Topic: Can someone explain how the price is so stable all of a sudden? (Read 4694 times)

Looking a total cert now though.

This sucker is going down!

Gox has already brought the market down from 800 to 400... not much more they could do.. damage has been done.... and might dip even just a bit further. We will see some better action once we break out horizontally of the downward trend lines.

just tell to irs, we got "goxed"   

i was expecting a panic sell thx to gox fiasco but meh :L

Well thank you for your concern. Your "hope" has been noted.

In the US, the long term (> 1 year) capital gains rate is 0% for most people.

in germany no capital gains tax after hodling longer than 12 months.

it is legal in Slovenia capital gains are Tax free, speculation on an asset/stock is legal as long as you can prove the logs and source on income, I am thankful that I live here

I think a good portion of the volatility the market experiences is due to amateur traders who still think this is a fully under ground internet play thing that they can go in and out of, take profits, buy, sell, whatever with no accounting or concern for tax obligations or reporting of any kind.  I think an awareness of these sorts of obligations to accounting dampen volatility a bit in typical financial markets.

I fully expect some of you guys who are short term trading/day trading bitcoin, especially in the US, to be well and truly fucked over by the IRS as they catch up and issue guidance on taxing bitcoin.  I seriously hope you guys are keeping good records.  

Significant support at this point is $550. Any price below this and there are going to be a shit load of bagholders in the market. Took a 6K BTC of buying on Stamp to get from $550 up to and above $560.

If Bitcoin breaks below this, then upper $400 range would not be out of the question.

The coming trading period will be all about testing this $550 range. Since we have the 4hr MacD, threatening to hit a crossover, and since we have not yet had any meaningful correction from a whopping $400 - $610 recovery, my money is on $550 being broken to downside.

With all that in mind, Bitcoin @ 578 (right now) could yet be a cracking short trade, being sure to keep a close eye on how Bitcoin reacts and bounces of the $500 range.

A1 TA WOULD TA AGAIN

I have been sleeplessly watching this like a hawk. Until China started playing, we were heading for what I would have thought was a bull trap short squeezing break out...then Huobi started selling off strong.....the rest will fall into place like dominoes from here....although there still may be a bit of bullish stubborness to be shaken out market before correction kicks in good n proper.

It's really simple. Two strong trends collided and are smashed up against eachother. Everyone was extremely bullish after the gox reversal and wanted to buy buy buy, but then the price collided with the month-old established bear trend, and stopped the rally. Everyone was still so bullish that they didn't want to accept that a retracement was neccessary to break the bear trend, so it just stalled out. I still think it needs to go to ~500-530 first and consolidate before it can break the trend. It might take some news event to shake things up.

Because there were too many Fluc U Asians.  

Quite a few whales got clipped on mtgox. You'd be amazed on how much money/coins certain people kept on that exchange. ( i got clipped too but I'm no whale/manipulator)

I'd imagine the next few weeks, maybe months will be very boring after the whole fiasco.

maybe he knows something!

I like how you edited it from -5% to -10% lol.

Market has factored out gox from the equation for a while so were trading on non-gox based prices

i think chinese buying pressure is too much to reliably short. i will watch closely. i doubt more than -10% change within an hour unless news hits.

Well, sure! Bad news in a bear market adds fuel. Some traders trade on how they think other traders will react to news. This gets the ball rolling, and the herd follows.

On Bitfinex, there are far more leveraged shorts than longs. Infact the shorts are totally maxed out. For this reason, I was expecting a short squeezing bull trap to transpire, where the shorts were all squeezed out, resulting in adding fuel to the break out, and encouraging dumb longs to pile in at which point the Bitfinex whales who would have manipulated the bull trap to begin with, would have dumped coin at max profit. After this, we would have the correction that all the chart indicators have been pointing towards.

This seemed to be the way the markets were going, but Huobi was having none of it. Fake volume or not, Huobi has spoken and the USD exchanges have followed. Clear and unequivocal break down from 2 day stagnant pennant formation with all the 4hr indicators yelling "Sell". An absolute 100% school boy short selling opportunity right now at $580.

