ok, on topic:

Here you can see the big buy wall at $50 that a large amount of people have put up in case the price drops while they are AFK.

After reading the forums all day - and a lot of "old hand" at that - it seems $50 is the most talked about bottom. Perhaps a psychological sticking point if you will.

This is my first attempt to read this chart publicly...


Also, could someone please tell me what the green line represents exactly?

Don't you think we'll re-test the ~$50 price beforehand?

So has the panic stopped?  Are we going to see more upwards activity again?

Morning wall pic. (I almost couldn't find the "reply" button because it wasn't all squished over onto the side like in the last thread



Wall at $90 is being devoured.



And down! Surely there will be a correction soon, but I could see $100 being hit today easily.

I just saw gox flicker down to 94.something yet my 95.2 buy still stands. Something screwy going on. I'll be glad when I'm out.

You make a good point. That literally makes no sense.

Guys please stop the offtopic.



Are we are looking at "likely?" Or is it going up and up and up?

Looking better than last time we were here. Probably won't ever go below $70 again.

There will be a hell of a correction though, after a rally like this (right??).

Bitcoin adoption is often compared to the internet. But imagine if the internet arrive and everyone already had quad core computers and fiber to the home. That's more what it's like.

 

Nan, panic buy time 

Is it just me or does MT.Gox use Clarkmoody to check the market?!?!?!

Bring it on $150!!! Sitting there all smug and wall-like.

Paypal recognition ... bye bye 150 .. nice knowing you 

It does when we're discussing whether things like this are important or not. Your opinions are colored by your beliefs. You're saying that you don't think it's big news (and you're entitled to your opinions), I'm just explaining why, for some of us, it is.

Panic Sell on the Way!!!

It never ceases to amaze me. Why would people sell big amounts of coin in the low 150's when the price was 168 hours ago?

Still some big sells going on. Whoever is doing this is waiting for the triangles to close then re-dumping.

Have you seen the volume?
160k BTC in the last 3 hours.

Extremely bullish imo.

Sentiment question: Is there anyone on this thread who has enough money?

I would define "enough" as:

- Bitcoin stash's price appreciation exceeds daily expenses by a factor of X
- Therefore no need to work
- Cannot spend it all even if spends 24/7.

SINGULARITY.

I'll soon post to my diary, how you can have unlimited money and give unlimited money to all your friends.

Very low volume ATM

It seems all the buyers are on hold - same thing for the sellers.

But the last few days rallies where on small volumes, crash on high volumes. It's usual like that in BTC, but this seems more pronounced. Last day of rally on big volumes was April, 19th.

Not much happening. Care for a recap of recent events in non-vertigo-inducing log scale?

$147.00

How far will it slip?

Personally I'mma wait for $141 to buy any more.

Test Failed.

This is probably reported somewhere more appropriate but there's a half hour programme 'The Report' on Bitcoin on BBC Radio 4 right now.

Almost there Adam!

What about the bull ?  

As the price fluctuates

http://www.youtube.com/watch?v=NG1qooBzE2w

that sucker with that buy did us adam, doesn't look like we'll have a chance to buy at those prices anymore today.

talk me about it, I was late some 10 seconds, just can't organize my timing when gox lags. Sold hour earlier at 149, had all ready for great stuff and missed it. Same when it failed to 50, bought only half available then.

why not use google authenticator to login to mtgox with your android phone

Someone's droping coins like crazy, and this is not a sell-off from multiple people, this is a whale dropping coins systematically, he/she waits until it recovers a little, then drops, and so on...

Fucking lol.

how long does it needs for mtgox to receive coins these days?

No, a few hundred coins were stolen, not a very big deal at all.

I am a bit confused by the latest sell off.   Everyone can't make money on these swings, and I would bet that most lose it.   So why do they keep trying?   It's not like there has been any kind of bad news to induce selling, and we all know how much people will be willing to sell for on Monday or Tuesday.   I can't figure out why so many want to sell at the current low.

Yeah. It's dropping but the asks are getting spread really thin. That said - momentum is everything!

