Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18176. (Read 26623500 times)

I'm gonna concede defeat on this one.       

I agree with you about the silk road point and an upcoming china ban crisis (fake or not) possibly causing a subsequent spike, and maybe I was just attempting to make another not quite related point, but bouncing off of your post was not really the greatest way to accomplish my own point. 

Good morning Bitcoinland.

I see there's been no further panic selling after yesterday's well-timed (to coincide with a normal correction) rumors/FUD about China banning Bitcoin.

It seems that the weaklings have been washed out and we're consolidating toward the next move up.

Now the price is hovering around $700... currently $699.97 on Bitcoinaverage.

Who was it who said yesterday that the target price was $699.99? LOL 

^^^ I'm of the opinion that the simplest explanation is usually the best, and you shouldn't attribute to malice that which is adequately explained by stupidity. Silk Road crash may have paved the way for a stellar rise, but the market was showing signs of wanting to go north anyway.

Or maybe...

In Oct. 2013 a big whale(s), armed with insider knowledge that in just 2 months time the U.S. Fed was going to give the "thumbs up" to Bitcoin being treated as a legal commodity instead of a ban, decided to short the fragile market with max leverage to open up a position timed with the Silk Road news.  This did two things, 1) set up their long position heavily armed with coins at the lowest market price, and 2) margin call all of the existing longs out of the market.

Once they had control of the market, which wasn't too difficult since at the time ~85% of all the exchange biz went through Mt. Gox, they were ready to run up the market to the moon, knowing full well the news from the U.S. Fed in 2 months time was going to be extremely good.  And it was extremely positive, pushing the market even higher. Perhaps they were controlling the Willy Bot too.

Then at the peak of the bubble, they yell "China bans bitcoin!" while epicly shorting/dumping, catching the dump at ~400, ride the bounce back up to ~900, then 6 weeks later they yell "Mt. Gox is insolvent!" and short/dump again.

It was perfect and beautiful.

Now paging JJG who's going to condescendingly reply to this and tell me that I'm an idiot, that my theory has no merit, that he's the smartest person here, blah, blah,blah...  

$694 again? I think it will drop to $650 as someone has predicted earlier yesterday when this whole drop started 24 hours ago.
This is looking certain now.
Thread that was created an hour after it started (23 hours ago):
https://bitcointalksearch.org/topic/china-prepares-to-impose-curbs-capital-controls-on-bitcoin-1669799

My node has 2600.

l2filterspamlol

You don't fully understand the meaning of this. The point of the silk road crash was that it recovered and proved that Silk Road was not significant like people thought. They were finally ready to go the moon once Silk Road was completely behind them.

So is it true that the price of bitcoin will go down and if it will go down how low it can get,will it go below $500 and is this news regarding china even true

The ULTIMATE in market MANIPULATION if you ask me.
They are the masters at it afterall.

Getting ready since late last night. It is climbing fast now.  

So the headlines in those TMZ style bitcoin sites were true?

16000 unconfirmed tx lol

Wuuuuuut!??    

China bans bitcoin??      #jokeoftheday

china bans bitcoin but china buys all ur bitcoins

Actually this is very good!!!... The little guys win the most on this stuff...    (too bad you where sleeping or hodling too hard)

This is how shortages become reality!  

I personally think that you are giving the Chinese quite a bit more credit than they deserve, and I don't really believe that they have as much market mover power as you are making them out to have (though I will concede that reasonable people can differ on this point and still be reasonable, so I am not necessarily asserting that you are being unreasonable in your belief and assertion).

Are you suggesting that to be some kind of abnormal in these kinds of circumstances?   I would think not. 


When there has been about a 9% downward correction that only sprung back about 2%, then wouldn't the order book naturally be kind of emptied from that movement and that price action?   

Sure, maybe it went down more than usual, also, because 1) supposed scheduled maintenance and 2) when they did the supposed scheduled maintenance during a supposed non-volatile period, they ended up coming back on line and giving folks a 10-15 minute period to cancel orders. 

I, personally, cancelled only a few of my downward orders as much as the price had already moved downward, I did not assume doom and gloom upon their reopening.  In fact, I had kind of thought that when they reopened, then possibly the market would spring back a bit, instead of attempting another correction (even though on retrospect the second correction makes more sense to give the bitfinex folks an opportunity to participate in another test of downward support (which I am still a little bit unclear about whether everyone (well at least whale manipulators) is sufficiently satisfied with that support being decently and adequately (and with enough bitcoins that they may be willing to write-off) tested at lower $670s.

After the Finex fuck up, China became more of a leader than before, and can take us any in direction they want. If you thought previous price manipulations from the dragon was something you haven't seen anything yet.

No idea where all USD traders went since clearly they're not on Finex anymore

I could see the next ATH being preceeded by something like a "Silk Road Flash Crash" to $400 where China completely outlaws Bitcoin and all the Chinese exchanges shut down but then BTC bounces all the way back to $700 anyway within days or weeks. I'm not saying it's going to happen but it would be amusing.

Bitfinex has lost 60% of its bid depth since last night.

I hate to quote myself, but since I am writing a continuation of the same topic, maybe it is just as good to quote myself?

Our price increase from $610 to $750 was nearly a 25% increase without any meaningful correction, and then this little bout today seems to have allowed for a bit more than a 50% retracement of that price increase, but then currently, we are floating around the 35% area of retracement.

That does seem like a sufficient enough correction and attempt to push prices down, but really we cannot really know whether bears or bulls are running out of ammo, even during what had seemed a pretty decent upwards price movement.

I am kind in the belief that our odds for continuing upwardly remain a bit better than our odds of further correction or changing direction - even though it could take a week or so for this train to continue its upward journey. - and maybe a test of upper $700s before the end of the month?  And I phrase that as a question because I become less sure the further out I attempt to predict and the higher the price that I attempt to predict.