BTC drop to next level coming...bail the F out now!

[DustyRah]

Not looking good...

[mikerbiker6]

I don't like indicators.
They tell you what you should have done, not what you should do right now.

[ibankbitcoins]

http://ibankbitcoins.com/sites/default/files/resize/users/user1/2014-06-24_chart-947x661.jpg

[atp1916]

People and their charts - as if the Bitcoin market can be predicted.  Charts are irrelevant in the face of an in-progress or upcoming "crises".  

Once the auction is done, the price will resume normal rise / plateau / rise / plateau pattern.

[Heider]

OK,

No charts, here is what's happening (or at least what I am seeing) in layman's terms:

1) Few days ago, someone (or a group of people) placed an order to sell a 1000 coins @ $605. This causes the uptrend to almost stop going up beyond this line. I call this an "UpBlock".

2) Another DownBlock was placed the opposite way @ $540.5, this causes it to not go beyond this line.

3) As the BTC price as a result of (1) above, goes a little downwards (about between $5 or $10), the UpBlock is moved backwards to block any uprise in BTC closer to the new "lower" price.

4) During this movement; say it's now at $570, then someone places an ASK order for $100 at $571, and then another for $50 at $565, this causes a slow-tip downwards.

5) With the BTC bought above from (4), as they accumulate (Generate some BTCs as a result of buying), they would be placed to "Sell Now" type order which are about 100 BTC's each, this causes the price to shoot downwards for about $10 eventually in a ripple-effect.

6) There are about 3-4 people repeating the same, few seconds apart between them. this causes the price to go down further.

7) As the price has gone down another $10, the above is repeated.

8 ) Currently, the UpBlock as a result has been moved down gradually so far and currently at $569.500 for 1164 BTC's.

9) As I estimated earlier few days ago, I was expecting it to go into $573, but now with 900 BTC's placed downwards on $540, I reckon it's going down there, or even less if the DownBlock is moved further.

As a result, the price is being pushed downwards and possibly preparing for the FBI auction.

Warning: Once the Blocks are lifted, be aware, the price will shoot up like you have never seen before, just like a spring exploding upwards once you release it after a hard push.

Personally, I'm happy with the above as I sold at $605 few days ago, I only lost $20 since the down-move.

I hope this gives an idea about what's going on, the question is: "Is this legal?!", well, since it's a decentralised currency, I don't think it can be questioned, or at least don't know ...

Either way; Good luck to all...

Kind Regards
Heider

[maker88]

OK,

No charts, here is what's happening (or at least what I am seeing) in layman's terms:

1) Few days ago, someone (or a group of people) placed an order to sell a 1000 coins @ $605. This causes the uptrend to almost stop going up beyond this line. I call this an "UpBlock".

2) Another DownBlock was placed the opposite way @ $540.5, this causes it to not go beyond this line.

3) As the BTC price as a result of (1) above, goes a little downwards (about between $5 or $10), the UpBlock is moved backwards to block any uprise in BTC closer to the new "lower" price.

4) During this movement; say it's now at $570, then someone places an ASK order for $100 at $571, and then another for $50 at $565, this causes a slow-tip downwards.

5) With the BTC bought above from (4), as they accumulate (Generate some BTCs as a result of buying), they would be placed to "Sell Now" type order which are about 100 BTC's each, this causes the price to shoot downwards for about $10 eventually in a ripple-effect.

6) There are about 3-4 people repeating the same, few seconds apart between them. this causes the price to go down further.

7) As the price has gone down another $10, the above is repeated.

8 ) Currently, the UpBlock as a result has been moved down gradually so far and currently at $569.500 for 1164 BTC's.

9) As I estimated earlier few days ago, I was expecting it to go into $573, but now with 900 BTC's placed downwards on $540, I reckon it's going down there, or even less if the DownBlock is moved further.

As a result, the price is being pushed downwards and possibly preparing for the FBI auction.

Warning: Once the Blocks are lifted, be aware, the price will shoot up like you have never seen before, just like a spring exploding upwards once you release it after a hard push.

Personally, I'm happy with the above as I sold at $605 few days ago, I only lost $20 since the down-move.

I hope this gives an idea about what's going on, the question is: "Is this legal?!", well, since it's a decentralised currency, I don't think it can be questioned, or at least don't know ...

Either way; Good luck to all...

Kind Regards
Heider

finally a logical human being... thank you for these words of wisdom heider

[Heider]

Just saw the UPBlock pushed upwards into $595.

Are we going up soon?!...

[mikerbiker6]

I don't think you can dominate the market with only 1k coins. the total volume of okcoin is 56,682.36฿ alone.(in last 24h).
What exchange are you looking at, bitstamp?
Bitstamp doesn't lead, bitstamp follows okcoin.(because of the 'low' volume)
So if there was any manipulation it would happen on okcoin.

Besides these blocks are probably just an accumulation of coins from a lot of people.

[Heider]

I don't think you can dominate the market with only 1k coins. the total volume of okcoin is 56,682.36฿ alone.(in last 24h).
What exchange are you looking at, bitstamp?
Bitstamp doesn't lead, bitstamp follows okcoin.(because of the 'low' volume)
So if there was any manipulation it would happen on okcoin.

Besides these blocks are probably just an accumulation of coins from a lot of people.

