I applaud you guys

[Technomage]

Often the BTC market acts like a bunch of scared kids. Lots of panicking going on. I've made some panic moves as well, back in the day. With all the talk about $5.4 being crucial and the imminent selling pressure directed at that level, I was almost expecting people to start panicking and selling in waves. I didn't do anything because I feel the so called "pessimism" is overstated, what we've been experiencing is a correction from the $7.2 bubble, nothing more.

I have to raise my hat to all of you who didn't panic! This is one of those rare moments when I have a reason to believe that the BTC market has finally grown balls. I hope that is the case. This also reminds me of the times when we visited $2 and triple bottomed. That was over a longer period of time of course but at least for the short term $5.45 is a very strong bottom. Happy trading everyone

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[N12]

LOL

Have you had a look at the volumes? People did panic, and they still are acting stupidly.

You saying 5.45 is a "very strong bottom" makes me bearish.

[Vandroiy]

Just personally, I think this collective strategy is making it worse. Panic was suppressed, but at the same time the damage a panic would deal was increased.

Sure, it may turn out one way or another, but I'm not a friend of instabilities. Call it personal preference, surely some people made profits I missed out on, but I'm not raising my hat just yet.

[Technomage]

You saying 5.45 is a "very strong bottom" makes me bearish.

It's too often that people miss the most relevant parts in my posts, maybe I should put them in bold every time. I said that 5.45 is a very strong bottom in the short term, this means that at least for a day or two it's very unlikely to go below that. I don't think many disagree with me on this. It doesn't mean that the correction from 7.22 is necessarily over yet, we could still see a dip in the weeks to come.

In the mid term it could go either way honestly and I don't have a clear opinion on that. My take on the current situation is like this: short term: UP, mid term: NEUTRAL, long term: UP. What happens in the Bitcoin economy in the next few weeks will probably change the mid term outlook to either up or down. I also see a small possibility of the long term changing to down in the coming months if we see Bitcoin development and adoption stall, but I give that a small probability for now.

[N12]

I read that correctly. It only takes a 15k dumper and there goes your very strong short term bottom.

[Technomage]

I read that correctly. It only takes a 15k dumper and there goes your very strong short term bottom.

True, anything can happen. It's Bitcoin we're talking about after all.

I don't think the bottom strength of 5.45 is quite at the level of 7.2 top strength yet, but if it holds for another test then it would rival it. We'll see what happens.

[RyNinDaCleM]

There was a great deal of selling into that wall, and surrounding areas. But, I think it was more the pessimistic manipulator than panic. There was many more coins sold than the 17k that remained when the price reached the $5.45 wall again. It still stands with about 5600BTC, so I can only guess that the optimistic manipulator was doing more buying than he wanted to.

That's right! I said "Manipulator"...Twice. 

[gewure]

i applaud you also on your new aquired 'balls'

[N12]

And then the Bitcoinica came! Here’s your potential dumper that can easily ruin your very strong short-term bottom.

[proudhon]

And then the Bitcoinica came! Here’s your potential dumper that can easily ruin your very strong short-term bottom.

Unbelievable.  I'm staying out based on this alone.

[teflone]

Leverage has been locked up, we are all faithful lemmings over the edge.

The men with the money make the rules, and Bitcoinica is only helping them

[notme]

I see no asterisk... Maybe the market is starting to self-regulate.  Oh my, could it be?

[teflone]

I see no asterisk... Maybe the market is starting to self-regulate.  Oh my, could it be?

Instead of faithfully defending bitcoinica because your making money from the un-informed.

Then try leveraging more than 100 coins..

Then I will laugh..

[ineededausername]

It's time to short

[proudhon]

It's time to short

Better late than never, I suppose.

[StewartJ]

Every gain in Price by BTC in the last 2 weeks has been by an instant Buy Spike, after which price is
then gradually traded down over days until the next spike... and then repeat.

You guys really are gluttons for day-trading punishment...

[Crypt_Current]

It's time to short

Yes, quite!  Certainly!

[gewure]

im long 

according to your starfish-rule, price would have to explode if it appears on the sell-side..^^

[old_engineer]

I'm glad that it's not all bulls here, nor all bears.  Almost 3M btc have changed hands at MtGox in the past month, which is a lot of activity, $17M USD worth, in fact.  It's a healthy disagreement being worked out on the market, with actual users of bitcoin gaining some liquidity.

As far as the starfish returning, I don't think it makes much of a difference.  Even after the drop to $4.6 a couple weeks ago, I'd guess less than half of bitcoinica users were liquidated, leaving most of the coins tied up by those with deep pockets.  Zhou's code change to allow shorters to cover, regardless of the starfish, did cut into his available reserves, though who knows how much of a factor this really is.

Also, there are 8.3 million BTC.  50-90k are held by bitcoinica, somewhere around 1% of all bitcoins.  Even if it is the most volatile 1%, there are 100x as many coins that can drop the market than bitcoinica users.

I'm still long from $5.10 a week and a half ago, have been busy and not trading much recently.

[Oldminer]

I fear this thread will end in tears.....