Technomage (OP)
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October 29, 2011, 09:40:55 AM |
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We don't seem to have a good rally thread going. So I decided to start one. Market is very bullish right now and a breakout over $3.5 was the first strong indicator of a reversal. A clear breakout over $4 would confirm the reversal. Now open Mt. Gox Live and get some popcorn. Also, if someone could help me and post a few liftoff pictures in this thread, I would appreciate it. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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FreeTrade
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October 29, 2011, 09:45:35 AM |
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We don't seem to have a good rally thread going. So I decided to start one. Market is very bullish right now and a breakout over $3.5 was the first strong indicator of a reversal. A clear breakout over $4 would confirm the reversal. Now open Mt. Gox Live and get some popcorn. Also, if someone could help me and post a few liftoff pictures in this thread, I would appreciate it. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Holy cow! What's causing this rally? Was it MtGox burning up some coins by accident, making us all richer?
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wobber
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October 29, 2011, 09:55:50 AM |
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I don't believe we're in a rally. Rally for me sounds like last summer's acceleration. We're more into a steady-paced climbing, with lots of mass that will be very hard to stop (high inertia).
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Technomage (OP)
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October 29, 2011, 09:58:48 AM |
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Holy cow! What's causing this rally? Was it MtGox burning up some coins by accident, making us all richer? In my opinion the rally is simply caused by the fact that after we hit the low of $2.04 the combination of real trade demand and speculative demand wanting "cheap" coins was simply too much for any downward pressure to keep up with. Thus we see the speculative demand increasing because more and more people are thinking that maybe the 2.04 low was the bottom. It could indeed be that it was the bottom because we are close to the point where this rally can be called a trend-changing one. Not quite there yet but we'll see. A lot of people are still afraid that we're in a bull trap. Even I, known as a long-term bull and optimist, am not all-in, at least not yet. I have been buying lately and I am buying now like many others but I'm constantly looking for signs of a confirmed reversal, which would most likely change my entire strategy, or signs that this is indeed a massive bull trap. Which would not really change my strategy because I'm still prepared for it.
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dree12
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October 29, 2011, 12:42:47 PM |
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I don't believe we're in a rally. Rally for me sounds like last summer's acceleration. We're more into a steady-paced climbing, with lots of mass that will be very hard to stop (high inertia).
12% in one day, and the day isn't even over yet. We are in a massive rally if this continues.
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slush
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October 29, 2011, 12:45:39 PM |
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I really doubt that market will go up just because of 2000 BTC lost :-). It's abosolutely insignificant amount. Edit: I bet that the reason behind price jump is a "short squeeze" on Bitcoinica.
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BTCurious
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October 29, 2011, 01:32:03 PM |
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Someone bought 20k coins nearly within an instant. ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fimg36.imageshack.us%2Fimg36%2F1821%2Funledtfy.png&t=665&c=U0oLaIge6Hm4rw) That started off the huge spike to 3.8
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memvola
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October 29, 2011, 02:08:41 PM |
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Someone bought 20k coins nearly within an instant.
I don't think it was a particular trader, a lot of people bought just as it broke above the previous bounce. I've been finding myself having to acquire new coins to keep my balance stable. I think the general sentiment is that Bitcoin as a currency is here to stay and there is enough commerce to justify a bottom close to the current exchange rate, which is a fact supported by the decline in naysayers in this forum. It's a good time to buy if you plan to spend soon, so I'm guessing a lot of people are buying in small amounts for pure commercial purposes. I also personally don't feel like buying as an investment at this point, which for me is a somewhat positive indicator that the price isn't fully motivated by greed. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Probably there are a lot of investors waiting to jump in if it bounces to a new high after testing 3 again but I think it's a good thing that this time they are wary.
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BTCurious
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October 29, 2011, 02:18:35 PM |
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I don't think it was a particular trader, a lot of people bought just as it broke above the previous bounce. Hmm, let me check my logs for individual sales on mtgox, to see if I can find anything… These were the largest transactions: Oct29 04:49:57 mtgox 2,040.0000 @ 3.35 USD Oct29 04:50:07 mtgox 1,000.0000 @ 3.48 USD Oct29 04:50:08 mtgox 850.0000 @ 3.48455 USD Oct29 04:50:09 mtgox 4,456.3342 @ 3.50 USD Of course, this could have been the same person. But this shows that there was at least one individual throwing around thousands of coins. There's lots of smaller transactions of a few hundred BTC too. Edit: Also note the sheer speed with which this went. ~10k BTC within 12 seconds, and this is just the large sums.