Yes, BitStamp, and also have access and currently looking at BitFinex, Kraken, Houbi, Btc-E, and BtcChina on my screens, I quite disagree about OkCoin driving it, as there are a lot of BTCs in BitSTamp's wallet to even drive BitFinex now!

I just noticed now that DownBlock have just been pushed downwards another $5.

I initially thought it's a group of people, but when I started seeing the blocks moving programatically, the only explanation is that it's an organised movement, it's by someone knowing exactly what they're doing.

BTC could be going down again (slower).

 

[Heider]

More BTC are accumulating at $569.500, definitely going down further soon.

... Anyway,... I'm going for lunch, starving...

[mikerbiker6]

the higher the volume the more control an exchange has right.
If that is true, bitstamp is just a puppet

[DustyRah]

I don't like indicators.
They tell you what you should have done, not what you should do right now.

That just means you don't know what indicators are.

[DustyRah]

People and their charts - as if the Bitcoin market can be predicted.  Charts are irrelevant in the face of an in-progress or upcoming "crises". 

Once the auction is done, the price will resume normal rise / plateau / rise / plateau pattern.

Are you serious? Most trading even software driven in the market is done based on indicators along with news analysis. On the other hand, MOST people have no idea how to read indicators and instead simply look at the price trend which is quite useless.

Entry and exit points are identified using indicators. A simple example is May 19 entry point and June 6th exit point as long as CCD is positive and MACD is above the CCD: Enter as it goes above +100 and exit as it descends below +100. That's the simplest case example and can be made way more accurate by taking into consideration 10 other indicators to identify entry and exit points.

On the other hand, this statement below is naive and just an assumption: "Once the auction is done, the price will resume normal rise / plateau / rise / plateau pattern". Yeah, that rise / plateau you are talking about is $$$$$ to a trader.

[Heider]

... I swear to God..

This thread is being watched...

[gondel]

In my opinion price is going to 400$ very fast, but will stay there for a short time. Then the most possible variant will be step by step grow and the sky is unlimited. Last time when you see BTC at this level believe me
BR

[Heider]

In my opinion price is going to 400$ very fast, but will stay there for a short time. Then the most possible variant will be step by step grow and the sky is unlimited. Last time when you see BTC at this level believe me
BR

You might be right Gondel since nobody can 100% predict it, but if you are, then I would imagine the price going up and down all the way for about 2 times before it goes that low.

It's not over yet, it's quiet at the moment, we might have a long day tomorrow though.

Regards
Heider

[ALToids]

I think we'll head back towards $600 before we approach $400.  The upper ask walls are light.

[BTCfan1]

OK,

No charts, here is what's happening (or at least what I am seeing) in layman's terms:

1) Few days ago, someone (or a group of people) placed an order to sell a 1000 coins @ $605. This causes the uptrend to almost stop going up beyond this line. I call this an "UpBlock".

2) Another DownBlock was placed the opposite way @ $540.5, this causes it to not go beyond this line.

3) As the BTC price as a result of (1) above, goes a little downwards (about between $5 or $10), the UpBlock is moved backwards to block any uprise in BTC closer to the new "lower" price.

4) During this movement; say it's now at $570, then someone places an ASK order for $100 at $571, and then another for $50 at $565, this causes a slow-tip downwards.

5) With the BTC bought above from (4), as they accumulate (Generate some BTCs as a result of buying), they would be placed to "Sell Now" type order which are about 100 BTC's each, this causes the price to shoot downwards for about $10 eventually in a ripple-effect.

6) There are about 3-4 people repeating the same, few seconds apart between them. this causes the price to go down further.

7) As the price has gone down another $10, the above is repeated.

8 ) Currently, the UpBlock as a result has been moved down gradually so far and currently at $569.500 for 1164 BTC's.

9) As I estimated earlier few days ago, I was expecting it to go into $573, but now with 900 BTC's placed downwards on $540, I reckon it's going down there, or even less if the DownBlock is moved further.

As a result, the price is being pushed downwards and possibly preparing for the FBI auction.

Warning: Once the Blocks are lifted, be aware, the price will shoot up like you have never seen before, just like a spring exploding upwards once you release it after a hard push.

Personally, I'm happy with the above as I sold at $605 few days ago, I only lost $20 since the down-move.

I hope this gives an idea about what's going on, the question is: "Is this legal?!", well, since it's a decentralised currency, I don't think it can be questioned, or at least don't know ...

Either way; Good luck to all...

Kind Regards
Heider

This seems very plausible.  Of all the big-money involved in the auction, I think the risk of the btc market price rising or falling dramatically between the time their bids are submitted and the auction winners are announced is too great to leave to chance, and concerned parties have taken the steps you outlined to protect themselves

[Heider]

You could kill or laugh at me for saying the "I Predict" word today.

But, if my theory is correct (no longer care of big traders watching this anymore), I'm expect it to go down to $556.5 soon.

This is due to a similar strategy I noticed now, but should end up the same.

Regards
Heider

[mikerbiker6]

tomorrow is the auction.
Horde your coins now, afterwards it will revert to its natural level (600).
Ask yourself, what happened in the last few weeks that causes it to drop,
Well, there is no particular reason, bitcoin acceptance is only increasing.
And less FUD(as far as i noticed).
So probably it is because of manipulation, when this is over, you will see 600's.