Someone just took a gigantic dump.

[mjcmurfy]

The big manipulator who has been setting the 50K bid walls has pulled out. He was the only thing holding the price back. He wants the price to fall even lower than it is right now.

Whatchoo talkin' bout Willis?  I see those same coins (same guy) just placed in different spots on the depth chart right now.

Misquote.

[Dan The Man]

Has anyone noticed that we've set a new record for daily Bitcoin trading volume on Mt Gox? Dunno what the significance of that is, but cool none the less.

[dree12]

And with that 20000 coin sale that happened just now, volume records have been broken.

Has anyone noticed that we've set a new record for daily Bitcoin trading volume on Mt Gox? Dunno what the significance of that is, but cool none the less.

A couple hours before, yes.

[mjcmurfy]

The price pumpers were only able to get it up to 2.27 this time. Nobody is taking the bait.
As soon as we hit that $2 wall, it's going to disappear.

[Dan The Man]

The price pumpers were only able to get it up to 2.27 this time. Nobody is taking the bait.
As soon as we hit that $2 wall, it's going to disappear.

I disagree. It's very clear from what has happened every single month for the past 3 months that the price is going to bounce around for a while. I won't say it won't go below $2. But it won't go very far below $2 and not for very long. There will be at most a week of sort of bouncy semi-stability, and then it's going to jump up, maybe hit $3 or close to it and then go back to the typical stability somewhere below $3.

[bulanula]

The price pumpers were only able to get it up to 2.27 this time. Nobody is taking the bait.
As soon as we hit that $2 wall, it's going to disappear.

I disagree. It's very clear from what has happened every single month for the past 3 months that the price is going to bounce around for a while. I won't say it won't go below $2. But it won't go very far below $2 and not for very long. There will be at most a week of sort of bouncy semi-stability, and then it's going to jump up, maybe hit $3 or close to it and then go back to the typical stability somewhere below $3.

Same was said at $10 and $5. The reality is that price will keep on falling as long as there is free electricity miners, stolen coins, block reward of high 50 BTC, early adopters like BCX with 250 000 coins. Right now the best thing to do is to short and sell as quick as you can. You are a fool if you are buying now. Even $2 is vastly inflated at the moment. $1 sounds likely. Remember the $100 by Xmas guys yeah ? LOL.

[mjcmurfy]

Look at the MACD. It's signaling a huge drop. The RSI is just about to touch 30, and momentum is -1. I'm not normally the biggest fan of technicals, but I honestly can't see how the price could manage a successful rally back to $3 under these circumstances.



Maybe in the medium to long term, but there is no reason whatsoever for the price to rise again in the short term.
Real demand is non existent. The only people buying right now are speculators who don't know what they are doing.

The only way the price will rise is if someone takes a huge gamble and buys a LOT of coins to start a momentum move.
It won't be real, and will quickly deflate again.
That's why it is not going to happen.

[btc_artist]

Watching.

[StewartJ]

Watching.

... and waiting.


( the $1 btc cometh ! )

[RyNinDaCleM]

Look at the MACD. It's signaling a huge drop. The RSI is just about to touch 30, and momentum is -1. I'm not normally the biggest fan of technicals, but I honestly can't see how the price could manage a successful rally back to $3 under these circumstances.

All the indicators in the world still can't detect stupid! 

[mjcmurfy]

All the indicators in the world still can't detect stupid!  

This one seems pretty accurate. /sarcasm

[mjcmurfy]

Another new low recorded at 2.10. Keep your eyes on that $2 wall.

[Cluster2k]

It seems to me that bitcoin behaves in almost exact opposite to sentiments expressed on BitcoinTalk. 

Several weeks ago when the price was collapsing and $2 was within sight people were breaking out the marshmallows and singing bitcoin's death song.  Then the price went up by over 50%.

Last week we had posts proclaiming that $3 is somehow the new found level of stability and things are good from here.  Someone showed up to spoil the party and dump the price to the low $2 range again. 

We now have an obvious and anticipated breakout of pessimism again.  Which way will the trade turn from here?

[notme]

It seems to me that bitcoin behaves in almost exact opposite to sentiments expressed on BitcoinTalk. 

Several weeks ago when the price was collapsing and $2 was within sight people were breaking out the marshmallows and singing bitcoin's death song.  Then the price went up by over 50%.

Last week we had posts proclaiming that $3 is somehow the new found level of stability and things are good from here.  Someone showed up to spoil the party and dump the price to the low $2 range again. 

We now have an obvious and anticipated breakout of pessimism again.  Which way will the trade turn from here?

Up?

[runeks]

I'm interested in this massive sell too. I pulled some historical data on mtgoxUSD from the last two days from bitcoincharts.com, pulled out all the transactions over 500 BTC, and sorted them by date. Here are the results:

Code:

