Topic: A correction is happening. (Read 2684 times)
It's fun to look at the price movement, it shows the market is still very low on liquidity, but people's psychology has changed, many people want to buy at $12 level, I think one year ago many people wanted to buy at $5 level
I think it'll be back up.
As the price rises, tons of people come out of the woodwork and say "damn, I was thinking of buying bitcoins when they were cheap and I really missed out. If it goes back down a bit, I'm interested in some coins." (they say this directly to me, e.g. facebook, text messages, etc. and I think it's fair to say it's systemic and worldwide.)
Now the price retreats a bit, and these same people are saying, "OK, it's on its way down, it's probably not going to go any lower than $13 since it sat there for so long, so now's my best chance." They're gathering their funds right now and figuring out how to get them into bitcoins.
All their funds show up over the next week or two, they buy and hold coins. The price goes up and stays there.
Hi Mike, please have a look at this - https://bitcointalksearch.org/topic/how-can-i-know-whether-my-physical-btcs-are-loaded-or-not-137912As the price rises, tons of people come out of the woodwork and say "damn, I was thinking of buying bitcoins when they were cheap and I really missed out. If it goes back down a bit, I'm interested in some coins." (they say this directly to me, e.g. facebook, text messages, etc. and I think it's fair to say it's systemic and worldwide.)
Now the price retreats a bit, and these same people are saying, "OK, it's on its way down, it's probably not going to go any lower than $13 since it sat there for so long, so now's my best chance." They're gathering their funds right now and figuring out how to get them into bitcoins.
All their funds show up over the next week or two, they buy and hold coins. The price goes up and stays there.
You'd better use PM or have a new post in an appropriate section
I think it'll be back up.
As the price rises, tons of people come out of the woodwork and say "damn, I was thinking of buying bitcoins when they were cheap and I really missed out. If it goes back down a bit, I'm interested in some coins." (they say this directly to me, e.g. facebook, text messages, etc. and I think it's fair to say it's systemic and worldwide.)
Now the price retreats a bit, and these same people are saying, "OK, it's on its way down, it's probably not going to go any lower than $13 since it sat there for so long, so now's my best chance." They're gathering their funds right now and figuring out how to get them into bitcoins.
All their funds show up over the next week or two, they buy and hold coins. The price goes up and stays there.
Hi Mike, please have a look at this - https://bitcointalksearch.org/topic/how-can-i-know-whether-my-physical-btcs-are-loaded-or-not-137912 As the price rises, tons of people come out of the woodwork and say "damn, I was thinking of buying bitcoins when they were cheap and I really missed out. If it goes back down a bit, I'm interested in some coins." (they say this directly to me, e.g. facebook, text messages, etc. and I think it's fair to say it's systemic and worldwide.)
Now the price retreats a bit, and these same people are saying, "OK, it's on its way down, it's probably not going to go any lower than $13 since it sat there for so long, so now's my best chance." They're gathering their funds right now and figuring out how to get them into bitcoins.
All their funds show up over the next week or two, they buy and hold coins. The price goes up and stays there.
It was about time too. Rising more than 10% per day, every day was all the signs of a bubble waiting to pop. Traders letting hubris get in the way of sound judgment. Buying simply because other people are buying. Exciting ride none the less.
Nothing ever goes straight up (or down). Its always a sawtooth.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
very true. the bull tries to buck off as many as it can on the way up.
http://youtu.be/aA9kW2u0ZAQ
Nothing ever goes straight up (or down). Its always a sawtooth.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
Could you elaborate? Why
Nothing ever goes straight up (or down). Its always a sawtooth.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
very true. the bull tries to buck off as many as it can on the way up.
Nothing ever goes straight up (or down). Its always a sawtooth.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
The huge dump down in the 15.xx level on mtGox today is a really, really, healthy sign IMhO.
Watching mtgox live now is more exciting than live sports.
Yeah, down from $19 to $15.6X, and now back up to 17.30 again!? Roller coaster ride!
Glad it came back down. I'd rather have it be where it's supposed to, than hovering around in a possible bubble state, no one knowing when it will pop.
