RALLY!

[arepo]

the silence on the Spec Forum is deafening.  most have been liquidated.  the only ones left are the smart, mostly bigger players who withstood yesterdays whipsaws.

its too bad.  as i've said many times before, the reason i started my blog and post so often is to try and help my fellow Bitcoiners understand how Bitcoin fits into the real world and to help them not get shaken out of their holdings by the sharks.

its happened anyway.

i profited $270 and i'm a small-time, amateur trader.

i think first characterization is spot-on, though

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[proudhon]

Aaaaand...we're back.  The amount of money in bids on the MtGox order book is now back to, or possibly slightly higher, than the all time high of the past few months.  There's currently $1.29 million in bids.  If I remember right, during the craziness of the past few days the bids had gone down as low as $650,000.

[waspoza]

Aaaaand...we're back.  The amount of money in bids on the MtGox order book is now back to, or possibly slightly higher, than the all time high of the past few months.  There's currently $1.29 million in bids.  If I remember right, during the craziness of the past few days the bids had gone down as low as $650,000.

Time to change the avatar to "went better than expected" guy? 

[Serge]

yes, many expect/ed to drop to $5 possibly to $4
we're back on track with the bull race, $7 is within our reach, support is strong and confining

[BTCurious]

Aaaaand...we're back.  The amount of money in bids on the MtGox order book is now back to, or possibly slightly higher, than the all time high of the past few months.  There's currently $1.29 million in bids.  If I remember right, during the craziness of the past few days the bids had gone down as low as $650,000.

Time to change the avatar to "went better than expected" guy? 

Let's wait until we hit $8…

[proudhon]

yes, many expect/ed to drop to $5 possibly to $4
we're back on track with the bull race, $7 is within our reach, support is strong and confining

I don't know about that, and I don't really think you can make any predictions from this information, but I just think it's interesting to see how the money appears, disappears, and changes hands.  I don't think there's any question that there's quite a bit more money sitting in MtGox off the order book, and when you think about the fact that almost $1.3 million of it is showing it's fun to speculate on just how much money is sitting in there; and even low estimates are remarkable considering that we're dealing with a brand new commodity/currency of unproven legal status in the largest jurisdictions that has also been the subject of severe infrastructure insecurity.

[StewartJ]

yes, many expect/ed to drop to $5 possibly to $4
we're back on track with the bull race, $7 is within our reach, support is strong and confining

Yes, but based on recent events, I realize we can get the Mighty Smack Down at a moments notice.  

I will monitor and have access to my trades on Gox at all times, use Jessi's Alert Tool, and trade back into USD
every night before going to bed.  If I have to leave my trades unattended for any length of time, then back
to USD they go!

[cheat_2_win]

yes, many expect/ed to drop to $5 possibly to $4
we're back on track with the bull race, $7 is within our reach, support is strong and confining

I don't know about that, and I don't really think you can make any predictions from this information, but I just think it's interesting to see how the money appears, disappears, and changes hands.  I don't think there's any question that there's quite a bit more money sitting in MtGox off the order book, and when you think about the fact that almost $1.3 million of it is showing it's fun to speculate on just how much money is sitting in there; and even low estimates are remarkable considering that we're dealing with a brand new commodity/currency of unproven legal status in the largest jurisdictions that has also been the subject of severe infrastructure insecurity.

Depth of the MtGox order book on both sides has also increased since the crash which may mean we will be trading within a narrow range before heading in either directions.

[zby]

yes, many expect/ed to drop to $5 possibly to $4
we're back on track with the bull race, $7 is within our reach, support is strong and confining

Yes, but based on recent events, I realize we can get the Mighty Smack Down at a moments notice.  

I will monitor and access to my trades on Gox at all times, use Jessi's Alert Tool, and trade back into USD
every night before going to bed.  If I have to leave my trades unattended for any length of time, then back
to USD they go!

You can also get a mighty push up.  Converting back to USD on every night is only filling MtGox coffers.  But whatever - I know people are risk averse - it is established that they weight their loses 2 times more then the gains, this probably was a good strategy when the loses meant that you could not eat and die.  If you are so risk-averse - then why do you keep any funds at MtGox at all?  It can go puff in any second like MF Global.

[jojo69]

You can also get a mighty push up.  Converting back to USD is filling the MtGox coffers - but whatever.  If you are so risk-averse - then why do you keep any funds at MtGox at all?  It can go puff in any second like MF Global.

Ahhh, the price of liquidity

[Serge]

$6-7 is very stable and solid range for bitcoin to be at imo.
with  mature and responsible market we could float in this range for a long time

but with confidence and pressure building up at support we will be testing resistance at higher ground, especially with the new money coming in

[Serge]

i think whoever put a hold on to the rally right after TV episode will be retreating soon

[zby]

$6-7 is very stable and solid range for bitcoin to be at imo.
with  mature and responsible market we could float in this range for a long time

but with confidence and pressure building up at support we will be testing resistance at higher ground, especially with the new money coming in

All statements like this one had a very short life time in the past.

By the way - there is no * at buy button in bitcoinica - someone has sold all he wanted?

[proudhon]

And now it's official, just over $1.3 million in bids at MtGox.  That's the highest I've ever seen.

[Serge]

$6-7 is very stable and solid range for bitcoin to be at imo.
with  mature and responsible market we could float in this range for a long time

but with confidence and pressure building up at support we will be testing resistance at higher ground, especially with the new money coming in

All statements like this one had a very short life time in the past.

By the way - there is no * at buy button in bitcoinica - someone has sold all he wanted?

we're in the second week of $6-7 range, we couldn't break resistance  at 7.2 before and temporal loss of confidence didn't drive price lower, support is just too great, so where do we go from here?

[cypherdoc]

starting to bubble up boys!

[anu]

we're in the second week of $6-7 range, we couldn't break resistance  at 7.2 before and temporal loss of confidence didn't drive price lower, support is just too great, so where do we go from here?

Hope it stays where it is so ppl can concentrate on building the Bitcoin economy.

[jojo69]

starting to bubble up boys!

what are you seeing?

looks like the same consolidation to me

[StewartJ]

yes, many expect/ed to drop to $5 possibly to $4
we're back on track with the bull race, $7 is within our reach, support is strong and confining

Yes, but based on recent events, I realize we can get the Mighty Smack Down at a moments notice.  

I will monitor and access to my trades on Gox at all times, use Jessi's Alert Tool, and trade back into USD
every night before going to bed.  If I have to leave my trades unattended for any length of time, then back
to USD they go!

You can also get a mighty push up.  Converting back to USD on every night is only filling MtGox coffers.  But whatever - I know people are risk averse - it is established that they weight their loses 2 times more then the gains, this probably was a good strategy when the loses meant that you could not eat and die. If you are so risk-averse - then why do you keep any funds at MtGox at all? It can go puff in any second like MF Global.

I still make money day-trading on Mt Gox, I just try to be more cautious about it.

[notme]

starting to bubble up boys!

I releveraged a bit... but not too much.  I can take a pretty deep dip and still have some back for buying.  The * was down for around an hour and so I figured I'd grab a piece.  It's back now though.