Yeah, it doesn't look like "selling selling", more like profit taking at the moment. Yes both are selling, but the intent is different.

Another pathetic wall at 132$ trying to defent price will colapse any second...

I think a weekly chart lumps a lot of different movements together during a time when the whole thing changes every days or three.

On the short-term, I like chopsticks and am bored so I drew some on the 3 hour chart:



What will we scoop from the bowl, beef or bear steak?

BTC-24 is about to "return" the bitcoins by opening the site for withdrawals
do you think this will affect the price?

it isn't as hard as you think  

i noticed the downtrend was exhausted from a number of indicators as early as yesterday evening. take a look at my thread "arepo's price analysis" for the details.

--arepo

I read this as a "please, don't let 120 fall"
Not as in "easy money if you buy at 120"

The truth is that the media mania period expired and we are going down for some time. I personally don't think that 120 will hold. Long term bullish, medium term bear.

Because most of the people pour their fiat in just because the price raises, and a bubble just bursted?

This is what you get when speculative mania cools down.

There won't be any panic buying this time, though. 

Actually my fibonacci analysis points to a capitulation move, consummating in $95 in the following 24 hours. So I will need to alter the conditions of the puts such that $115 put costs BTC125 per 500 face, and that I will write a new $95 put for BTC75 per 500 face. But sms only for the ones actually interested, sorry for polluting the thread but this is on topic since I can't buy more with my nonexisting fiat.

I can still sell about 10ozt of gold and 5,000ozt of silver for a fair price for BTC, sms me please if hurry, PM if not.

No! I said 4 hours, not 40 min!

Looks like the $120 wall is shrinking pretty rapidly. It was 2.5M when I checked around an hour ago. Now it's at 1.25M...

Price will likely continue to go down until silk road is back up

OMFG: the 120 wall has been eaten in few seconds

I has buy order @ 109... come on 109!!!

1:1 escrowed with zeroday that 87 holds?

Did you keep your buy listed? Did it get filled?

Maybe because people don't like you and enjoy what I write to you.

Not that I would remotely care about a color of my ignore button though.

Sorry, don't mean to be hatin' on your thread Adam, but this guy is just plain tarded!

It needs to test $100, and by testing I mean, cross it. Short term I would put a limit buy order in $96-$99 range, that is the safest.

There is now a mighty mass of bitcoins purchased since April 1 above current levels and yet unsold. Back in August 2011, the first and greatest capitulation of that bubble had two legs, dropping over three days. I believe the situation permits a breather at ~115 for a day, then another deep plunge - to the extent that a single carefully selected instance from 2011 serves to model all such bitcoin bubbles.

same person? i smell an agenda.

That feeling when you had a wonderful trading day but have to go to bed soon and don't have idea what will happen with your coins while you're sleeping...

Maybe 10% or 20% increase as difficulty adjusts.   An extra 360 coins a day will do nothing.   Also, the network already quadrupled, leading to the same sort of oversupply.   The next quadrupling will actually take longer than the last one, and as slow as BFL is shipping, difficulty will be able to adjust just fine to limit supply.

This is why i'll wait until at least Tuesday to buy back in.

sucker,he should wait a bit  

Indeed. What was the volume on that? I missed it. I just saw the price.

If you dump 50k coins over 3 days pushing the market down, you can't just buy back in at 95-100. That 5 million will buy things right back to 140 and you haven't made much if anything. Those ask walls are to keep the price down, while legitmate asks filter down and fill 100-110-120. So it's just not pushing the price down, it has to stay down in order for there to be coins to buy back in.

When the ask walls disappear, when there's no restistance, you know we're in the pump phase and the dump phase is over. But based on those ask walls we're not low enough yet for them to buy back in.

Ok guys, I have $25k. So somebody's got to be willing to SELL me some bitcoins @100, right?  


If not, this only proves to me about the tape-painting capabilities of the PTB, and underlines the importance of developing the things in the conference: dealer network, supernode and real bills.

You know my number. I'll go to have some snails and chardonnay.

Btw, this is the last day when we see $95 EVER, you can quote me on that.  

