RALLY!

[N12]

It proves that Bitcoin can actually take a shitstorm or two and be more than fine afterwards.

Proves how much denial there can be despite worse news than TH+Paxum combined.

Kind of reminds me of the time Gox got hacked.

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[Technomage]

Well, I've already explained the significance of the recent news in another thread and for the long term the conclusion is positive, not negative. It was even boosted by the fact that we got stronger than usual news coverage which is always good for Bitcoin in this stage. The exceptional thing about it is that the market is apparently thinking more long term than even I could've imagined. That is simply impressive.

Now there was another thread called "summary of recent events" or something like that, which was so biased it wasn't even funny. I didn't want to respond in that thread because it was a silly bear fest. The recent responses in this thread kinda reminds me of that. However, this blog post and its comments give a much better view of what's happening in the Bitcoin world: http://www.thebitcointrader.com/2012/03/10-exciting-things-about-bitcoin-right.html

I honestly feel that you guys are in complete denial of what's going on, I see it as reverse hype. Trying to boost an opinion based on so called "really bad news" that aren't actually all that bad. It doesn't help arguing about it though, we will find out who is right.

I think that we're in the process of a reversal and I'm long. If you think it's a good idea to short right now, be my guest.

[N12]

"really bad news" what are in fact nothing at all.

Yeah right. 50k+ BTC confirmed on the lose, and we don’t know who the other half of the victims where and what losses they suffered. Better BUY BUY BUY because good for long-term.

I think that we're in the process of a reversal

Me too. I’m watching for a reversal of the current uptrend.

Oh, and let me add: I am not short Bitcoins. Neither do I have put options.

[Technomage]

Yeah right. 50k+ BTC confirmed on the lose, and we don’t know who the other half of the victims where and what losses they suffered. Better BUY BUY BUY because good for long-term.

This is a prime example of biased reporting. The facts are that nobody lost any money except the service providers themselves who actually had enough profits from their services to cover every single bitcoin that was lost. On top of that the market didn't crash which was exceptionally impressive. And on top of that this will make Bitcoin companies take even more care of their security leading to less events like this in the future. On top of that we seem to have so much depth in the market these days that the thief could actually dump all of it and we wouldn't crash to pennies. He won't be doing that though, it's impossible to dump that money en masse at any major exchange that has the buyers to buy those coins (because the money can be tracked).

[N12]

Yeah right. 50k+ BTC confirmed on the lose, and we don’t know who the other half of the victims where and what losses they suffered. Better BUY BUY BUY because good for long-term.

This is a prime example of biased reporting. The facts are that nobody lost any money except the service providers themselves who actually had enough profits from their services to cover every single bitcoin that was lost. On top of that the market didn't crash which was exceptionally impressive. And on top of that this will make Bitcoin companies take even more care of their security leading to less events like this in the future. On top of that we seem to have so much depth in the market these days that the thief could actually dump all of it and we wouldn't crash to pennies. He won't be doing that though, it's impossible to dump that money en masse at any major exchange that has the buyers to buy those coins.

No bias, I just said they are "on the lose" as in out there in the hands of a single thief.

I’ve already explained why I believe the market didn’t crash – normalcy bias.

You are still confusing short and long term, by the way.

And no, the thief will most likely distribute them slowly via an exchange like this one: https://btc-e.com/ Which puts up a resistance via arbitrage.

[adamstgBit]

It proves that Bitcoin can actually take a shitstorm or two and be more than fine afterwards.

Proves how much denial there can be despite worse news than TH+Paxum combined.

Kind of reminds me of the time Gox got hacked.

are you afraid your bits are going to be worth less because a security hole at bitcoinia has been exposed & exploited?

watch someone reaction as you tell them, a major site was hacked... it lost over 200,000$, It will cover all the losses, so that no one will be effected.

Bitcoin is Strong!

I have never seen 1 thing that makes bitcoin itself look week.

