[Poll] What do you think the price will be 7 days froim now?

[bittenbob]

I just thought I would make this poll to see where everyone things the price will be a week from now. Trading ranges are split into $0.50 increments.

Feel free to discuss your vote below.

[yogi]

Slow grind towards $7 IMO

[bittenbob]

I am going to be conservative and say $6.50-$7.00 but the last week or so is really starting to remind me of the $2-$3 range in which the price seemed to stagnate before taking off.

[Costia]

6-6.5
dont see a reason for it to go up
i would prefer BTC to stay at a stable price and the current exchange rate seems fine

[stochastic]

I just thought I would make this poll to see where everyone things the price will be a week from now. Trading ranges are split into $0.50 increments.

Feel free to discuss your vote below.

Is there a binary trading platform for bitcoin.  For example, I bet 100 Bitcoins that Bitcoins will be over $7 in 7 days.  If it is then I make 200 Bitcoins, if I am wrong then I lose the 100 Bitcoins.

[bittenbob]

I had to edit the poll because I realized I made a mistake on the last one. I will assume everyone who voted for <$6.00 meant <$5.50

[bittenbob]

I just thought I would make this poll to see where everyone things the price will be a week from now. Trading ranges are split into $0.50 increments.

Feel free to discuss your vote below.

Is there a binary trading platform for bitcoin.  For example, I bet 100 Bitcoins that Bitcoins will be over $7 in 7 days.  If it is then I make 200 Bitcoins, if I am wrong then I lose the 100 Bitcoins.

That would be an interesting idea but wouldn't work out too well for the house. I am sure someone could make as site facilitating this but they would require their own fee to be taken out of the final prize pool (say 1% or 2BTC). My vision of this would be a site that would match you up with someone who is willing to bet 100BTC it won't be.

[StewartJ]

Honestly I think we're still in a mini-bubble of our own making, post the recent smack-down.

IMHO, the trading range should be no higher than $5.60-$5.80 for now and for the next week.

[buck92]

I believe we are headed down. I speculate that the only reason the market has not yet headed down is because there are certain traders/bots (Bitconica?) which have been artificially inflating the price. I've watched the same patterns play out over and over again the past few days: push price up $.20, implement wall at -$.25 of the high the price went up to, sell some BTC at higher price then BAM, down $.20 within seconds, only for the same pattern to start all over again. Dunno exactly why this pattern keeps happening perhaps some high frequency traders are trying to squeeze out every last penny before a bear market truly sets in.

Just noticed 0.123 bot is back. I've seen the bot mentioned in the forums before but have never truly paid attention to its actions until today.

[bittenbob]

I believe we are headed down. I speculate that the only reason the market has not yet headed down is because there are certain traders/bots (Bitconica?) which have been artificially inflating the price. I've watched the same patterns play out over and over again the past few days: push price up $.20, implement wall at -$.25 of the high the price went up to, sell some BTC at higher price then BAM, down $.20 within seconds, only for the same pattern to start all over again. Dunno exactly why this pattern keeps happening perhaps some high frequency traders are trying to squeeze out every last penny before a bear market truly sets in.

Just noticed 0.123 bot is back. I've seen the bot mentioned in the forums before but have never truly paid attention to its actions until today.

The 0.123 bot is back with a vengeance indeed. From what I have observed in the past this bot seems to drive the price up.

[buck92]

I believe we are headed down. I speculate that the only reason the market has not yet headed down is because there are certain traders/bots (Bitconica?) which have been artificially inflating the price. I've watched the same patterns play out over and over again the past few days: push price up $.20, implement wall at -$.25 of the high the price went up to, sell some BTC at higher price then BAM, down $.20 within seconds, only for the same pattern to start all over again. Dunno exactly why this pattern keeps happening perhaps some high frequency traders are trying to squeeze out every last penny before a bear market truly sets in.

Just noticed 0.123 bot is back. I've seen the bot mentioned in the forums before but have never truly paid attention to its actions until today.

The 0.123 bot is back with a vengeance indeed. From what I have observed in the past this bot seems to drive the price up.

A vengeance indeed...My theory is this tactic is designed to confuse and divide the market by making the price look higher then it actually is, as well as to mess with the market indicators to make people second guess their decisions.

[bittenbob]

I think the real purpose of the bot is to force movement in one direction or the other. It is profitable to do so if you are holding the right positions with the correct strategy. My comment about it typically being up is just an observation but I believe it does not care about direction.

[StewartJ]

I believe we are headed down. I speculate that the only reason the market has not yet headed down is because there are certain traders/bots (Bitconica?) which have been artificially inflating the price. I've watched the same patterns play out over and over again the past few days: push price up $.20, implement wall at -$.25 of the high the price went up to, sell some BTC at higher price then BAM, down $.20 within seconds, only for the same pattern to start all over again. Dunno exactly why this pattern keeps happening perhaps some high frequency traders are trying to squeeze out every last penny before a bear market truly sets in.