Sell to me at $100 OTC or stfu.

I wouldn't be surprised to see those ask walls turn into market buys. We bottom to 91 and there's this many people buying it back to 104? People are still buying. A crash from 165 to 91 doesn't seem to concern them. That's got to be unsettling to the people trying to push the price down.

I don't know if it's bulls, new money, bitcoin fever, but I can't recall a time where people consistently bought into down trends, bought into coin dumps, bought into walls. Sure you can call it bull traps, but man there's a lot of bulls getting trapped, so much so the price is going back up.  

Someone mentioned they'd like to see 3d charts a while back so I had a try to see how they'd look. 2 hours ago:



Last hour:



Obviously, it's a work in progress. Thoughts?

wow, what is that?

Breaking back down below $105 could be an important confirmation of the resumption of the capitulation from $145.

Is MtGox trolling us now, or is there really no volume?

Couldn't risk to stay without coins, went in at 101.

1) Panic selling as people get scared by headlines.
2) While everybody is panicking Mt Gox and CoinLabs work out their differences and actually complete the transfer deal.
3) The improvement in the ease of moving USD to the exchange brings in vast amounts of dollar liquidity eager to buy bitcoins.
4) All the panic sellers buy their coins back at much higher prices.

Do you? Send me BTC13 to prove it kthx

PS: Are you drunk atm?

Yeah Adam, shall we continue to compare our e-penises in your thread?

you are likely to be left behind and will be out of sync with the rest of the Bitcoin network.

Basically this is just early warning that the same fork that happened in March will happen again if you don't update.   Only difference this time is that the old version fork will be the one abandoned, hence you will be left behind if you don't upgrade or do the work around.   It is just a block size limit increase.  This is not an update of the 1MB hard limit, it is a lifting of the soft limit, which I think is currently 250KB.

Whats that then ?
Does it mean up or down to you ?

That's what I'm seeing too.

What happened to the 97 wall?

lol it got killed

This is a long weekend in Japan, from Friday to Monday. The next working day there is Tuesday, so the Japanese banks will be closed until then. That means there cannot be any new fiat (dollars, euros, yen) going into MtGox for another three days. Now, there could be money sitting in MtGox but not on the order books... just like there could be BTC there and not on the books. We don't know how much of each there is. But we do know that for the next three days BTC can move in and out of Gox easily, fiat can't. That puts downward pressure on the price, until the banks open Tuesday morning and people start seeing their deposits going through.

Someone's defending 90 very hard 

Who knows, maybe they'll make it, same price was defended on similar way few weeks ago, though in an upward trend.

I bought in at 97 So much for that whole Elliot wave thing... Grrrrr

What is the NEWS for this bull run?

do you recommend to be in or out?

That CCTV report is totally someone within the CCP who has a large position in BTC running a pump and dump. Taking anything that comes out of a totalitarian regime's propaganda ministry with anything less than a huge, huge grain of salt is a major mistake.

Yeah, let's be serious: its night in China, and we all know it takes time to move fiat to exchanges. Quite a lot of time. Enough said...

There was a Montréal meetup?! 
Nobody told meeeee!

Or not.

Can you explain what you are offering?  I have read a bit about puts and they don't make a lot of sense to me.

That makes sense.  I'm fairly confident they'll be WAY above 100 by the end of June, but thank you for explaining that.

BTC40, send me PM so we lock-in the price and details.

Or you could stay awake from now till june and sell if it looks like it's going down. :-)

No. 

My guess is $100 in less than 5 hours.

Not sure if serious...

I think so

Does she accept Bitcoin ?

Great ! This wash, rinse, repeat cycle might feel better with some softener  

It needs to follow technicals, don't count on it going that much higher before it tests previous support one more time

So you are saying we will hit resistance at just above $120... and support is declining...

808 coin purchase just went thru!

what do you mean Coinageddon?

Tbh I think people are overestimating last night's mind DDOS. The API was unresponsive and the website down for like 15 minutes two times with a five minutes gap in between. It was already a period of extremely low volume. When it came back up the most notable thing was that a 200 BTC market buy drove the price up from 109 to 112 since asks were barren after the ~1kish dump that took it below 110.

