Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32111. (Read 26472427 times)
October 22, 2013, 07:44:51 PM
Third stab on 205.5. Can it be done?
October 22, 2013, 07:36:38 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
For every Bitcoin bought on MtGox one is sold and that money stays in MtGox waiting to be used again.
I suspect the USD from coins being sold now will be used to buy cheaper coins after the 'correction'.
The Chinese pumper could be buying his own coins over and over gain to inflate the price. With a reasonable chunk of coins this could be done after initially selling only some of them.
On the Chinese exchanges, I can see transactions of this nature occurring, but on Gox, it would make no sense, because of the TX fees.
On chinese exchangers the only loss with a pump scheme like this would be the spread times the BTC within the range you're trying to pump by. Which could potentially be very small, given the right market conditions. This means that for very cheap a manipulator could try to "paint the tape" to make BTC look artificially high or low.
October 22, 2013, 07:26:16 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
For every Bitcoin bought on MtGox one is sold and that money stays in MtGox waiting to be used again.
I suspect the USD from coins being sold now will be used to buy cheaper coins after the 'correction'.
The Chinese pumper could be buying his own coins over and over gain to inflate the price. With a reasonable chunk of coins this could be done after initially selling only some of them.
that is not entirely true, people in the EU are saying they get their SEPA transfers. check the irc chat #mtgox and the mtgox withdraw delays thread
but i bet no one in the EU in their right mind would tx money to gox, they are buying on btce or bitstamp
October 22, 2013, 06:59:57 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
For every Bitcoin bought on MtGox one is sold and that money stays in MtGox waiting to be used again.
I suspect the USD from coins being sold now will be used to buy cheaper coins after the 'correction'.
The Chinese pumper could be buying his own coins over and over gain to inflate the price. With a reasonable chunk of coins this could be done after initially selling only some of them.
October 22, 2013, 06:57:43 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
Easy. $$$ is going into MtGox from countries not called the United States. Gasp! The thought!
Plenty of new money is entering exchanges. Lots of it. In Bitstamp and China in particular.
No, not really. Bid depth on those exchanges pales compared to Gox.
All the money is on gox and will not replenish. Current buys = capitulation.
If that is the case, then why did the spread between Bitstamp and MtGox decrease?
Irrationality in response to current manipulation.
October 22, 2013, 06:56:20 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
Easy. $$$ is going into MtGox from countries not called the United States. Gasp! The thought!
Plenty of new money is entering exchanges. Lots of it. In Bitstamp and China in particular.
No, not really. Bid depth on those exchanges pales compared to Gox.
All the money is on gox and will not replenish. Current buys = capitulation.
If that is the case, then why did the spread between Bitstamp and MtGox decrease?
October 22, 2013, 06:52:38 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
Easy. $$$ is going into MtGox from countries not called the United States. Gasp! The thought!
Plenty of new money is entering exchanges. Lots of it. In Bitstamp and China in particular.
No, not really. Bid depth on those exchanges pales compared to Gox.
All the money is on gox and will not replenish. Current buys = capitulation.
October 22, 2013, 06:48:23 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
Easy. $$$ is going into MtGox from countries not called the United States. Gasp! The thought!
Plenty of new money is entering exchanges. Lots of it. In Bitstamp and China in particular.
October 22, 2013, 06:45:22 PM
http://www.google.com/trends/explore?q=bitcoin#q=bitcoin%2C%20btc&date=today%2012-m&cmpt=q
google trends
google trends
Extremely bullish! According to this metric, the public in the west has no part in this rally, and can therefore only become a part of it (fueling the rally) or skipping it (rally continues however China sees fit).
The public does not have bitcoins to sell, they are in very tight hands already.
This bullish swing is pretty much 95% China as far as I can tell.
The volume in China is actually pretty pathetic compared to what we had last April on Gox. Again, supports my theory that a pumper is exploiting the lack of trading fees.
