BITCON... WHY its totally FLAWED

pro$pector said:
Phiber said:
BTC trading on very low volume these days..looks like a lot of people are sitting and waiting to see if anything will happen!
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Personally I think many of the speculators / traders have cleared out and we may see a slow and steady rise from here.

I am really regretting buying all those BTC for people between $55 - $90 now - wish I kept them!!! :lol:

Although the ones I've picked up between $100 - $120 this week are looking good today!
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I was assuming it was going to consolidate around the 60-90 area. So thought I was going to have plenty of time to buy.

OTOH, this could just be a bull trap.
 
RetardedMonkey said:
I have a feeling it's going to be dumped back below $100.

Just trying to pick when to get out.
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I respectfully disagree - the buying volumes have been pretty small on the rise and I think any big sellers who want to sell may have done so by now - there have been some big dumps that have been equallly matched by buys.

Perhaps $150 will provide some resistance, I have an order set to sell half at $148 right now.

The market depth provides some nice clues to where BTC may head short term, it was purely the market depth data that influenced when I chose to sell last time.

I wouldn't be surprised to see a new all time high reached in the next few months and low $100's will look like a gift.

Time will tell I guess, but I still see $1000 BTC this year as entirely possible.

I do love this BTC game, it's like being able to go to the casino during work time! :D
 
willrocks said:
Also I don't think it ever "crashed" otherwise we should have seen it go back to $10-$20, and stay there for a long, long time. IMO it's still a bull market.
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Agreed, the drop to $45 was on very very thin volume, it just got a bit overheated far too quick at $250 +.

You see it in spec stocks everyday - they rocket from 5c to 30c, then drop back to 15c and everyone says it crashed, it didn't crash, its up 200%!

Anyone know of an high quality BTC charting websites - Clark Moody is my favourite so far but I would really love something that can show moving averages?
 
I still have a couple of buy orders in the high 40s... Think I'll give them up... Might try around the $80 mark?
Thoughts? :)
 
I think I am going to cash out these BTC I have remaining from last night into USD for the time being on BTC-e.

I can't see it breaking these $150 walls - they're huge.
 
RetardedMonkey said:
I can't see it breaking these $150 walls - they're huge.
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May I enquire where that data is coming from?

I can see some single large sells around $150, but when looked at in total queued buy/sells they don't stand out that bad...
 
pro$pector said:
RetardedMonkey said:
I can't see it breaking these $150 walls - they're huge.
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May I enquire where that data is coming from?

I can see some single large sells around $150, but when looked at in total queued buy/sells they don't stand out that bad...
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5500 BTC @ $150?
 
RetardedMonkey said:
I'm looking at clarkmoody chart sells... 5500BTC there for MtGox data....
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30 day volume for BTC is 4,473,054 units in USD alone if you want to put a 5500 trade into perspective.

Could also be a fake sell order that gets pulled when the price nears so people can load up under $150 - oldest trick in the book in stock trading.

Not saying anyone shouldn't sell of course, but personally I'm think of pulling my $148 sell and moving it up.
 
willrocks said:
You better hurry. Already at $145 AUD
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12 hour weighted price in USD is $141.00 on 69,000 BTC volume.

I've pulled my sell, let the bull trap burn me... :lol:

Edit: Even more interesting is the 30 day weighted price is now $107!

Getting BTC under $100 anytime should could be very, very hard.
 
Big seller in USD just before $150 dropped it back - interesting to see if it can recover from here or those big red volume bars will bring it down.
 
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