Looks like the 13.5 bid wall is holding up. But for how long?

error

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Quote from: Edward50 on August 01, 2011, 06:42:03 PM

Looks like the $13.5 barrier is finally not able to hold anymore for a 2nd time. I must admit it fought well and I was thinking it won for a while as the price pushed into the 14's and stagnated around high $13's. However, the battle for the single digits is hardly over.

If the price manipulators (a few people who putting up big walls and buying so the price will not drop) can't hold it from falling into the $11 dollar range this will be a clear victory for the bears and the price should push into the single digits.

I believe that the price manipulators will throw every last dollar they can in the $12 dollar range, so it will take a bit before they give and let the price fall into the $11's. It will be a long battle.

I think they will lose in the end and bitcoins will be cheap enough for everyone to own and make it reasonable to finally invest in it long term for people who came in late and want to own it as an investment.

What is this about price manipulators? And why do you think they're on the buy side? As far as I can tell, the only manipulators are driving the price DOWN, not up. Tongue

BTW, bitcoins are already cheap enough for everyone to own one, and nobody came in late. This is still early adopter territory. This throws the rest of your speculation into question as well.

piramida

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Borsche

Quote from: sharky112065 on August 02, 2011, 07:47:10 AM

Well, I hope you are right and that I am wrong. Time will tell.

Ok sorry for being rude but you really aren't the first to say that btc will "never" do something, it is getting old. I can see future no better than you, but one thing I know for sure - bitcoins are not ending any time soon. how much they will cost today, tomorrow, in a year is only speculatively interesting, but "never" is a little bit too long term. I bet people said that you could never talk to another person across continents just 100 years ago. They look stupid in retrospective

sharky112065

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Quote from: piramida on August 02, 2011, 07:41:14 AM

I so adore those "never again" idiocies, are there children speculating bitcoins now?

Look, the price may go down to zero or it may go up to a million, and saying "it will never again move to 15$" makes you look like a fool now, and will be even more so when the price is above 30.

Well, I hope you are right and that I am wrong. Time will tell.

piramida

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Borsche

I so adore those "never again" idiocies, are there children speculating bitcoins now?

Look, the price may go down to zero or it may go up to a million, and saying "it will never again move to 15$" makes you look like a fool now, and will be even more so when the price is above 30.

sharky112065

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The price is going to go way down. There are more coin's being mined than coins being bought on exchanges. With difficulty increases and the price of BTC so low, miners are expanding their rigs to compensate which compounds the problem even further. Add to that the bad press lately and it gets even worse.

Even if businesses accept BTC, they are faced with the problem of selling a product in the morning for a set amount of BTC only to find out later in the day that it went down 50 cents to a dollar or more in value.

So IMO Bitcoin will continue to make people (read miners) a profit for several more months then will die out. Hopefully I am wrong.

So on the investing side, investors should also see this trend and realize it will never go higher than 15 ever again.

Cluster2k

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$13.50 bid wall holding up, but for how long?

"Mr Gorbachev, tear down this wall!"

Well under $13 is where the action is at the moment. Either way, I only care that the price moves. Up or down, it doesn't matter. It just has to keep moving.

piramida

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Borsche

well, I'm bearish after the unsuccessfull rally attempt, in cash from about 14 going down. I will rebuy at 11, really doubt that 10 will be broken, and general consensus is to start buying at 10-12, so that's where the turnaround will happen.

Edward50

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Looks like the $13.5 barrier is finally not able to hold anymore for a 2nd time. I must admit it fought well and I was thinking it won for a while as the price pushed into the 14's and stagnated around high $13's. However, the battle for the single digits is hardly over.

If the price manipulators (a few people who putting up big walls and buying so the price will not drop) can't hold it from falling into the $11 dollar range this will be a clear victory for the bears and the price should push into the single digits.

I believe that the price manipulators will throw every last dollar they can in the $12 dollar range, so it will take a bit before they give and let the price fall into the $11's. It will be a long battle.

I think they will lose in the end and bitcoins will be cheap enough for everyone to own and make it reasonable to finally invest in it long term for people who came in late and want to own it as an investment.

steelhunter

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Quote from: Oldminer on July 18, 2011, 05:23:21 AM

I'm not trying for $12 - I'm simply going with the trend. I'd suggest you do the same unless you want to lose money lol

3 "A":
And now tell me, who is determining the trend?
As for now, i only see forum full of FUD with the downtrend. Hate such manipulation attemps,they are sick.
Also I don't see the bearish trend right now. It's simple sideways. If spreading FUD wouldn't stop on the forum, yes, strong bears are coming, but have your ever thought that in price of profitability we are endangering weak Bitcoin economy - it might even crash under the big bear.It need uptrend support now.
PS: this wasn't adressed particularly to you, take it easy

my thoughts only

Oldminer

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Quote from: kiwiasian on July 17, 2011, 11:42:36 PM

If you want to see $50 then start pushing the price up. Why try for $12?

I'm not trying for $12 - I'm simply going with the trend. I'd suggest you do the same unless you want to lose money lol

Grinder

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Quote from: Edward50 on July 17, 2011, 07:52:19 PM

I think in the $12's its going to be a tough battle at that point to fall into the $11's. You will have many new speculators coming in around that point thinking that bitcoin will go back up. Eventually it will fall to a more stable rate, but may take some days.

