Low Pro
Long

Bar Pattern Measured Move lines up with the 27th

BITSTAMP:BTCUSD   Bitcoin / Dollar
1060 17 9
Which just happens to be the exact time of the government auction.
Major Support Line...about to be broken?
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ChartArt johnrfraser
That wasn't the actual major support line - if you ask me.
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Is the government auction news really bullish, though? Sure, people will be bidding on the bitcoins, but won't the 30k coins coming back into circulation dilute the market value? I'm honestly not sure.
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ChartArt MoonTrader
The bullish thing is that those large investors will hold these coins long-term. And there will a lot of media attention about this event.
+2 Reply
Low Pro MoonTrader
I think everyone is making it more bearish than it is. No one buying 30 Mill in coins is going to turn around and dump on a exchange... that would be beyond stupid. The want to buy a rising market and have more intensive than anyone to make sure we make new highs. It will be a market Maker buying those coins.
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MoonTrader Low Pro
Thanks, that makes a lot of sense. For some reason, I had the idea that it would be small investors bidding on these coins, but it seems more reasonable to think market makers would be buying these up, since it would be difficult to get that many coins otherwise.
+1 Reply
Low Pro MoonTrader
Yeah not many retail guys with 30 Mill lying around in their couch cushions. ;)
+1 Reply
ChartArt MoonTrader
You need to send the government 200K US Dollar up front!

"All interested buyers must register with the US Marshals Service (USMS) in order to be eligible for the auction. Aspiring participants must provide the following to the federal agency:"

"A $200,000 deposit sent by wire transfer from a bank located in the US"
"A copy of a government-issued photo ID"
"A manually signed PDF copy of the bidder registration form."

"The $200,000 deposits sent by the winning bidders will be retained by the USMS and used toward the final purchase price, though the individuals could lose their deposit under certain circumstances."


Source:
http://www.coindesk.com/18-million-worth-of-silk-road-bitcoin-to-be-sold-by-us-government/
+1 Reply
Here are just a few of the confirmed bidders:

Barry Silbert, CEO for SecondMarket
Fabrice Evangelista, quantitative arbitrage at BNP Paribas
Dave Goel, managing general partner of Matrix Capital Management
Jonathan Disner, corporate counsel at DRW Trading Group

http://www.coindesk.com/list-possible-silk-road-bitcoin-bidders-allegedly-leaked-us-marshals/
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What I think what might happen:

snapshot
+1 Reply
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