Something's got to give in the next few days

[Ibian]

6. let's say we all wake up tomorrow and nothing noteworthy has happened, no wars, storms, collapses...it's just a non eventful news day but the btc charts show the price has plummeted to $30 with a downward trend. How would you read that or react? Would something like a serious drop to less than $50 change your opinion on the overall worth and viability of bitcoin tech and as a currency?

These annoy me. "What if something that can't possibly happen happens?". Everything has a reason.

[serenitys]

6. let's say we all wake up tomorrow and nothing noteworthy has happened, no wars, storms, collapses...it's just a non eventful news day but the btc charts show the price has plummeted to $30 with a downward trend. How would you read that or react? Would something like a serious drop to less than $50 change your opinion on the overall worth and viability of bitcoin tech and as a currency?

These annoy me. "What if something that can't possibly happen happens?". Everything has a reason.

And I asked what might that reason be and how you would react to it, what you would attribute it to in that sort of condition. It's not a fantastical question. I'm dead serious. We see jack squat going on for what, a month or so now in spite of good and bad news. So this market is not brainfeeding off the daily news from China. Therefore, if it's not a news thing and everything is relatively normal to what factors would you attribute a sudden drop? I was looking for a drop but the question applies equally to a sudden upswing, though less people would give a shit if it goes up...everyone would be asking WHAT HAPPENED if it dropped to 50 bucks or less.

And this is the speculation forum. So, if you're annoyed speculating, you're in the wrong place. Otherwise, speculate! Thanks

[Ibian]

You said nothing noteworthy happened. It's right there in the quote. If nothing noteworthy happens, the price is not going to dramatically drop.

I have a better question. What do the invisible pink unicorns want and where is their teapot?

[Bit_Happy]

Yeah, historical price volatility keeps dropping.  http://cryptocoinstats.com/volatilitytracker.php

Volatility needs to pick up soon, since we could enjoy some excitement in the markets. I understand stability is occasionally good, but a lot of people are drawn to BTC specifically because of the opportunities that come with extreme risk. BTC is still too young to be stable, let's get the wild summer started.  

[Malin Keshar]

just sit and buy for 445 and sell for 450, the rollecoaster is over for now. When things change, you'll have more money to win or to lose

[Bit_Happy]

just sit and buy for 445 and sell for 450, the rollecoaster is over for now. When things change, you'll have more money to win or to lose

Repeated small profits can add up; I used to trade that way more often:
When it makes a strong move you will get burned, either owning too much or having sold way too much at ~$450.
For "pennies" it's not worth the effort and for big amounts of money it's hard to control the risk.

[Crindon]

Things may look like they are on a downtrend, but a lot can happen. Remember January to April 2013? Things looked volatile and then one event triggered a rush. Just a panic event could get the ball rolling with a huge uptick in price.

[Wilhelm]

1. Answer
A wall is a proportionally big amount of BTC in the orderbook of an exchange. If someone has a 1000BTC sell wall @ $441 someone will have to buy $441000 worth of BTC for the price to go up. Visa versa for buy wall which stops the price going lower. Combined a whale can shake out a profit (or loss ).

5. Answer
Yes you can day trade with any amount as long as it is higher than the minimum trade for an exchange. Since most exchanges use percentage fees the absolute value is irrelevant.
You should always take fees into account. For example a 0.2% buy fee and 0.3% sell fee will make you break even on a 0.5% increase in value, it is wise to aim for at least 1%. At $441 you need bitcoin to increase $4.41.
You should never risk more than 2% of your account. Read about money management, stoploss, taking profit, taking losses, etc.

[zimmah]

Yeah, historical price volatility keeps dropping.  http://cryptocoinstats.com/volatilitytracker.php

Volatility needs to pick up soon, since we could enjoy some excitement in the markets. I understand stability is occasionally good, but a lot of people are drawn to BTC specifically because of the opportunities that come with extreme risk. BTC is still too young to be stable, let's get the wild summer started.  

It will, stability is just the calm before the storm.

[Elwar]

Over $460...the upper line has been breached.

I also notice the sells going out a long way has gone down by about a million dollars.

[BitchicksHusband]

Over $460...the upper line has been breached.

I also notice the sells going out a long way has gone down by about a million dollars.

So, Malin, hope you have some bitcoins right now, because the rocket is boarding.

[Bit_Happy]

Over $460...the upper line has been breached.

I also notice the sells going out a long way has gone down by about a million dollars.

Something had to give, it's about time. 
Of course, the market backed off and now has to make everyone a bit uncertain, before the next shot upwards. If things go well we could be back near $500 in a few days.

[Malin Keshar]

Over $460...the upper line has been breached.

I also notice the sells going out a long way has gone down by about a million dollars.

So, Malin, hope you have some bitcoins right now, because the rocket is boarding.

what me?

y, i'm all in btc right now, and I'm procrastinating for more than a week make deposit to buy more.I think we won't see sub 440's for a long time

[porcupine87]

This is pretty insane, looks like nobody wants to rock the boat and go up or down on the price. Who will flinch in the next 4 days?

In what universe are these lines not totally arbitrarily? But: Is there a critical mass of traders who takes these lines seriously? (self-fullfilling prophecy) -> I don't think so...

[Bitram]

Maybe the price will finally stabilize at this level.

It wouldn't be THAT BAD

[jamesc760]

Looks like $460 is the new normal. At least for a while.

This all happened just after I sold some coins at $440 yesterday morning. Doh!

[serenitys]

What would be the price it reaches when you all unanimously agree that the trend is upwards and now's the time?

[sgbett]

483.37

[wachtwoord]

Something just gave.

[Bit_Happy]

What would be the price it reaches when you all unanimously agree that the trend is upwards and now's the time?

Above $540 to $600 most people will agree the medium-term trend is clearly back up, except for those who prefer to buy above the all-time high.
$3,400 or a little higher is the target for the next Big Rally, but (even when that high) many people will be suggesting you should buy more before we hit $5,000 and $10,000.  
Greed really takes over once people "(almost) unanimously agree that the trend is upwards and now's the time"