You can't draw many meaningful conclusions amidst a no volume phase.

No, it's low.

I think there is plenty more where that came from.

That's the point. I say yes, ATM. I'm sure you agree

This is jsut a waste of time - BTC!!

There is no movement. I am selling and moving on to silver or other currency!

I thought it is at 24.50 something?

Sorry everyone, I'm late to the party.  Is there a theory on why the price has been so stable?

It's not just the low volume that scares me.  This coincided with Gox restricting and/or disabling bots. It appears that not only do the bots move walls to control the price, but they are also responsible for most of the volume.

my "client" is effectively disabled. can't do api calls at all. don't know what to do to get around cloudfare ddos protection stuff. apparently this: http://blog.cloudflare.com/introducing-im-under-attack-mode got activated.



crap, it's true. probably many bots are disabled. let's see what the humans do... probably not much.

seems the bear parade is walking in

I bought a silver dollar just so I could look at it and see how far we've slid downhill. Melt value somewhere around $28 last I checked. I kinda wish I hadn't bought it in a sealed box though. Would have been nice to handle it. But it was only a hair more expensive than lower quality circulated.

You've pretty much nailed it

Just in case you weren't trolling and because we have a lot of new people on the forum, I'll share some pro tips to deal with slippage on both sides.

For people who have no idea what he's talking about, lets say he has 100k USD he wants to use to buy Bitcoins. The price is at $118. If he puts in a market order for 100K, the order will end up buying coins at $118, $119, $120. So instead of getting in at $118, he's in at $119+. The ticker says $118 but he's forced to pay $119 to get back in. So that sorta sucks.

You only want to use market orders when you want to push the price up or down. Sometimes you'll pay the extra when buying (from slippage) because people will see a big purchase, more people might start buying, you move the market slightly higher, maybe start a rally, there's some built in short term protection for your BTC. When you market sell, you push the market a little lower and sometimes get panic sellers to join in. If you're not trying to move the market up or down you really shouldn't be using market orders.

But now you're thinking, I don't have all day to spend my 100K-500K USD on coins, I have shit to do. Fuck slippage, I want to get back in the game quickly. There's another option.

You want to place fairly big bid/ask walls near the edge. Preferably, right on the edge. The reason these walls get taken down so quickly is because the other side is also concerned about slippage. A 100k bid wall right on the edge, means people on the ask side can sell a bunch of coins with no slippage. Normally selling a bunch of coins you'd end up selling coins at $118, $117, $116 as you worked your way down to fill the order. By putting the wall right on the edge, you're letting everyone know they can buy/sell a fairly large amount and not have to deal with market orders (no slippage).

So if you're buying/selling a large amount, break it up into a few decent sized walls, put it right on the edge, they will get taken down (filled) very quickly. You can get in with your 100k USD right at $118, giving you a little lower price point. I see a lot of people getting impatient, forcing themselves in at a higher price when it's really not needed. You don't have to stick to limit orders $1-$2 below the ticker that can sometimes take hours to get filled. You don't need market orders. Go to the edge, get back in when you want to get back in, and go from there. You save time, get in more quickly, and sometimes the timing of when you get in is more important than the price.

In wonkytonky's case, a few bid walls right on the edge would have gotten filled extremely quickly, and slippage would never have come up. If anyone has different strategies they use to get in and out with large orders feel free to correct me. 

Here's a graph for the Gyft android app downloads. You can guess when they started accepting bitcoins  

Hey, at least we save on the health care, right?

(Put my overnight order at 112ish, hope it fills)

5 Dollar drop in seconds? What is going on?

Most people here are new and don't remember.

Price went this low because market confidence was mediocre.

Price was somehow stable after the 2011 crash too. We all know what happened after that... 

Why is there a price difference?

I agree. I am now shorting this thing...

