sn0wcrash

Propping BTC up / pushing past psych barriers?

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
321 13 2
~~~ Edited this and published a new chart here:
Propping BTC Up / Pushing past psych barriers? (revised)
~~~

Read this point on reddit and it seems to make some sense. Taking a look, it's somewhat intriguing.

"Maybe I'm seeing things but it seriously looks like someone might be propping it up. Almost every time it approaches a psychological barrier, a large comparatively sudden buy eats the order book above the barrier. Momentum seems to carry to the next barrier or fib level and it seems to repeat.

I'm relatively new to trading but it seems to me that's not how psychology works. If you want to buy coins, you don't buy it up above a barrier like that - you wait for the bounces down and buy them up. It just seems really fishy to me."

Thoughts?

(Also missed an obvious one at 2013-11-25 22:00:00 EST)
sn0wcrash
3 years ago
Also missed an obvious one at 2013-11-25 22:00:00 EST
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minbari PRO
3 years ago
Welcome to bitcoin, where the entire supply is held by speculators, the major exchanges dont let you short and many millions of worthless mtgoxUSD can be thrown around like candy. But remember, LTC/PPC/etc are the scams, never BTC :)
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only market where a rich guy with trading friends can manipulate the market for fun on a wednesday night with no legal repercussions. 25m to play in the market and 5m for pr efforts is the winning combo. hedge funds are playing in this and lots of stupid kids are going to get slaughter. will be great.
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sn0wcrash ANorthInvestments
3 years ago
Someone is going to have a good holiday...
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ANorthInvestments sn0wcrash
3 years ago
the only reason why big money would prop the market up and stabilize it above a given price is to aid in the liquidation of their BTC stake. they know that if they make this market crash to zero (yes it can happen) that they wont make as much money. its common sense to bring the sheep in while the wolves remain patient.
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sn0wcrash ANorthInvestments
3 years ago
Exactly my thoughts. Either that or "well this is working well so far. as an interesting experiment, how far *can* we push this thing?"
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minbari PRO sn0wcrash
3 years ago
Just had another multi million BTC buy pushing price toward 1100 with another big bid wall set up behind, totally organic market behaviour! What is it, the 4th time now in 24 hrs? Also saw a lot of this back in April. It worked well back then, no reason to not do it again if you have the resources.
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gaia sn0wcrash
3 years ago
Surprising no one has brought up the (very real btw) possibility that this "rich guy with trading friends" and his "big money" crew is actually China; slowly moving its reserves to another currency, one that has more power than anything else to weaken the dollar's status as reserve currency. The US can't attack BTC in cyberspace, at least not in the same way they can take Gadafi et al out.

PS: On the other hand, I could never mind China. BTC might be just the MySpace of digital currencies (or not), but it is something completely new - unlike any other market before. These props we "see" could be normal phenomena in a market controlled almost entirely by psychology.
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derfred
3 years ago
interesting! theres another one at 24.11. 5:00. Just enough to bring it back up to 800
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veta
3 years ago
There's definitely price manipulation - or at the very least a lot of accumulation and distribution going on. Of course that is to be expected in any kind of market exchange. It's shitty, obviously, and this type of stuff is why communism was so popular for so long. Never forget, when you make money - or coins - through the trade game you stole them from someone else and that money ultimately came from someone who actually worked for it.
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JohnDoe
3 years ago
So what? The Fed and US Government manipulate all markets every day. They manipulate the price of precious metals to make the dollar look healthy, despite printing more than 80 billion a month. Is it only okay when the government and the banks do it? It's called the invisible hand when governments / banks do it, but it's a crime when it's anybody else. Get outta here.
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veta JohnDoe
3 years ago
JohnDoe: "Manipulation is okay because someone else does it"
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JohnDoe veta
3 years ago
My point is all markets are manipulated, whether it be by banks, individuals or governments. Banks call it market making. So what are you going to do about it? Call the SEC or the CFTC to throw the law breakers in jail. Only the small fries go to jail. The big guys pay fines that are a mere sliver of their gains from the fraud / manipulation. The cost of doing business for the well connected.
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