'2011-11-14 01:50:12 2.900000 1000.000000'
'2011-11-14 01:50:21 2.840000 1000.000000'
'2011-11-14 01:50:22 2.831100 985.126022'
'2011-11-14 01:50:22 2.830000 1000.000000'
'2011-11-14 01:50:23 2.820000 1000.000000'
'2011-11-14 01:50:24 2.820000 590.000000'
'2011-11-14 01:50:27 2.800010 567.623000'
'2011-11-14 01:50:29 2.800000 1000.000000'
'2011-11-14 01:50:36 2.750110 727.243600'
'2011-11-14 01:50:37 2.750000 1400.674735'
'2011-11-14 01:50:47 2.700000 606.000000'
'2011-11-14 01:50:56 2.622850 1399.994933'
'2011-11-14 01:52:30 2.502000 639.435000'
'2011-11-14 01:52:31 2.500010 583.447762'
'2011-11-14 01:52:33 2.500000 600.000000'
'2011-11-14 01:52:34 2.500000 1200.000000'
'2011-11-14 02:05:38 2.500000 746.660808'
'2011-11-14 02:39:38 2.500000 2000.000000'
'2011-11-14 02:41:55 2.500000 531.199040'
'2011-11-14 02:42:08 2.500000 650.000000'
'2011-11-14 02:55:28 2.510000 547.257017'
'2011-11-14 02:59:33 2.520000 1000.000000'
'2011-11-14 03:03:27 2.554000 933.400898'
'2011-11-14 03:04:54 2.500010 697.915126'
'2011-11-14 03:05:39 2.500010 941.542810'
'2011-11-14 03:07:19 2.500010 921.153747'
'2011-11-14 03:07:44 2.500010 545.196484'
'2011-11-14 03:08:29 2.500010 1000.000000'
'2011-11-14 03:08:29 2.500010 1000.000000'
'2011-11-14 03:08:29 2.500010 1000.000000'
'2011-11-14 03:08:29 2.500010 1000.000000'
'2011-11-14 03:08:29 2.500010 1000.000000'
'2011-11-14 03:10:03 2.500000 3000.000000'
'2011-11-14 03:14:42 2.500010 641.667193'
'2011-11-14 03:14:42 2.500010 1000.000000'
'2011-11-14 03:14:42 2.500010 1000.000000'
'2011-11-14 03:14:42 2.500010 1000.000000'
'2011-11-14 03:14:42 2.500010 1000.000000'
'2011-11-14 03:14:42 2.500010 1000.000000'
'2011-11-14 03:17:44 2.500010 1000.000000'
'2011-11-14 03:19:13 2.500010 684.136107'
'2011-11-14 03:29:12 2.550010 1000.000000'
'2011-11-14 03:29:12 2.550010 1000.000000'
'2011-11-14 03:29:12 2.550010 1000.000000'
'2011-11-14 03:29:12 2.550010 1000.000000'
'2011-11-14 03:38:21 2.600000 4662.885952'
'2011-11-14 03:38:30 2.600000 5000.000000'
'2011-11-14 03:38:42 2.600000 5000.000000'
'2011-11-14 03:46:01 2.600000 9994.348607'
'2011-11-14 03:46:13 2.560000 6728.658203'
'2011-11-14 03:46:20 2.500000 2466.881068'
'2011-11-14 03:46:48 2.500000 2533.118932'
'2011-11-14 03:47:40 2.500000 5000.000000'
'2011-11-14 03:51:40 2.700000 1000.000000'
'2011-11-14 03:53:45 2.600000 854.070454'
'2011-11-14 03:53:45 2.600000 3253.273450'
'2011-11-14 04:17:31 2.500010 1000.000000'
'2011-11-14 04:18:22 2.500000 971.167778'
'2011-11-14 04:18:24 2.500010 1000.000000'
'2011-11-14 04:19:07 2.500010 885.198095'
'2011-11-14 04:19:12 2.500010 1018.300591'
'2011-11-14 04:21:50 2.500000 1000.000000'
'2011-11-14 04:24:26 2.500010 9701.376317'
'2011-11-14 04:30:58 2.510000 1593.625500'
'2011-11-14 04:32:48 2.500010 20000.000000'
'2011-11-14 04:33:50 2.500000 2000.000000'
'2011-11-14 04:35:30 2.450000 897.280294'
'2011-11-14 04:36:33 2.500000 736.100000'
'2011-11-14 04:53:35 2.400010 6742.163703'
'2011-11-14 05:05:59 2.480000 754.548202'
'2011-11-14 05:14:03 2.411190 999.615136'
'2011-11-14 05:14:06 2.400000 5000.000000'

So in the 44 seconds from 01:50:12 to 01:50:56 we had a trading volume of 11,275 BTC. Such a sudden spike looks a lot like a single person selling. Of course it *could* be a single person triggering trading bots as well.

Then about 1 hour and 18 minutes pass, with high volume trading, but much less sudden and a bit more evenly distributed. 12,533 BTC are sold in these circa 80 minutes.

Then another huge sell, 5000 BTC all at once at 03:08:29 happens. 5000 BTC in a single second!
This exact same thing happens about 6 minutes later at 03:14:42 - 5641.66 BTC in a single second. Dude waits 15 minutes more - I'm assuming it's one guy - and dumps 4000 BTC at 03:29:12.

It's the initial sells at 01:50:12 to 01:52:33 that effectively drops the price from 2.90 to 2.50 in a little over 2 minutes.

Only counting the trades of at least 500 BTC in the period from 2011-11-14 01:50:12 to 2011-11-14 05:14:06 amounts to 144,000 BTC being traded in this 3½ hour period.

I wonder who's doing this. It must be an early adopter right? I mean, who else has this much BTC on hand?

[Edward50]

Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point.

[slush]

Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point.

20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts.

[ElectricMucus]

Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point.

20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts.

This guy must have alot of relatives 

[bulanula]

Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point.

20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts.

This guy must have alot of relatives 

I am about 80% sure that this guy is none other than our venerable and respected honorable member, BitcoinExpress, cashing out and leaving the rest of us fools holding the bag. Well done mate, you had us good !!!

[RandyFolds]

Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point.

20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts.

This guy must have alot of relatives 

I am about 80% sure that this guy is none other than our venerable and respected honorable member, BitcoinExpress, cashing out and leaving the rest of us fools holding the bag. Well done mate, you had us good !!!

Have people totally forgotten about when he was bragging for weeks about making like, 100btc off of those stupid fucking alt-chains? That is not the move of a man with 20k.