You'll see sub 100 in the next couple hours or so.  Maybe less.  Especially as people who don't sit and watch this forum or the markets get home and realize they are losing big $$$ and are caught in a firestorm.  I feel bad for those who aren't aware yet and have limit orders setup.    

lmao

Yes I do, speculating of course...I think you're only going to see this panic sell gain momentum.  Those walls are coming down.  There's really no way to know where the bottom is and when the CNN's and others start running the story, there's just no way to know where this thing will stop.  I still believe the core of Bitcoin is around the $50 or $60 mark, if it's any consolation.  Retesting the lows was expected and if they breakthrough that...it's a whole new ballgame.  All bets are off.

UK taxmen, police and spies look at Bitcoin threat!!!

http://www.ft.com/cms/s/2/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2TJT9Wy7Z

The meeting, entitled The Future of Money, focused on the implications that widespread adoption of the currency might have.

Civil servants will now prepare two reports for ministers on their conclusions: one public and one private.

Slightly confused by this statement  

Who is buying now at 110-112$ range? People who sold at what price? 150$? More? Less?

what? no thats crazy bitcoin ALWAYS bounces back  

I wonder when everyone is going to calm down for a minute and take a deep breath until we actually know what the issue is here...

alarmist responses are really no good.

<100?

when do we buy back in though?

I'll say again, if you want to cash out while in triple digits, move your ass.

Waiting..., General Adam!

shit I came too late,
what happened to nice stability, I don't want to search through last ten pages?
We had some bad news or just pumpndump?
could somebody give short feedback?
just read some dwollathingyproblem...

this is good news.
buy buy buy!
buy buy buy!


what? no thats crazy bitcoin ALWAYS bounces back  

Me too

I made a killing today, how bout you guys?

Heh, I remember that! I bought a few hundred at $6.xx

They were leveraged long?

Because Bitcoin isn't volatile enough!  

If/when the USG tries to shut down BTC related .coms... Just .onion/.bit?

I also can guarantee anything I want.  I'll double down on it. I GUARANTEE THIS PRICE IS GOING TO DOUBLE DIGITS!  

Really? Why?

I've said it before and i'm saying it again. Mark clearly doesn't have what it takes to run a company with the responsibility and size of Mt.Gox. He should sell it and retire for his own good.

Possibly the weirdest video I have ever seen and I have watched two girls one cup.......this bear video is really bizarre. 

Anyway, back on topic....  I wonder if this is now a return to the stability that we've had over the last few days, or is it the calm before the storm, as seems to be the norm with BTC?

Correct me, if I'm wrong, because I'm not really sure about the money supply definitions, but here are some numbers about that 300k prediction.

The current M1 money supply of USD, which, as far as I understood, is all the money which is not money out of thin air, is around 2.500 billion USD. We have around 11 million BTC. Our goal 300.000 USD/BTC would result in a market capitalization of 3.300 billion USD.

... ...

Both true. You also can't take 11M BTC as basis for this calculation, because I think the amount of traded BTC is far less. Eitherway, my point is: 300k isn't reachable without a really significant change in the global currency system and not something which is easily reachable, because some VCs invest huge amounts.

All I can think of is how FullTilt, as they were having their accounts seized, kept on stating "don't worry your money is safe". No comments from mtgox on how much was seized is worrisome to say the least. I hope that they have the funds and or the backing to make all cash deposits whole. Do we know if mtgox has the funds in segregated accounts in a jurisdiction of which the US government cant touch?

Drop off at 120?

edit: and lol

missed your comments man.. hows the psychiatry ward??? Feel safe??

Be aware that no dump was made after reaching 125$ yet, this was only micro selling. When the big fish sells we will get -10$ for sure, he only waits for some walls

1k wall at the very top 125

SOLD!

Isn't that where you would be better off buying?

What just happened there? The order book isn't that thin that such a jump should happen for a 100 btc trade. Mtgox order matching failure, or am I missing something?

I meant "100 btc in a single order". Look at the graph, or the order history: market price jumped from 124.18 to 121.70, after a ~100 btc trade. Don't tell me that's usual?