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BTCurious
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October 29, 2011, 02:59:21 PM |
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How quickly does the mtGox trade algorithm move? If you put in a buy for say 100000 btc at 10$ to grab all the open sell orders, how close would the timestamps be on all the little transactions that creates? I don't know, but please let me know before you try it out ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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RyNinDaCleM
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October 29, 2011, 03:32:33 PM |
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How quickly does the mtGox trade algorithm move? If you put in a buy for say 100000 btc at 10$ to grab all the open sell orders, how close would the timestamps be on all the little transactions that creates? I don't know, but please let me know before you try it out ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) ^This, definitely!^
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memvola
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October 29, 2011, 05:21:46 PM |
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Of course, this could have been the same person. But this shows that there was at least one individual throwing around thousands of coins.
Could be bitcoinica too, does it support buy-stop orders? Well, it's old news anyway... ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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phorensic
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October 29, 2011, 06:56:40 PM |
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How quickly does the mtGox trade algorithm move? If you put in a buy for say 100000 btc at 10$ to grab all the open sell orders, how close would the timestamps be on all the little transactions that creates?
It's pretty much instant. If I put in an order that is just a few cents away from the current price, and the price just trickles over the price of my order, I will instantly see 3-4 transactions that completed my order.
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cypherdoc
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October 29, 2011, 08:48:10 PM |
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How quickly does the mtGox trade algorithm move? If you put in a buy for say 100000 btc at 10$ to grab all the open sell orders, how close would the timestamps be on all the little transactions that creates?
within seconds
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tvbcof
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October 29, 2011, 09:12:24 PM |
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I don't think it was a particular trader, a lot of people bought just as it broke above the previous bounce. Hmm, let me check my logs for individual sales on mtgox, to see if I can find anything… These were the largest transactions: Oct29 04:49:57 mtgox 2,040.0000 @ 3.35 USD Oct29 04:50:07 mtgox 1,000.0000 @ 3.48 USD Oct29 04:50:08 mtgox 850.0000 @ 3.48455 USD Oct29 04:50:09 mtgox 4,456.3342 @ 3.50 USD Of course, this could have been the same person. But this shows that there was at least one individual throwing around thousands of coins. There's lots of smaller transactions of a few hundred BTC too. Edit: Also note the sheer speed with which this went. ~10k BTC within 12 seconds, and this is just the large sums. About the price of a decent car maybe. Really just pocket change to a lot of people. If a single person in the proverbial '1%' took a serious interest in Bitcoin we could see moves like this quite regularly. And it is likely that such an individual would retain the services of a trader who understood the market and was able to move gracefully in it. We might be in one of those time periods when people should not be putting up bids or asks that they do not feel pretty compfortable making. Unless they have a personal relationship with the owners of the exchange at least.
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sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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ElectricMucus
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October 29, 2011, 09:15:34 PM |
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We might be in one of those time periods when people should not be putting up bids or asks that they do not feel pretty compfortable making. Unless they have a personal relationship with the owners of the exchange at least.
It is always one of these times, people tend to forget that and that's when they usually loose.
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nmat
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October 29, 2011, 10:40:11 PM |
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We don't seem to have a good rally thread going. So I decided to start one.
I have been wanting so say this for a while: is it just me or all the threads in the speculation forum are the same? I mean, the initial posts are usually related to the thread title, but after a couple of pages everybody is talking about market predictions, log charts, trends, etc. When I open the forum I feel that clicking in "9 days - 8 green 1 red is this unprecedented?", "How many of you Bears have ever been a victim of a Short Squeeze?" or "Is the price slowly climbing?" is the same. I will just see random content unrelated to the thread title.
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ineededausername
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October 29, 2011, 10:47:28 PM |
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We don't seem to have a good rally thread going. So I decided to start one.
I have been wanting so say this for a while: is it just me or all the threads in the speculation forum are the same? I mean, the initial posts are usually related to the thread title, but after a couple of pages everybody is talking about market predictions, log charts, trends, etc. When I open the forum I feel that clicking in "9 days - 8 green 1 red is this unprecedented?", "How many of you Bears have ever been a victim of a Short Squeeze?" or "Is the price slowly climbing?" is the same. I will just see random content unrelated to the thread title. +1. We should clean up this forum or something. lol.
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(BFL)^2 < 0
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