Topic: The mother of all traps? (Read 8147 times)

that is a refreshing hypotheses. i hope you are right.

here's a refreshing hypothesis: it's actual new money coming in due to 6 week old news (incubation time of new a bitcoiner (from first contact to first buy) is roughly 6 weeks)

So I looked at 6 week old news and found: "liberty reserve busted".

If I remember correctly this pattern on weekly is called "bullish engulfing" which is a reversal pattern. What it practically means is that it should go above 105 and stay above it, then reversal is confirmed and it is rally time for 5-15 weeks. For all I know it could end up above 500$.

On clarkmoody's weekly chart we have quite an awesome hammer in reversal pattern too (they build weekly chart a bit differently there)

Also the fact that all the bitcointalk bulls are so bearish is a dead giveaway that market will actually reverse to punish the suckers as it always tries to inflict the maximum pain on them.

Moreover, on daily chart (clarkmoody), it appears today we have broken over descending trendline on high volume simultaneously going over both moving averages at the same time. Lots of technicals are pointing to reversal. Your typical TA guru here would be advising to wait a few days for confirmation i.e. a few more daily candles closing above 105$ to get a high probability entrance onto the next up legs that is likely to develop into the x-mas from here on.

As I have predicted earlier all the suckers who bought in 260's have sold all their coins to those suckers who sold in 70's by now, as such the market have no purpose to stay here and it can finally move on.

[..]

Let's actually wait and see.

So far the mother of all traps is "BUY at $266".

It was "BUY at $32".

In the next year I suspect it will be "BUY at $500 to $1000".

I was just surprised by the "it was possible to set orders without actually having money in the account" statement.

Those orders placed with no money never did shit, the trading platform clearly said "not enough funds" and those non-backed orders never appeared on the order book. If you were trading just a couple months ago you would have known.

I trade few times a month. Still very new to trading. I used bitcoin in 2011, and heard about them before but was too young to think of them as an investment. Also, suspecting where the question comes from: I do not believe comments on this forum have ANY power over the price.

Exactly. BTW: lucas.sev, do you trade or just comment? I'm curious.

It never was. What you're talking about is being able to set an unfunded "placeholder" order that doesn't appear in the order book until the funds arrive, and the order is either partly or fully activated.

Rembember that it was possible to set orders without actually having money in the account not so long ago. Wonder how much this skewed the book.

My view is that the book is worth less than money sitting in the sidelines. I suppose you do not share this view?

You will lose that bet big time.

I can give you two facts:

a) I personally withdrew *big time* after the april 10th collapse (at the very beginning of June to be precise).

b) the ATH fiat on Gox's order book its been +$22M. For the last month it has been fluctuating between $11M and $13M. Sure that doesn't represent ALL the fiat on Gox, but the "visible" amount is inevitable correlated with the "invisible" amount.

Most of speculators realize their fiat profits (or cut their losses) after a bubble pop. Most are in this to make money, its summer and everybody can use some profits.

Trap currently closing. Pretty funny situation as there is more than a 10% divergence between Bitstamp and Gox; the inability to withdraw fiat from Gox is distorting the price and will probably extend the pain for the bulls in denial, as an impulsive move down is pretty much pointless if the fiat cannot be withdrawn by the traders.