Just noticed 0.123 bot is back. I've seen the bot mentioned in the forums before but have never truly paid attention to its actions until today.

The 0.123 bot is back with a vengeance indeed. From what I have observed in the past this bot seems to drive the price up.

Is this how the price gets inflated with virtually no volume?

[buck92]

I think the real purpose of the bot is to force movement in one direction or the other. It is profitable to do so if you are holding the right positions with the correct strategy. My comment about it typically being up is just an observation but I believe it does not care about direction.

Ahh gotcha, thank you for clarifying your thoughts for me.

[StewartJ]

Perhaps we have a mini bubble generated by bots... now the order book looks much more interesting.

[bittenbob]

I believe we are headed down. I speculate that the only reason the market has not yet headed down is because there are certain traders/bots (Bitconica?) which have been artificially inflating the price. I've watched the same patterns play out over and over again the past few days: push price up $.20, implement wall at -$.25 of the high the price went up to, sell some BTC at higher price then BAM, down $.20 within seconds, only for the same pattern to start all over again. Dunno exactly why this pattern keeps happening perhaps some high frequency traders are trying to squeeze out every last penny before a bear market truly sets in.

Just noticed 0.123 bot is back. I've seen the bot mentioned in the forums before but have never truly paid attention to its actions until today.

The 0.123 bot is back with a vengeance indeed. From what I have observed in the past this bot seems to drive the price up.

Is this how the price gets inflated with virtually no volume?

The bot tries to trigger other bots which creates volume. The 0.123 bot comes out when volume is low and tends to increase it, causing a change in price.

[StewartJ]

I believe we are headed down. I speculate that the only reason the market has not yet headed down is because there are certain traders/bots (Bitconica?) which have been artificially inflating the price. I've watched the same patterns play out over and over again the past few days: push price up $.20, implement wall at -$.25 of the high the price went up to, sell some BTC at higher price then BAM, down $.20 within seconds, only for the same pattern to start all over again. Dunno exactly why this pattern keeps happening perhaps some high frequency traders are trying to squeeze out every last penny before a bear market truly sets in.

Just noticed 0.123 bot is back. I've seen the bot mentioned in the forums before but have never truly paid attention to its actions until today.

The 0.123 bot is back with a vengeance indeed. From what I have observed in the past this bot seems to drive the price up.

Is this how the price gets inflated with virtually no volume?

The bot tries to trigger other bots which creates volume. The 0.123 bot comes out when volume is low and tends to increase it, causing a change in price.

Can you actually see these as bids and asks in the order book, or do they just occur as immediate buys/sells ?

[bittenbob]

I believe we are headed down. I speculate that the only reason the market has not yet headed down is because there are certain traders/bots (Bitconica?) which have been artificially inflating the price. I've watched the same patterns play out over and over again the past few days: push price up $.20, implement wall at -$.25 of the high the price went up to, sell some BTC at higher price then BAM, down $.20 within seconds, only for the same pattern to start all over again. Dunno exactly why this pattern keeps happening perhaps some high frequency traders are trying to squeeze out every last penny before a bear market truly sets in.

Just noticed 0.123 bot is back. I've seen the bot mentioned in the forums before but have never truly paid attention to its actions until today.

The 0.123 bot is back with a vengeance indeed. From what I have observed in the past this bot seems to drive the price up.

Is this how the price gets inflated with virtually no volume?

The bot tries to trigger other bots which creates volume. The 0.123 bot comes out when volume is low and tends to increase it, causing a change in price.

Can you actually see these as bids and asks in the order book, or do they just occur as immediate buys/sells ?

They just occur as immediate buys/sells. Other bots have fake walls with warning indicators ahead of them that will cause the walls to be pulled if they are bought or sold into. Of course when liquidations are occurring at bitcoinica they usually cannot pull them out fast enough. The fake walls are usually evident by having nice round numbers 100, 200, etc and evenly are usually spaced apart. There are a few 1000BTC walls closer to $7 I question the legitimacy of.

The best way to look at the order book I find is on clark moody.

[StewartJ]

They just occur as immediate buys/sells. Other bots have fake walls with warning indicators ahead of them that will cause the walls to be pulled if they are bought or sold into. Of course when liquidations are occurring at bitcoinica they usually cannot pull them out fast enough. The fake walls are usually evident by having nice round numbers 100, 200, etc and evenly are usually spaced apart. There are a few 1000BTC walls closer to $7 I question the legitimacy of.

The best way to look at the order book I find is on clark moody.

Very enlightening, thank you.

Yes clark moody seems to have the most real time and precise order book.

[buck92]

I think there is about to be another play by the bots.  I may be crazy but I have been noticing them coming into action every hour today, almost always a few minutes within the beginning of the hour. Hmm