If the buyers actually see this as a battle to keep the price as high as possible they're just stupid. Obviously the buyers should want the price to be as low as possible. If they're buying at 13, it should be because they think that's the lowest price they can get all the coins they want without being outbidden. Paying more than they have to will only make them run out of money faster, and then the price will crash.

kiwiasian

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Quote from: Oldminer on July 17, 2011, 04:58:33 AM

Quote from: proudhon on July 17, 2011, 04:31:59 AM

Quote from: Oldminer on July 17, 2011, 03:59:33 AM

I think we might be going to $12..

How nice would it be picking up BTC's for $12..lol...happy days Grin

Depends on whether they ever go above $12 again after that.

I still see $50 in the next month or 2. Its still early days...

If you want to see $50 then start pushing the price up. Why try for $12?

Edward50

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Looks like the bitcoin value protectors put up a wall about $13 at over 5,000 bitcoins, but that is down to 2,800. They tried to shore up their defenses with some bidwalls in the 13.30's but that was taken out pretty quickly.
They are losing the battle with the inevitable fall into the 12's. I guess they know that if the value falls into the $12's and stays down there for any length of time it will be a losing battle from that point on.

I think in the $12's its going to be a tough battle at that point to fall into the $11's. You will have many new speculators coming in around that point thinking that bitcoin will go back up. Eventually it will fall to a more stable rate, but may take some days.

evolve

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daytrader/superhero

sold off all positions on thurs....buying in low on the weekend...im half in right now @13....waiting for @12 to buy in the rest of the way (with a small hedge @10 just in case)

i love the weekend.

Nagle

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Quote from: being on July 17, 2011, 05:35:20 AM

Quote

Remember, every day miners generate about $100,000 in BTC at current prices, and some (most?) of that is sold. To keep the price up, somebody has to put about $100,000 of new money into the system each day. If new money slows down, we should see what we're seeing - a slow, steady price erosion.

I think this is a really good point. Even if 50% of the miners were holding on to the coins, it would be hard to see 50k put into bitcoin each day... I just don't see it happening.

The market's weekend behavior is instructive. You can't wire-transfer funds into Mt. Gox on a weekend, but trading continues. Each weekend, we see the buy side slowly depleted, and the price drops about $0.50 to $1. That's an indication that a steady inflow of funds is needed to prop up the price.

grod

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Quote from: Nagle on July 17, 2011, 01:05:02 AM

It looks more like there's a fixed amount of cash available to the buy side over the weekend, and that cash supply is slowly being used up as routine liquidation of Bitcoins take place. This slowly drives the price down. There's little sign of manipulation.

People have been selling for weeks and considering the volumes are much larger than 7200 a day it's not just us miners. There's plenty of cash available, it's just not ready to go back in. New deposits have little to do with it.

Now, if the price drops to $11 and you still don't see buyers lining up you may have a point. I'm sure I'm not the only one waiting for either a resistance level to hold or a clear up trend to manifest before I start building a long BTC position.

being

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Quote

Remember, every day miners generate about $100,000 in BTC at current prices, and some (most?) of that is sold. To keep the price up, somebody has to put about $100,000 of new money into the system each day. If new money slows down, we should see what we're seeing - a slow, steady price erosion.

I think this is a really good point. Even if 50% of the miners were holding on to the coins, it would be hard to see 50k put into bitcoin each day... I just don't see it happening.
And no, buying mining equipment has no relation to this.

YoYa

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Always verify deals with me through my public key!

Quote from: proudhon on July 17, 2011, 05:11:16 AM

Quote from: Oldminer on July 17, 2011, 04:58:33 AM

Quote from: proudhon on July 17, 2011, 04:31:59 AM

Quote from: Oldminer on July 17, 2011, 03:59:33 AM

I think we might be going to $12..

How nice would it be picking up BTC's for $12..lol...happy days Grin

Depends on whether they ever go above $12 again after that.

I still see $50 in the next month or 2. Its still early days...

We'll see. My guess is still that we won't see anything above $20 for the rest of the year.

To hazard a guess, I'd say we'll see the future before the year is out...... Wink

Or failing that, we might see December.

proudhon

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Quote from: Oldminer on July 17, 2011, 04:58:33 AM

Quote from: proudhon on July 17, 2011, 04:31:59 AM

Quote from: Oldminer on July 17, 2011, 03:59:33 AM

I think we might be going to $12..

How nice would it be picking up BTC's for $12..lol...happy days Grin

Depends on whether they ever go above $12 again after that.

I still see $50 in the next month or 2. Its still early days...

We'll see. My guess is still that we won't see anything above $20 for the rest of the year.

Oldminer

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Quote from: proudhon on July 17, 2011, 04:31:59 AM

Quote from: Oldminer on July 17, 2011, 03:59:33 AM

I think we might be going to $12..

How nice would it be picking up BTC's for $12..lol...happy days Grin

Depends on whether they ever go above $12 again after that.

I still see $50 in the next month or 2. Its still early days...

Topic: Looks like the 13.5 bid wall is holding up. But for how long? (Read 4986 times)