50K bidwall at 2.30 - Crash over?

[bittenbob]

I just saw that our manipulator is back buying 50k coins at $2.30 a piece of MtGox. Does this mean we have seen the last of this bear market? I think he figures he manipulated the market as low as it will go in one day. Quite the profits for him. Based on what I see over the last month we could see a rally to $3.50 in the next couple of days.

Whats everyone elses thoughts on this?

[Dan The Man]

I doubt we'll see 3.5 in the next couple of days. People remember what happened yesterday still. It will take a while to forget.

[Cluster2k]

Yes, we are saved.  Good times are here again.  That $2.30 'wall' can't just disappear with one mouse click.

[bittenbob]

I am only suggesting that because if you look at the big sell off last month there was a big rally for the next 5 days afterwards up to $3.60. If you want to talk memories we could talk June although I feel the prices are much more sustainable now. Clearly this speculator believes we have hit the bottom of the market in the short term and believes it will go up from here. Should be interesting to see what happens over the next couple of days.

[bittenbob]

Yes, we are saved.  Good times are here again.  That $2.30 'wall' can't just disappear with one mouse click.

Yes it can but 50k is a lot of coins and I believe the same number they were playing with earlier. My gut feeling is they think they have the market bottomed out. Interesting to note there are a few more buys around 2.35 too. Like I said in my last post should be interesting to watch the market for the next few days.

[Dan The Man]

I am only suggesting that because if you look at the big sell off last month there was a big rally for the next 5 days afterwards up to $3.60. If you want to talk memories we could talk June although I feel the prices are much more sustainable now. Clearly this speculator believes we have hit the bottom of the market in the short term and believes it will go up from here. Should be interesting to see what happens over the next couple of days.

The rebound last month was not that fast. It was more like 5 days from the first crash before things started heading back, and much longer before they hit that peak.

[bittenbob]

I am only suggesting that because if you look at the big sell off last month there was a big rally for the next 5 days afterwards up to $3.60. If you want to talk memories we could talk June although I feel the prices are much more sustainable now. Clearly this speculator believes we have hit the bottom of the market in the short term and believes it will go up from here. Should be interesting to see what happens over the next couple of days.

The rebound last month was not that fast. It was more like 5 days from the first crash before things started heading back, and much longer before they hit that peak.

True I guess I was looking at the 24th but after the crash aon the 17th in 5 days it was back up around 3.50. For all I know it might be the same speculator or some sort of a BTC hedge fund. Good eye though.

[bittenbob]

Wow, now back up to 2.45 in steps from the big 2.30 bidwall. Theoretically this could be the manipulator hedging his bets from his profits from the dive yesterday (still today here). Pretty good profit but it would be funny if they ended up losing money because of the price of bitcoins rising.

[notme]

Wow, now back up to 2.45 in steps from the big 2.30 bidwall. Theoretically this could be the manipulator hedging his bets from his profits from the dive yesterday (still today here). Pretty good profit but it would be funny if they ended up losing money because of the price of bitcoins rising.

More bitcoins were moved in the two hours of uptrend after the big sell than during the sell.  You can't assume the sell wasn't a buyer's way of doubling down for a nice low price.

[bittenbob]

I see now that they split the bidwall up but it is higher than 2.35 at the lowest. We are up to 2.488 now. I dont think they are trying to double down in coins but maintain coin volume and purely for profit taking. Whatever amount they buy at x price is the sell price-x times 50k in profit. Not bad for a days manipulating.

[BTCurious]

lol gone

[Cluster2k]

$2.20.  The walls are there to play mind games with traders and to fool bots.  They mean nothing and are only there to look pretty.

[proudhon]

Seriously, you guys haven't figure it out yet?  The bet this guy is making is that the impressive amounts of cash he puts up will induce confidence in people such that they place bids ahead of his large bids.  He then drops his bids and sells into the bids that built up ahead of his.  Rinse, repeat.  He's cashing out, not getting in.

[bittenbob]

lol gone

Funny how you saw this before I could and I reloaded twice. Are you the manipulator?

[tvbcof]

Stand aside sprouts...the big kids are playing.

[phorensic]

Just made 10% off that last "crash" to $2.20    I really like this "manipulator" guy.

[bittenbob]

Just made 10% off that last "crash" to $2.20    I really like this "manipulator" guy.

I have 0 invested but when I go to sell the coins I made mining it would be nice if they were worth something lol. Still lets see what happens over the next few days. Quite frankly Im surprised MtGox hasnt suspended this account for causing so much volatility but i guess they dont care since they get a cut off every transaction anyways.

[RyNinDaCleM]

Just made 10% off that last "crash" to $2.20    I really like this "manipulator" guy.

He is making this easy, isn't he?

[Revalin]

aaaaand... it's gone.

To the OP:  Sure, a single person propping up the price means the end of the bear market...  Until that person decides they're done.  Then the market goes back to being a market.  The only way it lasts is if he convinces enough people that the bad times are over.

IMO he'll have to spend a lot more to overcome the overall downtrend which is, again IMO, due to bearish fundamentals.

[Cluster2k]

Seriously, you guys haven't figure it out yet?  The bet this guy is making is that the impressive amounts of cash he puts up will induce confidence in people such that they place bids ahead of his large bids.  He then drops his bids and sells into the bids that built up ahead of his.  Rinse, repeat.  He's cashing out, not getting in.

It really is quite simple to execute and beautiful to watch when it happens.  Those bitcoin traders who wised up to this behaviour months ago are riding the waves, others are getting crushed by them time and time again.  It's a true libertarian market, without rules and regulations, laws and other things that get in the way.