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Author Topic: Major correction to rally coming...  (Read 10171 times)
smickles
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December 28, 2011, 08:57:35 PM
 #81

It may still touch $5 before end of year. I'm shorting now, waiting for a big dump in the $4-4.15 range.
Only considering a daily chart, yea, I might short too. but longer period, shorter periods, and volume based charts look fine. and that's only looking at charts, anyway. Wink

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mjcmurfy
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December 28, 2011, 09:01:14 PM
 #82

The chart below is why I think any rallies in the short term are going to be abruptly corrected:



The red line shows the total bitcoin supply - a linear increase.
I have adjusted it to fit on the scale of the blue line, which represents the total supply on mtgox.

Notice the divergence of the two lines on the right, compared with left when I began recording the datapoints.
A large volume of btc is sitting out there somewhere just waiting to be sold.

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smickles
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December 28, 2011, 09:05:50 PM
 #83

The chart below is why I think any rallies in the short term are going to be abruptly corrected:



The red line shows the total bitcoin supply - a linear increase.
I have adjusted it to fit on the scale of the blue line, which represents the total supply on mtgox.
Is it possible that this just means other exchanges are picking up the slack? Or that more people are trading outside of exchanges (possibly for goods and services instead of currency)?

teflone
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December 28, 2011, 09:07:04 PM
 #84

The chart below is why I think any rallies in the short term are going to be abruptly corrected:



The red line shows the total bitcoin supply - a linear increase.
I have adjusted it to fit on the scale of the blue line, which represents the total supply on mtgox.

Notice the divergence of the two lines on the right, compared with left when I began recording the datapoints.
A large volume of btc is sitting out there somewhere just waiting to be sold.

Why does everyone assume ALL the mined coins are dumped instantly ?

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smickles
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December 28, 2011, 09:11:08 PM
 #85

<snip>

Why does everyone assume ALL the mined coins are dumped instantly

I think it's unreasonable to make that assumption.

smickles
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December 28, 2011, 09:24:18 PM
 #86

<snip>

Why does everyone assume ALL the mined coins are dumped instantly

I think it's unreasonable to make that assumption.
(so it doesn't get taken 'the wrong way'. The trollface is because I am reminded of that image every time I see teflone's avatar. No malice or whathaveyou intended. Cheesy

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December 28, 2011, 09:29:43 PM
 #87

The chart below is why I think any rallies in the short term are going to be abruptly corrected:



The red line shows the total bitcoin supply - a linear increase.
I have adjusted it to fit on the scale of the blue line, which represents the total supply on mtgox.

Notice the divergence of the two lines on the right, compared with left when I began recording the datapoints.
A large volume of btc is sitting out there somewhere just waiting to be sold.

why would you make that assumption?  i could just as easily look at that graph and say the diminishing volume at mtgox means less ppl are wanting to sell and call that bullish and thats even with the total supply rising.

i for one own a significant amt of bitcoins and am not waiting to sell anything...
Mousepotato
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December 28, 2011, 09:33:31 PM
 #88

I just hope this "correction" keeps up! Tongue

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ineededausername
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December 28, 2011, 09:36:39 PM
 #89

I'm going to tentatively say that we might see something interesting at 8 PM EST.  Don't be disappointed if this doesn't play out the way I expect it to, but something might happen.

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Mushoz
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December 28, 2011, 09:39:02 PM
 #90

I'm going to tentatively say that we might see something interesting at 8 PM EST.  Don't be disappointed if this doesn't play out the way I expect it to, but something might happen.

What makes you think that? Smiley

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December 28, 2011, 09:41:40 PM
 #91

The chart below is why I think any rallies in the short term are going to be abruptly corrected:



The red line shows the total bitcoin supply - a linear increase.
I have adjusted it to fit on the scale of the blue line, which represents the total supply on mtgox.

Notice the divergence of the two lines on the right, compared with left when I began recording the datapoints.
A large volume of btc is sitting out there somewhere just waiting to be sold.
Aren’t the numbers on the y axis wrong? There are currently just below 8 million BTC.

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ineededausername
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December 28, 2011, 09:42:22 PM
 #92

I'm going to tentatively say that we might see something interesting at 8 PM EST.  Don't be disappointed if this doesn't play out the way I expect it to, but something might happen.

What makes you think that? Smiley

That's the time when we reach 4.3-4.35, assuming parabolic movement Tongue
Of course, the time window is 8PM - midnight.  4.3 - 4.35 is a crucial resistance level, and if we break it, something WILL happen.
edit: oh man something is already happening.  Look at mtgoxlive... no spike, but plenty of buying volume.

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December 28, 2011, 09:42:49 PM
 #93

this is a rally, son!
ineededausername
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December 28, 2011, 09:44:31 PM
 #94

Bidwalls are going up now... watch out.
edit :HOLY SHIT!!!!

(BFL)^2 < 0
ineededausername
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December 28, 2011, 09:47:52 PM
 #95

it's accelerating.... 422 viewers at mtgoxlive.

(BFL)^2 < 0
panerai
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December 28, 2011, 09:53:16 PM
 #96

liquidated at a nice profit
cypherdoc
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December 28, 2011, 09:57:27 PM
 #97

liquidated at a nice profit

you were short so how's that?
ineededausername
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December 28, 2011, 09:58:04 PM
 #98

liquidated at a nice profit

you were short so how's that?

hahahaha.. nailed

(BFL)^2 < 0
panerai
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December 28, 2011, 09:58:31 PM
 #99

liquidated at a nice profit

you were short so how's that?

i wasnt, im short now
ineededausername
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December 28, 2011, 09:59:56 PM
 #100

It may still touch $5 before end of year. I'm shorting now, waiting for a big dump in the $4-4.15 range.

"I'm shorting now?"

(BFL)^2 < 0
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