Topic: Stamp BID wall piles up WTF!? (Read 4081 times)

The majority of examples from financial history would suggest a break to the downside after this.

Because Bitcoin is controlled by a relative few cocksucking whale-rats, Bitcoin may be different. We will see. I will however be shorting Bitcoin again just as soon as it falls short of recent 836 high and starts to trend down again.

What happens next?

ok, so if they are hodling then they believe the price will go up eventually. If enough people believe this, it becomes a self-fulfilling prophecy. The point is a bullish spin could be put on this story just as easily as your bearish spin.

Wrong. People can panic buy out of Gox without selling on other exchanges right away. They just hold the btc. They would rather not realize a loss, and instead wait for the next price rally or until mtgox fixes its problems.

Also, since this morning, the gap between mtgox and other exchanges has increased from $160 to $200!

Maybe, but if people were just cutting their losses so they could sell on another exchange, the price would have gone DOWN on those exchanges and it didn't.

Maybe, but if people were just cutting their losses so they could sell on another exchange, the price would have gone DOWN on those exchanges and it didn't.

But it originated at mtgox. Without gox it wouldn't have happened.

"All"?? horse shit. a big chunk was short-sellers hitting their stop-loss points.

All of the buying this morning was following mtgox.

Something may be up with Bitstamp.

Via reddit....ATM halts buy option because of bitstamp problems.

http://www.reddit.com/r/Bitcoin/comments/1w83db/weve_shut_down_the_buy_option_at_the_bitcoin_atm/

What happens next?

Then I am sure you are familiar with the two versions of right angled triangle and what happens to the price in the majority of cases when the break out occurs.

Although no 'firm' conclusions can be drawn, history teaches us that the strongest probability is that Bitcoin has formed a descending right angled triangle (bearish).

I am sorry, but every standard investment text book in the world would have the right angle formation that has formed on the Bitcoin chart since 6th Jan, as a bearish indicator.

Look it up

google it.

See for yourself from countless historical examples of right angle triangle formations that when the 'horizontal' line is formed as a price support line, a break down in price is to be expected, especially so when the right angled formation is formed from a rally from previous greater highs.

Now, I have already learned a lesson about applying text book trading rules to a market that is largely cornered by a relative few...but that is on the short term scale. On the large term scale, is Bitcoin really going to be one of those examples that breaks the classic mould of textbook examples?

Edit: Here are a couple of examples (no they are not cherry picked, but representative of the norm)

The fact of the matter is that support was and is not broken.
I have read a lot of technical analysis books (in vein) and none of them draw firm conclusions at any time, thats very bad practise. The situation is ambiguous at best. we are only looking for an edge. the market does what it wants when it wants. fact. It will eat a 1500BTC wall when it wants, because thats just how a zero sum game works.
you must have heard the saying, the trend is your friend. for all my experience it's the only thing Ive come to believe about trading.
my name is chessut because I am a very good chess player. I know a good technical analysis is worthless without strategy and foresight. a bearish analysis of this chart has no value to a trader.

I am sorry, but every standard investment text book in the world would have the right angle formation that has formed on the Bitcoin chart since 6th Jan, as a bearish indicator.

Look it up

google it.

See for yourself from countless historical examples of right angle triangle formations that when the 'horizontal' line is formed as a price support line, a break down in price is to be expected, especially so when the right angled formation is formed from a rally from previous greater highs.

Now, I have already learned a lesson about applying text book trading rules to a market that is largely cornered by a relative few...but that is on the short term scale. On the large term scale, is Bitcoin really going to be one of those examples that breaks the classic mould of textbook examples?

I would challenge the view of a 'clear' bear chart. The last bear run died at critical support on all exchanges. I think the best a bear could say is that it's very flat.
besides, any kind of technical analysis will be intercepted soon by brewing fundamentals. It is 50/50.
up, thats my 2 cents.

I can have small amounts of Bitcoins and USD on all the exchanges I care to operate on.

If I was heavily loaded with BTC and USD, I could have humongous amounts of both on all the exchanges I care to operate on.

Whilst most on here don't see it this way. To an impartial observer, the Bitcoin chart looks a horrible bet right now. It is a clear bear chart. If the present trend is anything to go by, we will not see $850 Bitcoin again for some time. Saving for someone having insider knowledge that the rest of us are not privvy to, right now is a terrible time to be making multi-million dollar investments. It was either the work of a rich idiot or idiot(s), or the work of some whale(s) already up to their eyeballs in Bitcoin who are stage managing the market for some purpose.

All signs point to a slide back beneath the $800 dollar mark only for a record breaking trade on the 5 minute candle to swoop in and totally rearrange the environment.

I have seen myself tip the barrel in times of very low volume with my own trades, never more than 30 BTC these days. I have also observed how other exchanges respond to the shift in price I cause on Bitstamp. It is fun to do and in low volume conditions, even I can shift momentum in my favour for albeit, a short period of time. Now someone with massive reserves of BTC and USD, has the power to bitch slap this market any which he pleases. Perhaps the wealth he needs to appropriate to achieve this even inconsequential to him?