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Author Topic: It's ping-pong time again  (Read 2124 times)
ineededausername
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January 17, 2012, 08:02:29 PM
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Anyone remember the time when you could buy below $3 and sell above $3 and always make a profit?

It's back... except now it's buy at $6.25 and sell at $7.2.  I wonder how long this will last...

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Vandroiy
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January 17, 2012, 08:08:52 PM
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If I may take a guess: you're late.

Had a look at the order book lately? If those sells were not from Bitcoinica, the instability has just gone from serious to critical.
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January 17, 2012, 08:13:14 PM
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The Order book is being manipulated from yesterday.
Someone wants to buy cheap.
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January 17, 2012, 08:13:33 PM
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If I may take a guess: you're late.

Had a look at the order book lately? If those sells were not from Bitcoinica, the instability has just gone from serious to critical.
I've bought at 6.422 and slowly sold most between 6.5 and 6.6 causing it to dip even further.  Unfortunately I did not catch it this time, maybe I'll try to push it lower again with the rest of my BTC.  This ping pong could be profitable.
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January 17, 2012, 08:20:53 PM
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Anyone remember the time when you could buy below $3 and sell above $3 and always make a profit?

It's back... except now it's buy at $6.25 and sell at $7.2.  I wonder how long this will last...

Yep.
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January 17, 2012, 08:22:00 PM
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The Order book is being manipulated from yesterday.
Someone wants to buy cheap.

If that's the case then I am gaining from the giant spreads. Manipulation is Manipulable.
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January 17, 2012, 08:22:55 PM
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Anyone using the order book to make decisions on where the market is heading is insane.  Wink

Well, generally I'd agree, but not if the order book is so shallow that liquidations might already increase volatility a lot! It's easy to manipulate an order book to the upside, so the asks are pretty meaningless. But the bids being so few is not entirely meaningless. Price may spike much more heavily if someone panic sells 20k now.
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January 17, 2012, 08:35:29 PM
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Anyone using the order book to make decisions on where the market is heading is insane.  Wink

Well, generally I'd agree, but not if the order book is so shallow that liquidations might already increase volatility a lot! It's easy to manipulate an order book to the upside, so the asks are pretty meaningless. But the bids being so few is not entirely meaningless. Price may spike much more heavily if someone panic sells 20k now.

I agree, hopefully it will not happen.
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January 17, 2012, 08:41:44 PM
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Just as everyone underestimated the actual strength of resistance, they are now underestimating the strength of price support. Experience should have educated you by now just how deceptive the order book is.

We can quibble about the exact targets, but I'm with inau—ping pong...
+1 - forseeing $6-$7 range, and the cake order book is a lie.  I had two 1000+ coin buys and sells between ~$6.50 to ~$6.80 range... it's been a profitable couple of days.  Now if that player that's been buying up everything to $6.90 pokes his/her head up again, my third cycle will be completed.
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January 17, 2012, 09:04:56 PM
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Just as everyone underestimated the actual strength of resistance, they are now underestimating the strength of price support. Experience should have educated you by now just how deceptive the order book is.

We can quibble about the exact targets, but I'm with inau—ping pong...

This is the trend we have been repeating for a while.

Stability has come back, in the form of a $6-$7 trading range.
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January 17, 2012, 09:09:08 PM
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Just as everyone underestimated the actual strength of resistance, they are now underestimating the strength of price support. Experience should have educated you by now just how deceptive the order book is.

We can quibble about the exact targets, but I'm with inau—ping pong...
+1 - forseeing $6-$7 range, and the cake order book is a lie.  I had two 1000+ coin buys and sells between ~$6.50 to ~$6.80 range... it's been a profitable couple of days.  Now if that player that's been buying up everything to $6.90 pokes his/her head up again, my third cycle will be completed.


Envious.  Have been doing the same thing, but at 1/10th the BTCs.

Still learning to make profit and minimize losses with 100 BTC play money, before I get to that higher level.    Smiley
SlaveInDebt
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January 17, 2012, 09:30:05 PM
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Swing down sweet chariot Cool
http://youtu.be/_OzITyx6RKY

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
old_engineer
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January 17, 2012, 09:31:01 PM
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Just as everyone underestimated the actual strength of resistance, they are now underestimating the strength of price support. Experience should have educated you by now just how deceptive the order book is.

We can quibble about the exact targets, but I'm with inau—ping pong...
+1 - forseeing $6-$7 range, and the cake order book is a lie.  I had two 1000+ coin buys and sells between ~$6.50 to ~$6.80 range... it's been a profitable couple of days.  Now if that player that's been buying up everything to $6.90 pokes his/her head up again, my third cycle will be completed.


Envious.  Have been doing the same thing, but at 1/10th the BTCs.

Still learning to make profit and minimize losses with 100 BTC play money, before I get to that higher level.    Smiley
Good idea, that's exactly what I did.  Well, what I really did was kept doubling down as the price dropped from June-Oct, but this also corresponded to an increase in my own confidence.  It's easier at 1/10th scale - you don't move the market much if you decide to to buy or sell.  I have to watch the depth a lot more.

But of course, I'm peanuts compared to whomever is 100x my scale, and has sold >50k btc to $6.50 as well as added ~50k btc to the sell order book.  They set the market, and I work within the market parameters they set.
ineededausername
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January 17, 2012, 10:02:38 PM
 #14

It's time to start buying Cheesy

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proudhon
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January 17, 2012, 10:05:45 PM
 #15

It's time to start buying Cheesy

I'm going to hold out for a while.
StewartJ
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January 17, 2012, 10:08:46 PM
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It's time to start buying Cheesy

OMG Yes Yes Yes!!!

 I mean correct, IMHO, it is indeed very good time to purchase BTC at this time.
Savior
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January 17, 2012, 10:10:01 PM
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You can see the market is going down, question is when will it stop.
ineededausername
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January 17, 2012, 10:12:13 PM
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You can see the market is going down, question is when will it stop.

Put all of your faith in the almighty Trendline Wink

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January 17, 2012, 10:19:21 PM
 #19

You can see the market is going down, question is when will it stop.

Put all of your faith in the almighty Trendline Wink

...not yet. i call at least to $6.00 before it resumes the trend. it can break the trendline if it has enough momentum, as long as the very next movement is an upwards correction.

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
18N9md2G1oA89kdBuiyJFrtJShuL5iDWDz
StewartJ
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January 17, 2012, 10:25:35 PM
 #20

You can see the market is going down, question is when will it stop.

Hopefully for you, not before you bought in. We are going back up to $7 again.

Not sure if we can break the $7.20 Resistance, she has been a tough nut to crack these last 3 weeks.
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