I'm not a day trader but I follow the this thread (ie. the best thread to keep up to date in bitcoin and recent events) but as my spare time is limited I struggle to follow every page.

I'd just like to know what peoples opinions are on why the price is currently going up. My feeling is people buying in anticipation on what this weekends events will produce?

I'd start a separate thread but I've been lurking around here for a few years now and have learned that this thread is the best source of opinions (in my opinion  ).

Get some cash and pump the price i want to short

Most of it comes from the Coinlab lawsuit, the DHS dwolla account freeze and satoshi dice blocking the US.
I think that is a pretty stern combination, but what do I know.  

See, you are purposefully missing the point.

Hint: They don't really look like isolated incidents to me.

Yes what happens when Fear, Uncertainty and Doubt turns to facts?

emotions never turn into fact

King Solomon had 2000 wives and concubines. They say he was the wisest man ever to walk this earth. Anyway, my trick is to get an office on the top floor, and make sure you have guards on the stairs.

ok, who spiked my mt. dew?

I agree with you here, it's the short term future that I have grave concerns about.

Ripple

i think we all should do some home work

from what i've read ripple can become a powerful tool. and bitcoin would be better off if every bitcoiner knew exactly what it is all about and how to use it.

 

I'm not claiming to have full technical knowledge of Ripple (but neither do I have that level of knowledge of Bitcoin), but I do know enough about it to believe that the arguments in defense of it all seemed to ignore one basic problem many bitcoin followers have: it's centralized, and there is no indication that this will ever change.

Rampion's post is an excellent summary of why I don't trust, and don't feel like supporting Ripple (I agree with everything except the last paragraph about the founders "cashing out". They will never do such a thing, as it would instaneously destroy their wealth in the process).

If you feel that anyone who's critical of Ripple is just (consciously or not) trying to defend his own get-rich stake in Bitcoin, then I guess I can't really argue any further.

Canadian regulators welcome US Bitcoin refugees with open arms

Canada > USA!

I bought some at $80 but that is way higher than I paid for most of my Bitcoins and way higher than it was only a few short months ago. Give it some time

Sorry, pure offtopic, but here is a very cool video about mining and Bitcoin. "mining gets harder every 10 minutes" statement is a bit off though.

http://www.academicearth.org/electives/internet-knows-bitcoin/

I can't watch the video atm, but does he still have the terrorist looks and shouting "bitcoin ïs everywhere everywhere everywhere, and getting more powerful everyday" ...should sell before the September convention...

I think people have been saying next week will be interesting for a few weeks now. I think we are starting to see a nice stabilization and if we do see any drastic spikes upwards out of speculation we can expect to land somewhere around where we are at currently.

Your desires are orders

Do you realize that the closing price of a daily candle is kind of arbitrary when it comes to trend lines?

Double top?

Or rather: on what do you base this?

LOL! it's so typical for this thread, that one has to add this disclaimer and it's not even an exaggeration :-p

(disclaimer: I'm ultrabull, non-hospitalized)

ChartBuddy is seized by the US government

Can you tell me where this "Bitcoin time" was when the price topped out June 2011 for nearly 2 years and lost ~94% of its value within 5 months? Sure sure, we will go way beyond 300k USD by Christmas 2013.

Date Registered:    10-04-2013, 11:37:30

Oh, that explains it.

500 - Internal server error - Bitcoin Charts

Just the normal weekend dip I have been waiting for 

yet, it is probably enough orders on 130-132, although we will see ...

Starting to look bad from here...  

Sorry adam, but that's bad advice. Bitcoin is a high-risk investment, and that's why it has such a potentially huge return. If you put more than you can afford to lose (meaning that your life would change significantly if you lose it, that you may not be able to pay debts, send your kid to school, etc.) you are just a nuthead or a pathologic gambler. Because at the end of the day, BTC is more a gamble than an investment.

I see a lot less wall manipulation these days. we haven't seen a huge bid or ask wall pop up purely to cause panic. good sign IMO

5k sellwall just popped up @132


I guess so.

that wall was eaten.; believe it! i saw it live happen.   for once moody clark did not fail on me on heavy action