Soon

[mjcmurfy]

I have a sneaking suspicion that this rally is starting to come to an end too. The past day, the market has become extremely overbought. A correction is looming, but i don't think we will be going back to anywhere near the $2 mark.

[ElectricMucus]

I have a sneaking suspicion that this rally is starting to come to an end too. The past day, the market has become extremely overbought. A correction is looming, but i don't think we will be going back to anywhere near the $2 mark.

If it is then all the way. It that gargantuan wall gets crushed there is not stopping it till we have new lows, Imo.

[ThomasV]

bears gonna bear

[RyNinDaCleM]

I have a sneaking suspicion that this rally is starting to come to an end too. The past day, the market has become extremely overbought. A correction is looming, but i don't think we will be going back to anywhere near the $2 mark.

If it is then all the way. It that gargantuan wall gets crushed there is not stopping it till we have new lows, Imo.

There IS a mountain of asks building up!

[proudhon]

Looks like we might get to see how serious the owner of that giant wall is.

[mjcmurfy]

Made this chart to determine real demand by editing out the large bidwalls.



vs

[dryden]

You bulls are something else. Bitcoin rides from $30 to $2, and back up to $3.00. And you guys are all partying. Your only hope is the manipulator. Is he trying to kick start the price again? Or is he going to do his raise the price and pull out, let it drop back down, buy, then raise the price again. Who knows, as he has done this in the past many times. How long will he continue being the main support for the push higher with his bidwalls? Its all up to him, that is the gamble you will have to take. He will try and not be too predictible, so don't expect to try and time his moves.

When the manipulator pulls out of the market, the buying side of bitcoin is rediculously weak. I am talking about 200-500 bitcoins per .05 increment. He is the sole pusher here.

He may be able to support bitcoin to $3.00, but I do not know how long he can support the bitcoin ecomomy at much higher prices.

If you guys were smart you would sell into this stalled rally, and get some money from this guy

You may be right about what happened before, but it's definitely not the same guy.  I think there's some new interest in buying in.  People are continually discovering bitcoin, so of course they need to get some somehow.  Overall, I think there is a little dance going on between early-miners selling-off and new users buying up their scraps.  If you look at the bids vs. asks right now, the numbers on the buy side are as dense as I've seen them.  It's blog posts and magazine and newspaper articles that cause the subtle up-swings.  I'm surprised that nobody sees this. 

http://hydra.psychology.uiowa.edu/btc-20111201.png

[Technomage]

I don't think doing that edit is very fruitful. Leaving only the poor and tiny players in the chart is pointless and doesn't represent "real demand". A wall doesn't mean it isn't real demand, it could be just as real but from a bigger buyer. And on top of that a lot of the demand is outside the depth charts, because they don't necessarily have any orders in.

I do think that a lot of the demand is from a single player but not nearly all. And that particular player has shown no signs of wanting to exit the market, he is simply attempting to drive the price where it's easiest to drive to. Recently it has been easier to push the price up because the general mood of all the other players involved is optimistic.

As far as the rally is concerned, there will of course be a correction. There is always a correction. But $3 broke and that is a serious development, a very positive one at that. But $4 is much more important than $3, to declare a true reversal $4 has to break. But the longer we bounce between $2 and $4, the bigger the movements in either direction get. Bulls are now more bullish than ever since the peak, but on the other hand, if we go near $2 again, the market might get more bearish than it has ever been and drive the price to a new low.

[teflone]

You bulls are something else. Bitcoin rides from $30 to $2, and back up to $3.00. And you guys are all partying. Your only hope is the manipulator. Is he trying to kick start the price again? Or is he going to do his raise the price and pull out, let it drop back down, buy, then raise the price again. Who knows, as he has done this in the past many times. How long will he continue being the main support for the push higher with his bidwalls? Its all up to him, that is the gamble you will have to take. He will try and not be too predictible, so don't expect to try and time his moves.

When the manipulator pulls out of the market, the buying side of bitcoin is rediculously weak. I am talking about 200-500 bitcoins per .05 increment. He is the sole pusher here.

He may be able to support bitcoin to $3.00, but I do not know how long he can support the bitcoin ecomomy at much higher prices.

If you guys were smart you would sell into this stalled rally, and get some money from this guy

You may be right about what happened before, but it's definitely not the same guy.  I think there's some new interest in buying in.  People are continually discovering bitcoin, so of course they need to get some somehow.  Overall, I think there is a little dance going on between early-miners selling-off and new users buying up their scraps.  If you look at the bids vs. asks right now, the numbers on the buy side are as dense as I've seen them.  It's blog posts and magazine and newspaper articles that cause the subtle up-swings.  I'm surprised that nobody sees this. 

excellent point..

[ElectricMucus]

subtle up-swings

LOL

[Technomage]

Subtle indeed.. Edward was wondering why people get bullish when the price increases 50% after a triple bottom. If that's not price development to be happy about, I don't know what is. The fact that Bitcoin was at $30 in June is OLD news at this point.

[ElectricMucus]

Subtle indeed.. Edward was wondering why people get bullish when the price increases 50% after a triple bottom. If that's not price development to be happy about, I don't know what is. The fact that Bitcoin was at $30 in June is OLD news at this point.

I don't call anything involving 6 figure bids subtle.

[Technomage]

I don't call anything involving 6 figure bids subtle.

I was sarcastic about the subtle part.

[dryden]

subtle up-swings

LOL

bad choice of words.

interesting to see what it does next.  If it breaks well over 3 instead of hovering, that's a pretty good indication of new blood i think.

[ElectricMucus]

I don't call anything involving 6 figure bids subtle.

I was sarcastic about the subtle part.

My sarcasm detector must be malfunctioning.
The issue is what people say is usually nuts, unrealistic expectations to say the least.

Some are talking about new all time highs while at the same time it isn't even certain it is going to recover at all.

[mjcmurfy]

I think we are going back to about $2.60, the site of the first large bidwall. A lot of activity occurred there. If we break down through $2.60, it's going further down. If it rebounds from $2.60, then we can expect more upside.

[Jonathan Ryan Owens]

[mjcmurfy]

Do you never get tired of that Jonathan? It seems like such blatant propaganda.
You're probably right, but can you not try to be a bit less sardonic about it?

[ElectricMucus]

I think we are going back to about $2.60, the site of the first large bidwall. A lot of activity occurred there. If we break down through $2.60, it's going further down. If it rebounds from $2.60, then we can expect more upside.

So you expect the wall @2.9 to pop?

oh btw the panic sells orders just got raped.

[Jonathan Ryan Owens]

Do you never get tired of that Jonathan? It seems like such blatant propaganda.
You're probably right, but can you not try to be a bit less sardonic about it?

Nevar!