most unstable part of something not help it stabilize?

Because Gox isn't (wasn't) the reason for Bitcoin volatility. Volatility is caused by inexperienced traders and low liquidity.

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[InsanityDev]

Why would the removal of the most unstable part of something not help it stabilize?

Because Gox isn't (wasn't) the reason for Bitcoin volatility. Volatility is caused by inexperienced traders and low liquidity.

hmmm, I agree of course, but several months worth of scare stories of people not receiving withdraws, money stopped, etc.. I do believe we noticed the price change just a little when each of those events happened, yes?

[MatTheCat]

I don't necessarily disagree. However, this assumes that most traders are short. Not sure about that.

On Bitfinex, there are far more leveraged shorts than longs. Infact the shorts are totally maxed out. For this reason, I was expecting a short squeezing bull trap to transpire, where the shorts were all squeezed out, resulting in adding fuel to the break out, and encouraging dumb longs to pile in at which point the Bitfinex whales who would have manipulated the bull trap to begin with, would have dumped coin at max profit. After this, we would have the correction that all the chart indicators have been pointing towards.

This seemed to be the way the markets were going, but Huobi was having none of it. Fake volume or not, Huobi has spoken and the USD exchanges have followed. Clear and unequivocal break down from 2 day stagnant pennant formation with all the 4hr indicators yelling "Sell". An absolute 100% school boy short selling opportunity right now at $580.

I agree, that most Bitcoiners are long. With a massive amount of coins being bought at +$550 levels. The market will punish these holders of coins. Again, this move above $550 was instigated by Huobi. It will remain etched in my mind a long time. As I was long since $490, and was sitting contemplating a 5K BTC wall on Stamp and thought it was a clear time to sell. 2 Minutes later the Ask wall was raped by 6K worth of buying pressure. Aghast, I switched over to Huobi's chart and saw that a massive move was instigated there just a few minutes previously.

It is absolutely fucking ridiculous how the automated market trading simply follows in the steps of action on any other large exchange, especially exchanges like Gox or Huobi, where it is suspected the trading is all fake. But that is how it works. Perhaps the most popular trading bots are actually coded by Chinese bitcoin cyber-cowboys themselves. Perhaps they know better than anyone how the different trading algorithms work, and how best to completely milk the whole market dry. They may have their western based whale competitors who have other ideas as was seemingly witnessed today, but when it comes down to it, the western market shakers are no match for the mathematically adept and ultra underhand Chinese cyber-cowboys. That is how it seems to me anyhow. The West wants the market to do one thing, and it obliges, until China says something else. China almost always has the final word. (I identify China not just as 'Huobi', but all trading done during China waking hours including on USD exchanges where the mofos surely also operate).

[RyNinDaCleM]

Why would the removal of the most unstable part of something not help it stabilize?

Because Gox isn't (wasn't) the reason for Bitcoin volatility. Volatility is caused by inexperienced traders and low liquidity.

hmmm, I agree of course, but several months worth of scare stories of people not receiving withdraws, money stopped, etc.. I do believe we noticed the price change just a little when each of those events happened, yes?

Well, sure! Bad news in a bear market adds fuel. Some traders trade on how they think other traders will react to news. This gets the ball rolling, and the herd follows.

[pheaonix]

i think chinese buying pressure is too much to reliably short. i will watch closely. i doubt more than -10% change within an hour unless news hits.

[Swordsoffreedom]

Market has factored out gox from the equation for a while so were trading on non-gox based prices

[derpinheimer]

i think chinese buying pressure is too much to reliably short. i will watch closely. i doubt more than -10% change within an hour unless news hits.

I like how you edited it from -5% to -10% lol.

[InsanityDev]

i think chinese buying pressure is too much to reliably short. i will watch closely. i doubt more than -10% change within an hour unless news hits.

I like how you edited it from -5% to -10% lol.

maybe he knows something!

[Jrock]

Can someone explain how the price is so stable all of a sudden? It's like the roller coaster is out of order. 

Quite a few whales got clipped on mtgox. You'd be amazed on how much money/coins certain people kept on that exchange. ( i got clipped too but I'm no whale/manipulator)

I'd imagine the next few weeks, maybe months will be very boring after the whole fiasco.

[Lloydie]

Because there were too many Fluc U Asians.  

[TERA]

It's really simple. Two strong trends collided and are smashed up against eachother. Everyone was extremely bullish after the gox reversal and wanted to buy buy buy, but then the price collided with the month-old established bear trend, and stopped the rally. Everyone was still so bullish that they didn't want to accept that a retracement was neccessary to break the bear trend, so it just stalled out. I still think it needs to go to ~500-530 first and consolidate before it can break the trend. It might take some news event to shake things up.

[MatTheCat]

It's really simple. Two strong trends collided and are smashed up against eachother. Everyone was extremely bullish after the gox reversal and wanted to buy buy buy, but then the price collided with the month-old established bear trend, and stopped the rally. Everyone was still so bullish that they didn't want to accept that a retracement was neccessary to break the bear trend, so it just stalled out. I still think it needs to go to ~500-530 first and consolidate before it can break the trend. It might take some news event to shake things up.

