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MatTheCat (OP)
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March 04, 2014, 12:01:12 PM |
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Bitcoin is badly over extended, yet it is holding.
But for how much longer?
Either the fairy god whales turn up and start buying a shit ton of Bitcoin without giving a damn about how much they are paying.....
......or we retrace from here to lower 600's, upper 500's.
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porcupine87
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March 04, 2014, 12:13:03 PM |
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Today btc-e is the leader. The volume is there nearly 3times higher than on Stamp. I would not risk to sell now...
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"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
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MatTheCat (OP)
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March 04, 2014, 12:17:55 PM |
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Today btc-e is the leader. The volume is there nearly 3times higher than on Stamp. I would not risk to sell now...
Already have done...will buy back if 700 wall on Stamp is devoured with buying pressure. Will be a lot of Arbitrage taking on bTC-e, transferring coins from Stamp, to there. |
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Cassius
Legendary
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Activity: 1764
Merit: 1031
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March 04, 2014, 12:24:15 PM |
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I don't see this rally as sustainable. Good news, but not sustainable to this degree. It was chaotic and panicky, not an upward correction that happened for good reason.
I also think we are on a hiding to nothing trying to understand it. Probably combination of all of the things discussed: Ukraine, London, whale manipulation - all kicking off irrational panic-buyers. Not the news itself, but people (like us...) trying to make sense of it and jumping in so as not to miss the boat, as they saw it.
Either way, it seems to have confirmed 710 resistance for now.
Thoughts?
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MatTheCat (OP)
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March 04, 2014, 12:41:22 PM |
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I don't see this rally as sustainable. Good news, but not sustainable to this degree. It was chaotic and panicky, not an upward correction that happened for good reason.
I also think we are on a hiding to nothing trying to understand it. Probably combination of all of the things discussed: Ukraine, London, whale manipulation - all kicking off irrational panic-buyers. Not the news itself, but people (like us...) trying to make sense of it and jumping in so as not to miss the boat, as they saw it.
Either way, it seems to have confirmed 710 resistance for now.
Thoughts?
Like you say. I know that I was buying and selling in a panicked frenzy with my paltry 30 BTC stack, guess everyone else was to with their 100's or even 1000s...and of course there was at least one very big buyer who didn't give a shit about how much the price was, he just wanted his 10K BTC. He kicked the party off, the rest of us played a game of ride the craze with each other. This was nothing like a recovery market rally from, but like a parabolic blow off at the end of a long bull-run. Either even more insane buying pressure comes to town (and I am not saying that it won't), or this retraces right back in the direction it came from. |
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Cassius
Legendary
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Activity: 1764
Merit: 1031
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March 04, 2014, 04:36:43 PM |
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Looks like it's finally coming off the boil... should know fairly soon. Dropping fast now but want to make sure it's not a bear trap.
I'll be happier if prices head back down to where they "should" be (where "should" is defined by what I can understand/explain).
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akujin
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March 04, 2014, 04:54:13 PM |
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BTC: 165rKPfGJ3ndrG1QziHR6ACnViP4EQHNK7
LTC: LMysGMFjmF9gR9RzStij74msXrDP1NqW8X
DOGE: DRZXGgcKN8kANwko3VycsBVVGqfy6XsSpM
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EuroTrash
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March 04, 2014, 05:19:02 PM |
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<=== INSERT SMART SIGNATURE HERE ===>
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cbutters
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March 04, 2014, 05:25:43 PM |
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Were obviously much more aligned with this:  |
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EuroTrash
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March 04, 2014, 05:32:51 PM |
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Were obviously much more aligned with this: But consider that the price has gone up 5x since last time, involving possibly 5x as many users. Movements in any direction should take longer than before - because larger herd? |
<=== INSERT SMART SIGNATURE HERE ===>
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Dragonkiller
Sr. Member
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Super Smash Bros. Ultimate Available Now!
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March 04, 2014, 05:35:24 PM |
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Were obviously much more aligned with this:
[img=400x226]http://www.mlis.com/fbapps/Untitled6.png[/img]
But consider that the price has gone up 5x since last time, involving possibly 5x as many users. Movements in any direction should take longer than before - because larger herd? Actually movements should be quicker as people recognize the pattern and try to get ahead of it. |
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Alonzo Ewing
Legendary
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Activity: 1040
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March 04, 2014, 06:29:10 PM |
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Bitcoin is badly over extended, yet it is holding.
But for how much longer?
Either the fairy god whales turn up and start buying a shit ton of Bitcoin without giving a damn about how much they are paying.....
......or we retrace from here to lower 600's, upper 500's.
So you're saying we'll either go up or go down? |
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smoothie
Legendary
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Activity: 2492
Merit: 1474
LEALANA Bitcoin Grim Reaper
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March 04, 2014, 06:50:49 PM |
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Fairy god whales = free market
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theta
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March 04, 2014, 07:37:43 PM |
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Bitcoin is badly over extended, yet it is holding.
But for how much longer?
Either the fairy god whales turn up and start buying a shit ton of Bitcoin without giving a damn about how much they are paying.....
......or we retrace from here to lower 600's, upper 500's.
So you're saying we'll either go up or go down? Yep. Not a chance we stay here.  |
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antimattercrusader
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March 04, 2014, 08:13:50 PM |
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Two things are for sure:
Bitcoin price will go up or down.
Fairy God Whales = LOL
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BTC: 13WYhobWLHRMvBwXGq5ckEuUyuDPgMmHuK
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pungopete468
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March 04, 2014, 08:33:40 PM |
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I'm thinking any major action will happen Thursday or Friday. Anybody who didn't get a wire out on Friday will likely have tried on Monday...
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piramida
Legendary
Offline
Activity: 1176
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Borsche
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March 04, 2014, 09:09:47 PM |
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Today btc-e is the leader. The volume is there nearly 3times higher than on Stamp. I would not risk to sell now...
because of russia & ukraine national currencies going into dumpster, no wonder they send major funds btc way |
i am satoshi
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Cassius
Legendary
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Activity: 1764
Merit: 1031
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March 04, 2014, 09:20:22 PM |
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I'm not sure I buy the Ukraine explanation. Or the London one. I think they're just post-hoc rationalisations for a spike that may or may not have been started by a whale manipulator. (I.e. it doesn't matter if the Ukraine is actually buying loads of btc; if people *think* they are then they will anyway to get on this mythical, annoying train that I keep hearing so much about.)
Give it a few days and I guess we'll know whether it was an irrational flash in the pan or something more.
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MatTheCat (OP)
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March 04, 2014, 09:48:52 PM |
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So you're saying we'll either go up or go down?
No. I was saying we will definitely go down, unless some X-Factor force comes to the market which cannot be predicted or accounted for...such as the 3K BTC buy-in bomb dropping motherfucker that was buying like crazy yesterday with no regard for getting a good price. Seems the fairy god whale never showed up. |
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Cassius
Legendary
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Activity: 1764
Merit: 1031
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March 04, 2014, 09:56:35 PM |
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So you're saying we'll either go up or go down?
No. I was saying we will definitely go down, unless some X-Factor force comes to the market which cannot be predicted or accounted for...such as the 3K BTC buy-in bomb dropping motherfucker that was buying like crazy yesterday with no regard for getting a good price. Seems the fairy god whale never showed up. That's what I'm counting on. Only thing that makes sense. Of course, sense doesn't always come into bitcoin market dynamics, but I'm still going to expect it anyway.  |
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