I agree, that most Bitcoiners are long. With a massive amount of coins being bought at +$550 levels. The market will punish these holders of coins. Again, this move above $550 was instigated by Huobi. It will remain etched in my mind a long time. As I was long since $490, and was sitting contemplating a 5K BTC wall on Stamp and thought it was a clear time to sell. 2 Minutes later the Ask wall was raped by 6K worth of buying pressure. Aghast, I switched over to Huobi's chart and saw that a massive move was instigated there just a few minutes previously.

It is absolutely fucking ridiculous how the automated market trading simply follows in the steps of action on any other large exchange, especially exchanges like Gox or Huobi, where it is suspected the trading is all fake. But that is how it works. Perhaps the most popular trading bots are actually coded by Chinese bitcoin cyber-cowboys themselves. Perhaps they know better than anyone how the different trading algorithms work, and how best to completely milk the whole market dry. They may have their western based whale competitors who have other ideas as was seemingly witnessed today, but when it comes down to it, the western market shakers are no match for the mathematically adept and ultra underhand Chinese cyber-cowboys. That is how it seems to me anyhow. The West wants the market to do one thing, and it obliges, until China says something else. China almost always has the final word. (I identify China not just as 'Huobi', but all trading done during China waking hours including on USD exchanges where the mofos surely also operate).

hmmm, I agree of course, but several months worth of scare stories of people not receiving withdraws, money stopped, etc.. I do believe we noticed the price change just a little when each of those events happened, yes?

Because Gox isn't (wasn't) the reason for Bitcoin volatility. Volatility is caused by inexperienced traders and low liquidity.

Why would the removal of the most unstable part of something not help it stabilize?

Hey MatTheCat...Which 4H indicators are you using...?

Most trading is bot trading and they are all hooked up to action on other exchanges.

Huobi has spoken. Even if it is all fake trades, Huobi has shown a clear break and unequivocal break down from the pennant trend formed across the past few days. The bots on the USD exchanges will react to that. And Chinese traders trading on USD exchanges will also follow suit.

And on top of that, 4hr indicators are all giving sell signals right now, at a point where we have just had a stagnant trend after a massive crash and 85% recovery.

But admittedly, utterly treacherous markets to trade. Both sides could be punished brutally here.

Just to add that all my price levels are based STRICTLY on BTC-e ...Bid-Ask...

The other exchanges will vary slightly...now we don't have MtGox anymore...

Nothing is a profit until you close though! 

Nope, just waiting for a sign to see where the price is headed.

I guess the folks who wanted to buy at the lower prices are now all done

I am not surprised...

Usually the bigger moves are starting...with so called "false breakout"...in the opposite direction...just to shake the "weak hands" + to get "more monkeys on the trees"....which means to get rid of longs and get more shorts to be screwed on the way UP...

Very well seen during the London (European ) session...something like playing "soccer" / football...let me trick you to the left...so we can go the the right...Capisco...?

Looking again at the crystal ball...$550-560 is a clear Support for now...We'll see...
  

noticed the same thing.  i think whales are trying to keep it stable in light of the gox debacle.  they don't want everyone to run for the hills.  got to keep that confidence going.  reminds me when the price stayed at just over $800 for way too long.  i thought the whales were trying to keep it less volatile so it looked more like a currency.  back then people complaining about how volatile bitcoin was.  ahh, the good old days when volatility was the extent of our problems

Shorts have all been shorting like mad at $590.....they are in good profit already.

It's going down to shake all of the longs, then it's going to leave the shorts in the dust.

I thought that too...but Huobi has spoken...its going down.

At the moment is stable...making a "spring coil"...consolidation...

Most likely to resolve on the UP side...first resistance @ $620-630 level...short term(couple days)...around $750...medium (week or so)...$810-830 longer term...

This is what my "crystal ball" said...just kidding...

They inspire.

You like poems? Tell us all about that.