I have been sleeplessly watching this like a hawk. Until China started playing, we were heading for what I would have thought was a bull trap short squeezing break out...then Huobi started selling off strong.....the rest will fall into place like dominoes from here....although there still may be a bit of bullish stubborness to be shaken out market before correction kicks in good n proper.

[sgbett]

It's really simple. Two strong trends collided and are smashed up against eachother. Everyone was extremely bullish after the gox reversal and wanted to buy buy buy, but then the price collided with the month-old established bear trend, and stopped the rally. Everyone was still so bullish that they didn't want to accept that a retracement was neccessary to break the bear trend, so it just stalled out. I still think it needs to go to ~500-530 first and consolidate before it can break the trend. It might take some news event to shake things up.

A1 TA WOULD TA AGAIN

[af_newbie]

It's really simple. Two strong trends collided and are smashed up against eachother. Everyone was extremely bullish after the gox reversal and wanted to buy buy buy, but then the price collided with the month-old established bear trend, and stopped the rally. Everyone was still so bullish that they didn't want to accept that a retracement was neccessary to break the bear trend, so it just stalled out. I still think it needs to go to ~500-530 first and consolidate before it can break the trend. It might take some news event to shake things up.

I have been sleeplessly watching this like a hawk. Until China started playing, we were heading for what I would have thought was a bull trap short squeezing break out...then Huobi started selling off strong.....the rest will fall into place like dominoes from here....although there still may be a bit of bullish stubborness to be shaken out market before correction kicks in good n proper.

I'd not count on 500.  The 4hr improved quite a bit for the bulls. All this on a ~$20 pullback. 

[MatTheCat]

It's really simple. Two strong trends collided and are smashed up against eachother. Everyone was extremely bullish after the gox reversal and wanted to buy buy buy, but then the price collided with the month-old established bear trend, and stopped the rally. Everyone was still so bullish that they didn't want to accept that a retracement was neccessary to break the bear trend, so it just stalled out. I still think it needs to go to ~500-530 first and consolidate before it can break the trend. It might take some news event to shake things up.

I have been sleeplessly watching this like a hawk. Until China started playing, we were heading for what I would have thought was a bull trap short squeezing break out...then Huobi started selling off strong.....the rest will fall into place like dominoes from here....although there still may be a bit of bullish stubborness to be shaken out market before correction kicks in good n proper.

I'd not count on 500.  The 4hr improved quite a bit for the bulls. All this on a ~$20 pullback.  

Significant support at this point is $550. Any price below this and there are going to be a shit load of bagholders in the market. Took a 6K BTC of buying on Stamp to get from $550 up to and above $560.

If Bitcoin breaks below this, then upper $400 range would not be out of the question.

The coming trading period will be all about testing this $550 range. Since we have the 4hr MacD, threatening to hit a crossover, and since we have not yet had any meaningful correction from a whopping $400 - $610 recovery, my money is on $550 being broken to downside.

With all that in mind, Bitcoin @ 578 (right now) could yet be a cracking short trade, being sure to keep a close eye on how Bitcoin reacts and bounces of the $500 range.

[af_newbie]

Since we have the 4hr MacD, threatening to hit a crossover, and since we have not yet had any meaningful correction from a whopping $400 - $610 recovery, my money is on $550 being broken to downside.

With all that in mind, Bitcoin @ 578 (right now) could yet be a cracking short trade, being sure to keep a close eye on how Bitcoin reacts and bounces of the $500 range.

the 4hr MACD is almost there, but RSI is not.  We need another push to get RSI into overbought IMHO, then both RSI/MACD will be confirmed. Say, 580-600 again, followed by a pullback.

[proudhon]

I fully expect some of you guys who are short term trading/day trading bitcoin, especially in the US, to be well and truly fucked over by the IRS as they catch up and issue guidance on taxing bitcoin.  I seriously hope you guys are keeping good records.  

[proudhon]

I think a good portion of the volatility the market experiences is due to amateur traders who still think this is a fully under ground internet play thing that they can go in and out of, take profits, buy, sell, whatever with no accounting or concern for tax obligations or reporting of any kind.  I think an awareness of these sorts of obligations to accounting dampen volatility a bit in typical financial markets.

[mmitech]

I think a good portion of the volatility the market experiences is due to amateur traders who still think this is a fully under ground internet play thing that they can go in and out of, take profits, buy, sell, whatever with no accounting or concern for tax obligations or reporting of any kind.  I think an awareness of these sorts of obligations to accounting dampen volatility a bit in typical financial markets.

it is legal in Slovenia capital gains are Tax free, speculation on an asset/stock is legal as long as you can prove the logs and source on income, I am thankful that I live here

[600watt]

I think a good portion of the volatility the market experiences is due to amateur traders who still think this is a fully under ground internet play thing that they can go in and out of, take profits, buy, sell, whatever with no accounting or concern for tax obligations or reporting of any kind.  I think an awareness of these sorts of obligations to accounting dampen volatility a bit in typical financial markets.

it is legal in Slovenia capital gains are Tax free, speculation on an asset/stock is legal as long as you can prove the logs and source on income, I am thankful that I live here

in germany no capital gains tax after hodling longer than 12 months.