October 22, 2013, 06:42:20 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
As long as the number of coins doesn't grow it doesn't matter what money is buying these coins. When coins are back, sell of might come.
October 22, 2013, 06:37:37 PM
No way can this pump last if no new incoming fiat. Soon as it's gone, IT'S GONE AND WE DIVEEEEEEEEEEEEEEEEE.
October 22, 2013, 06:36:12 PM
https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits
Above link updated last week. It states that not only are wire withdrawals to the US disabled, but so are incoming deposits! wtf. where is all the money on gox coming from?
My theory is that the money has been sitting off order books since April and is now coming out of the woods, desperately buying bitcoin to get fiat out. This is only half of the capitulation. Other half will be when we finally see the sells on non-gox exchanges.
I also suspect that due to no trade fees on btccny (lol), a single entity or two is pumping the price up, hoping all the other exchanges follow. That way the pumper takes less of a hit when selling on non-gox exchanges.
Above link updated last week. It states that not only are wire withdrawals to the US disabled, but so are incoming deposits! wtf. where is all the money on gox coming from?
My theory is that the money has been sitting off order books since April and is now coming out of the woods, desperately buying bitcoin to get fiat out. This is only half of the capitulation. Other half will be when we finally see the sells on non-gox exchanges.
I also suspect that due to no trade fees on btccny (lol), a single entity or two is pumping the price up, hoping all the other exchanges follow. That way the pumper takes less of a hit when selling on non-gox exchanges.
October 22, 2013, 06:11:00 PM
http://www.google.com/trends/explore?q=bitcoin#q=bitcoin%2C%20btc&date=today%2012-m&cmpt=q
google trends
google trends
Extremely bullish! According to this metric, the public in the west has no part in this rally, and can therefore only become a part of it (fueling the rally) or skipping it (rally continues however China sees fit).
The public does not have bitcoins to sell, they are in very tight hands already.
You're asking rpietila? You know he's gonna say like $10 billion per coin, right? Or perhaps just $300 per mBTC...
October 22, 2013, 06:09:37 PM
http://www.google.com/trends/explore?q=bitcoin#q=bitcoin%2C%20btc&date=today%2012-m&cmpt=q
google trends
It is my impression that Google Trends is a lagging indicator for the price, not a leading onegoogle trends
That's right
October 22, 2013, 06:06:23 PM
It is my impression that Google Trends is a lagging indicator for the price, not a leading one
October 22, 2013, 06:05:34 PM
http://www.google.com/trends/explore?q=bitcoin#q=bitcoin%2C%20btc&date=today%2012-m&cmpt=q
google trends
google trends
Extremely bullish! According to this metric, the public in the west has no part in this rally, and can therefore only become a part of it (fueling the rally) or skipping it (rally continues however China sees fit).
The public does not have bitcoins to sell, they are in very tight hands already.
October 22, 2013, 05:53:45 PM
http://www.google.com/trends/explore?q=bitcoin#q=bitcoin%2C%20btc&date=today%2012-m&cmpt=q
google trends
google trends
Extremely bullish! According to this metric, the public in the west has no part in this rally, and can therefore only become a part of it (fueling the rally) or skipping it (rally continues however China sees fit).
The public does not have bitcoins to sell, they are in very tight hands already.
October 22, 2013, 05:44:52 PM
October 22, 2013, 05:18:55 PM
Too much bullish ... intermediate correction going into christmas now i think.
Major trend resumes in mid-January.
Major trend resumes in mid-January.
Would be ok by me, but seems unlikely.
October 22, 2013, 04:39:49 PM
I personally think what we see is a kind of bull-flag-like pennant. I know it doesn't match the pattern (no lower lows, no channel), but let's just say: I think the pennant will break upward (or already has) and trend will continue for quite a bit.
Ok, this one (my post was 18 hours ago) broke up.
A new such bull-flag-like pennant is forming.
I think it will also break upwards.
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