+1. Stability is what is needed. Steady as she grows...
You also need to pay attention to the depth to tell if it's a correction or volatility. Right now it would only take 20,000 BTC sold to go back to 19. Way more than that was bought on the ride up of the past few days. Depth chart looks like a half-pipe now, which means it doesn't take a lot of money or bitcoins to get wild swings without serious support or resistance.
http://bitcoincharts.com/markets/mtgoxUSD.html
http://bitcoincharts.com/markets/mtgoxUSD.html
Naj. Look at the volume. More than two millions USD moved in a day if I read it right. Wow. I like to believe that this market has drawn the attention of one financial wolf whose pockets are deep enough. To play the pump and dump game at such scale.
Damn I'm out of popcorn. And I wish I had money sitting on Gox.
:-)
Damn I'm out of popcorn. And I wish I had money sitting on Gox.
:-)
Glad it came back down. I'd rather have it be where it's supposed to, than hovering around in a possible bubble state, no one knowing when it will pop.
You could be right but do these people have the significant amount of fiat to move the market?
Yep.
Lots.
It's just a matter of when.
Interesting. Thanks for sharing.
Whether on purpose or not this is definitely occurring:
Quote
Variable ratio schedule (VR) – a reinforcement schedule in which the number of responses necessary to produce reinforcement varies from trial to trial. A VR schedule of VR10 means that if one averaged the number of reinforcers, on the average every tenth desired response was reinforced.
Lab example: VR4" = first pellet delivered on 2 bar presses, second pellet delivered on 6 bar presses, third pellet 4 bar presses (2 + 6 + 4 = 12; 12/3= 4 bar presses to receive pellet).
Real-world example: slot machines (because, though the probability of hitting the jackpot is constant, the number of lever presses needed to hit the jackpot is variable).
Lab example: VR4" = first pellet delivered on 2 bar presses, second pellet delivered on 6 bar presses, third pellet 4 bar presses (2 + 6 + 4 = 12; 12/3= 4 bar presses to receive pellet).
Real-world example: slot machines (because, though the probability of hitting the jackpot is constant, the number of lever presses needed to hit the jackpot is variable).
https://en.wikipedia.org/wiki/Schedule_of_reinforcement#Schedules
You could be right but do these people have the significant amount of fiat to move the market?
Yep.
Lots.
It's just a matter of when.
You could be right but do these people have the significant amount of fiat to move the market?
Yep.
Lots.
It's just a matter of when.
Interesting. Thanks for sharing.
I see 15.75
18%
You could be right but do these people have the significant amount of fiat to move the market?
Yep.
Lots.
It's just a matter of when.
POP!
I think it'll be back up.
As the price rises, tons of people come out of the woodwork and say "damn, I was thinking of buying bitcoins when they were cheap and I really missed out. If it goes back down a bit, I'm interested in some coins." (they say this directly to me, e.g. facebook, text messages, etc. and I think it's fair to say it's systemic and worldwide.)
Now the price retreats a bit, and these same people are saying, "OK, it's on its way down, it's probably not going to go any lower than $13 since it sat there for so long, so now's my best chance." They're gathering their funds right now and figuring out how to get them into bitcoins.
All their funds show up over the next week or two, they buy and hold coins. The price goes up and stays there.
As the price rises, tons of people come out of the woodwork and say "damn, I was thinking of buying bitcoins when they were cheap and I really missed out. If it goes back down a bit, I'm interested in some coins." (they say this directly to me, e.g. facebook, text messages, etc. and I think it's fair to say it's systemic and worldwide.)
Now the price retreats a bit, and these same people are saying, "OK, it's on its way down, it's probably not going to go any lower than $13 since it sat there for so long, so now's my best chance." They're gathering their funds right now and figuring out how to get them into bitcoins.
All their funds show up over the next week or two, they buy and hold coins. The price goes up and stays there.
You could be right but do these people have the significant amount of fiat to move the market? It seems more likely there are big players here that pumped and dumped hoping to lure in more with that very psychology. In all fairness, my short-term targets have been far off so what the heck do I know
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