[payb.tc]

The correction that started from the $7.2 high is now officially over. The 30-day average is moving to green across the board.

Not official, official will be if it CLOSES above. And that’s just one indicator.

sorry i missed something somewhere... when does it ever close?

[BTCurious]

The correction that started from the $7.2 high is now officially over. The 30-day average is moving to green across the board.

Not official, official will be if it CLOSES above. And that’s just one indicator.

sorry i missed something somewhere... when does it ever close?

You know, when there's no trading. Example: tomorrow we'll have 1 minute of market silence for the coins lost in the most recent theft.

After that we'll sell them.

[SkRRJyTC]

The correction that started from the $7.2 high is now officially over. The 30-day average is moving to green across the board.

Not official, official will be if it CLOSES above. And that’s just one indicator.

sorry i missed something somewhere... when does it ever close?

Depends on your time frame.  I assume Technomage is using daily or hourly for his 30-day MA.  If daily you wait until the day's candle has closed, if hourly you wait for the hourly candle to close... etc.

[Hunterbunter]

The correction that started from the $7.2 high is now officially over. The 30-day average is moving to green across the board.

Not official, official will be if it CLOSES above. And that’s just one indicator.

sorry i missed something somewhere... when does it ever close?

Depends on your time frame.  I assume Technomage is using daily or hourly for his 30-day MA.  If daily you wait until the day's candle has closed, if hourly you wait for the hourly candle to close... etc.

I'd be more comfortable believing the correction was over if the hourly macd, RSI, and moving averages weren't almost identical to the last big drop from $5.90 - $4.20. The price has about 24-36 hours to break $5.20-$5.30 I reckon, before it all comes tumbling down to the low 3's. The short term SMAs have already had their effect, and the hourly is almost due...if that's not enough, I don't know what's left.

[arepo]

i too notice opposite trends in the 12-hour (bull) and 24-hour (bear). based on depth alone, we're watching a rocket takeoff. but going down more from here would be easy.

[notme]

i too notice opposite trends in the 12-hour (bull) and 24-hour (bear). based on depth alone, we're watching a rocket takeoff. but going down more from here would be easy.

Emphasis mine.... Plus, if we go down first, we'll really be ready for rally mode.  Let's do this right and build impenetrable support.

[Hunterbunter]

i too notice opposite trends in the 12-hour (bull) and 24-hour (bear). based on depth alone, we're watching a rocket takeoff. but going down more from here would be easy.

Emphasis mine.... Plus, if we go down first, we'll really be ready for rally mode.  Let's do this right and build impenetrable support.

Interesting thought...although I imagine the market will do what it wants anyway, including building that.

[notme]

i too notice opposite trends in the 12-hour (bull) and 24-hour (bear). based on depth alone, we're watching a rocket takeoff. but going down more from here would be easy.

Emphasis mine.... Plus, if we go down first, we'll really be ready for rally mode.  Let's do this right and build impenetrable support.

Interesting thought...although I imagine the market will do what it wants anyway, including building that.

Of course, just throwing out the option so no one is blindsided by the possibility.

[Hunterbunter]

i too notice opposite trends in the 12-hour (bull) and 24-hour (bear). based on depth alone, we're watching a rocket takeoff. but going down more from here would be easy.

Emphasis mine.... Plus, if we go down first, we'll really be ready for rally mode.  Let's do this right and build impenetrable support.

Interesting thought...although I imagine the market will do what it wants anyway, including building that.

Of course, just throwing out the option so no one is blindsided by the possibility.

Like packing layers of snow into ice.

[Hunterbunter]

What are these two walls doing?

[notme]

What are these two walls doing?

Dancing

[tulkos]

What are these two walls doing?

[N12]

At some point the market is going to take that positive attitude of yours and violently kill it.

Soon, proudhon.

[proudhon]

At some point the market is going to take that positive attitude of yours and violently kill it.

Soon, proudhon.

Yay!