Just stop talking and start apologizing to me. Make it personal, in poetic form. Thanks.

Perhaps "stable" is the wrong word. How about "even"...is that better for you?

And I'm saying it isn't stable, not even temporarily, because someone can move the market at any moment.

The question is posed as "why is it stable right now", sorry if I wasn't clear.

Thanks to everyone else for the input.

Well, the part about Gox was a joke. They may or may not have actually been stupid enough to do it.

Next move is likely UP...

Bitcoin is not "stable" until large holders are unable to move the market. This will never happen.

/end stupid thread.

lol wtf

Not true at all.

Especially not when the market is in indecisive phases, such as now.

Yeah but only Gox was stupid enough to actually do it!

Moving the market is easy (if you've got a lot of BTC). Profiting off doing so is a lot harder.

Gox ran out of money so they can't manipulate the market any more?

Market will go in the direction that robs the majority and enriches the few. Bull trap short squeezing breakout, followed by correction down to mid $500s.

The large trend lines and the short recovery trend line are all converging, and nobody knows where it will go, it is trading within the lines... the lines will converge tonight roughly at midnight..... then the market will have to go one way or the other..... or just go horizontal...

THIS: (a quote from a post I made in another thread)

" Right now for example, many people believe that the market is in for a text book 66% correction and therefore the short trades are maxed to the full. This has probably determined the recent tight market as sellers cancel out buyers, and exchange associate bots sit and happily knudge the momentum up to farm low risk tolerant traders leveraged short bets, whilst making the odd brief soiree to the lower trend line to farm the longs (yup, I believe BTC-e and Bitfinex are corrupt places and actively practice squeezing of leveraged traders with perfect market knowledge in order to enhance their profits......many of these 'peculiar' huge Bid Walls that appear on Stamp are actually being made on Bitfinex).

What I think is away to happen at the end of this pennant formation is a break up the way, which will squeeze shorts out of the trade further pushing price higher and which will turn out to be a bull trap of sorts. Longs will pile in, and then will come the dumps, forcing a correction, but only down to around the $550 level where the dumpers will be competing to get back in and take their scumbag rat bastard profits. I just don't feel $400 range Bitcoin occurring anytime soon and think the near-medium term trend from here is mostly up. However, in light of TERA's pointing out the odd indicator signals of this particular crash, I do believe that we will be visiting the $400 range and possibly lower before we see any ATHs.

Fuck Gox and all those other stories that are attributed to price movement. Bitcoin is behaving like it is because it is being fucked with by people who are milking it for everything they can get out it. I am turning bullish for the time being, but long term, I am still a bear and believe lower lows are yet to come some ways down the line. Bitcoin doesn't flash crash to make its final capitulation bottom and then almost recover within one day. This just does not feel like a low to me. Too much euphoria and back slapping going on for that. Even I predicted 'bottom' within $20 (too low unfortunately for me) weeks and weeks ago using the most rudimentary TA 101 skills. Seems all far too textbook for my liking. I didn't follow Bitcoin so closely until November 2013, but I am pretty sure that with the last two post bubble bear trend lows, that people actually involved in Bitcoin felt like the end was nigh.

We will see how things go when we get back up to the $800 level."



The market wants to go down, but some whale entities aren't letting it. Short sellers are building up, and they will have their asses squeezed by a manipulated break out which will also be a bull trap, before a correction down to mid $500s.

This is what I believe and what I am betting on.

Army of HODLR'S 

Silence after the storm.

don't blink, this is bitcoin after all

It's a simple consolidation!
A cool-off period because we had a $200 rally in a day and a half. Just give it time

The only force driving the market up is elite investors, and they dont buy high if you know what I mean! they will wait patiently in the shadows. very patiently, because the world is shell shocked about bitcoin right now.

Whales are waiting for new FUD

The rough ride is a reflection of human emotion, and people are not freaking out right now.

This is a normal amount of volume, because no one knows where we are headed.

Can someone explain how the price is so stable all of a sudden? It's like the roller coaster is out of order.