Topic: The correction and recovery in a nutshell. - page 4. (Read 5598 times)

You guys don't give HODLERS enough credit!

Exactly, Bitcoin is a play toy to scale and there are individuals who own assets worth several times the market cap of Bitcoin. The fact that they are supporting this price means they expect a great return and don't want to see anybody turned off to potential market adoption by witnessing a "collapse." The price has been held up and will continue to be held up until the market can hold itself up.

Watch what happens in Feb and March. The price will skyrocket.

Banksters and Uncle Sam can even manipulate huge markets like gold. Fooling around with bitcoin is peanuts to them.

I guess it just means that there are some extremely bullish multi-millionaires out there...

I agree, if it should fall hard due to whatever reason a lot of people will get burned trying to catch falling knifes, as the majority is almost 100% sure that it won´t ever go below 500$.

No idea, but we will find out in a few days. It might even go to levels nobody will expect.

I'm confirming sources right now that appear trustworthy and confirm that this will indeed happen.  Notice that bitcoin is not making new all time highs over the past month, which confirms all the bad news and confirms that bitcoin is collapsing.  It might seem sad, but it is a fact, as I have demonstrated.

I have noticed lots of massive cash outs on Bitstamp whilst trading in the lower $800 range. The recent trends have consisted mostly of very low volume and price stagnation. Anyone who is watching the charts as obsessively as I have been will have noticed all the little automated peculiarities that have served to hold the price up, then after the Bid pressure has built up to such an extent, an 800 BTC ordered comes bang out of knowhere and only knocks the price down $4! The next BTC traded takes the price down a further $15, then a bot trades 0.001 Bitcoin and is the spot right back up to where it is.

I have noticed two serperate events on Stamp that were like this.

To cut a long story short, for all the low volume and turgid price action, there have been a lot of massive cash-outs executed not just within the minute candle stick time frame, but within one second.

And I wasn't so directly tuned into the previous $765 corrections, but this one was certainly triggered by Huobi, strongly resisted by Stamp until I guess the algorithims couldn't cope with the movement of trade, bounced of the $765 as the market would have anticipated it would be, but then started to plummet back down at vicious rate, before the market was saved by some mulit-millionaire stepping in and wiping out the spot chasing ASK walls at crucial moments.

I won't pretend that I know wtf is going on but it is crossing my mind that Bitcoin is being managed at these levels to allow a lot of big boys bumper cash-outs. If so, then when the manipulation stops, the price will still be high but the market may find itself badly under-capitalised....which of course means one thing.  

At what price will hodlers become No-longer-will-i-hodle  ? 550$ 400$ 300$

Perhaps the powers that be want to create the illusion that the China deadline is trivial and prices will remain stable for the time being. Until the day actually comes they instigate an epic sell-off that will even make make the most permabull hodler shit his pants.

For the past 3 weeks, every time bitcoin price goes down sharply, it seems to recover fairly quickly.

I don't know if it was you, but someone on here told me that my ranting about the blatant bot price market engineering was akin to a kid crying cos he is getting beat on a computer game. And it's true. These markets are manipulated. I don't who is doing it or what there intentions are, or when they are going to do it. But if I am going to play in Bitcoin that is the rules. The rules of Bitcoin is that the 99% are playing on a shady underhand uneven playing field, which I suppose doesn't make it much different from every other market in the world aside from it perhaps being even less regulated.

It seems to me that there are two prominent entities in Bitcoin right now. One of those entities (the Huobi monster) appears to be Chinese in flavour. If this entity gets it's way, then Bitcoin is going to crash through the floor-boards in spectacular fashion. The other entity is the Bitstamp monster, who is in league with his castrated and by now rather ineffectual peer, the MtGox monster. If this entity gets it's way, the Bitcoin price will be held up and stabilised, or at least until a certain point in time when the price stabilisation has served its purpose.

It is very possible that there is some kind of war going on betwen Chinese entities and Western entities for control of Bitcoin. Although I completely lack the details, the template of the forces at work are very clear to me.

For this reason, although the charts are screaming CRASH to me, I am presently long Bitcoin. For the time being, I reckon Bitcoin is a protected species (I will think about cashing out when we trend up to $930).

+1  And buying in at $765 or $775 isn't really a big deal. 

But couldn't those have just been orders being filled? 

It looks to me like you never traded in larger volume... I'm far from being a whale, but the scenario you described above is something I have (roughly) played through myself. When trading in larger volume there are two questions that need to be balanced against each other: where are we right now in the trend, and is there/will there be enough on the order book to capture my order without too much slippage. So I often place orders well "before the trend ends" because experience showed me that once I wait until the trend naturally reverses, the order book composition is such that slippage eats any additional profits I got by waiting.

He's not the only trader on Bitstamp/Bitfinex with deep pockets you know, maybe he missed the initial bounce from the crucial $767 support and didn't want to be beaten again by someone else with deep pockets. There's no way of telling whether the price would have dropped $100 further if he had waited, maybe someone else would have stepped in and bought up the coins. Whales have to fight too amongst each other for the coins, not everything you see is manipulation if it doesn't work in your favor.

If wanted to acquire BTC I would want the market to take a death plunge. Indeed, I do want to acquire lots of Bitcoins which is exactly why I want the market to take a death plunge, I however don't have the power to make this happen and have to satisfy myself with remaining astute as possible to good opportunities that present themselves.

Far from bringing down the price, these gargantuan flash purchases were strategically placed and triggered to put the halts on big nasty post bounce slip that was gaining momentum rapidly. It looked so certain and then BANG, $250K order within a second, a few minutes later, a $175K order followed by a $140K order, both of them executed within a second. If you study the charts closely, you will see that these large BTC purchases saved Bitcoins bacon. If these were genuine investments from someone with deep pockets, then this person is a fucking horrendous trader as if he had just sat back and let the panic do its work, he could have gotten these Bitcoins $100 per unit cheaper.

Considering the scope of the attention and the lightning fast adoption of late I'd be willing to bet that there are some extremely deep pockets involved today that weren't involved a month ago.

Considering how small Bitcoin is right now and the speculation that it will continue to achieve more adoption as time goes on; The pockets could easily be deep enough to buy out the remainder of China and the SR coins without even breaking a sweat...

I have been on Bitfinex all night nursing my rather successfull short bet, and then latterly my not so successful short bet. When I place an order on Bitfinex to be executed on Stamp, I see it lining up on Stamp's ticker. I normally route my Bitfinex orders through Stamp because the volume on Bitfinex itself is rather sparse. Stamp volume in comparison is enormous.

Go back and look at the bounce back from the rapid drop to 775 and you will see it makes no sense that this single one off $250K order (that was done within a second), would be a big load of premade orders coming in from Bitfinex, as they would have been triggered before this point......unless a big bnuch of traders just coincidentally made a big mass of orders right at the price within the three minutes preceeding the BTC spot falling right through this range, which just so happened to save Bitcoin's neck.

Its manipulation, plain and simple, and manipulation at a huge cost to someone with very deep pockets.