I think it is safe bet to BUY bitcoins now. My speculation.

[Edward50]

This is how I will be placing my bets. Remember this is speculation, so nothing I write is written in stone, just my intuition.

I watched yesterday how tens of thousands of bitcoins were sold, with the obvious goal of lowering the price below $5.00.

Even with these huge amounts being sold into the walls, somebody with huge pockets does not want the price to fall below $5.00.

I have seen it attacked multiple times recently. Every sell attack is always stopped, and then counterattacked with almost as strong bid walls, and driving the price right back to high $5's.

I speculate that somebody has bought probably 100,000 coins yesterday trying to keep the price above $5.00.

It seems that this person has almost unlimited funds and he has decided he does not want the price to fall below $5.00. I think this is because he probably owns hundreds of thousands of bitcoins, and is deeply invested at this point.

After seeing the last attempt fail, and then a quick rebound in price, with strong bidwalls again, I knew we hit a floor at about $5.6.

I knew today we would probably see rally, and when I checked the price later today, we did have a rally. 

At this poing, it is a very safe bet in my opinion to buy right now as you have the backing of somebody deeply invested and will not let the price fall.

I just loaded my money into mt. gox, and will be betting on a rebound to come shortly. I of course will have my stop losses set around 5.00, as if we fall below $5.00, then all hell will break loose and this manipulator can't hold or decided not to keep the price floor in check.

[1715486384]

1715486384

[adamstgBit]

why dose everyone think its just one guy....

in any case buying sooner rather then later is a good idea.

[Oldminer]

Your assuming hes not going to dump lot the lot at some stage. Its a trap.

[Edward50]

Your assuming hes not going to dump lot the lot at some stage. Its a trap.

It very well can be a trap, that is why you should have a stop loss in there.

I think at this point there is more of a chance of it going higher at this point. Especially considering you probably have that $5.6 floor.

so the odds are in your favor to buy right now.

[bb113]

I like divining the strategies of various nebulous entities.

[zby]

why dose everyone think its just one guy....

I have no idea. It seems like that would be the most unlikely scenario. But what do I know? Less than most! 

I am pretty sure that the first counter rally after the first drop was made by just one guy using bots - it was too regular and too quick.  The counter push after the second drop was also quite probably made by just one guy - it was also pretty regular.  All the rest does not seem to be the effect of one guys actions.  Of course if someone is already using bots - then he could easily hide his moves behind more randomized offers and it makes you think why he did not - but maybe this is over-calculating.

[M4v3R]

At this poing, it is a very safe bet in my opinion to buy right now as you have the backing of somebody deeply invested and will not let the price fall.

Unless you consider the great comeback of our dear star friend.

[bzzard]

I speculate that somebody has bought probably 100,000 coins yesterday trying to keep the price above $5.00.

There's no need to speculate on this data: https://i.imgur.com/9oswl.png
In last 24h 50k BTC was bought in 3795 trades

[zby]

It's all fine until that one guy decides that it is time to realize profits.

[arepo]

It's all fine until that one guy decides that it is time to realize profits.

nobody is dumb enough to do that right before it rallies back to $7.xx

[muyuu]

why dose everyone think its just one guy....

in any case buying sooner rather then later is a good idea.

I don't know. I don't have such huge pockets but if it falls below 5.6 or so (3.6 pounds really, depends on the pound/dollar exchange too) I get me some coins. I'm quite confident in the future mid-term and I plan to have some coins as I have use for them. I have 0 debt and disposable income to put into it every time it gets within this range. I don't think we will see it there again when coin creation rate goes down to 25 per block, unless the project simply fails. So this year I will basically buy as many as I can afford in this range, the lower they go the merrier for me.

[N12]

Holy shit, a bullish Edward? What’s going on here?

[ineededausername]

Holy shit, a bullish Edward? What’s going on here?

LOL... it's almost like that day proudhon flip-flopped.

[SlaveInDebt]

Holy shit, a bullish Edward? What’s going on here?

I really am lost now.

[cheat_2_win]

I don't think it was because one guy took a stand against the price drop, but rather people didn't go into panic sell mode after those massive bitcoin dumps on the market. From my perspective, that stand against the dump by the bitcoin market as a whole is what makes a strong case for the short term bitcoin price rise.

Long term is very bullish from technical perspective. From a more practical perspective, as bitcoin is about the concept of money itself, long term survival of bitcoin is still very much a big open question. But lets not worry about that. Bitcoin is safe for at least couple of years.

[gewure]

Holy shit, a bullish Edward? What’s going on here?

^^

[Edward50]

I am only bullish because the manipulation is very easy at the current price level and volume of bitcoins. Somebody with a few million dollars can have no trouble controlling the market.

I think it was in the "the money makers" who said that anything that can be made scarce and quantity controlled can be manipulated. Even gold can be manipulated.

Bitcoins, with its very small volume, and especially very small volume being actively traded can be very easily controlled and manipulated.

I originally underestimated the extent to which bitcoins can be manipulated. I did this because I did not think somebody with a few million dollars would be trading.

That is why I think currently it is a safe bet, especially considering somebody with large runds was able to buy hundred of thousands of dollars worth of bitcoins, just to protect the price from falling. He is not going to let his current investment go to shit.

SO we are gambling with what looks to be a nice floor, so your upwards potential is very high here. The odds at winning this gamble is in your favor if you put a stop loss in about $5.00.

[N12]

So if there is The Manipulator, Edward50 is The Manipulated. 

[cheat_2_win]

I am only bullish because the manipulation is very easy at the current price level and volume of bitcoins. Somebody with a few million dollars can have no trouble controlling the market.

I think it was in the "the money makers" who said that anything that can be made scarce and quantity controlled can be manipulated. Even gold can be manipulated.

Bitcoins, with its very small volume, and especially very small volume being actively traded can be very easily controlled and manipulated.

I originally underestimated the extent to which bitcoins can be manipulated. I did this because I did not think somebody with a few million dollars would be trading.

That is why I think currently it is a safe bet, especially considering somebody with large runds was able to buy hundred of thousands of dollars worth of bitcoins, just to protect the price from falling. He is not going to let his current investment go to shit.

SO we are gambling with what looks to be a nice floor, so your upwards potential is very high here. The odds at winning this gamble is in your favor if you put a stop loss in about $5.00.

For that very reason, IMO, it is good to have the early adapters keeping millions of bitcoins away from the exchanges. To prevent people with a lot of money controlling the bitcoin supply.

[trogdorjw73]

Holy shit, a bullish Edward? What’s going on here?

^^

A sure sign of the apocalypse; I'd better sell everything I have, because when sentiments on this subforum become this bullish things often seem to go the other way. LOL