Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[hdbuck]

so huobi closing on april 5th???!  

fire-coin network will be officially closed on April 5, 2014, at 0 o'clock card.

[billyjoeallen]

Guys, nobody would be happier if I am wrong than I would be. It's extremely likely we'll either go sideways for a long time or down. If we go down, $400 support will be tested and may or may not hold. 3600 coins mined per day on top of Chinese arbitragers constantly buying on Huobi, and selling on Stamp. There's simply too much liquidity to soak up without a strategic retreat in price.

It's a great time to buy if you don't mind waiting months or years to see a significant profit, but a rocket ride up past $500 before April 15 is delusional, unless there's possibly a spike that immediately crashes back down. Bitfinex walls keep moving, but the Bitstamp wall is staying solid and immovable at $400.

[cruiser]

and it was only about time that huobi said something http://www.huobi.com/news/index.php?a=show_notice&id=286

Nothing new. It was posted 2-3 hours ago (17:58:49 Chinese time).

[magicmexican]

Market already reacted to these news in a positive way hours ago

[lynn_402]

Guys, nobody would be happier if I am wrong than I would be. It's extremely likely we'll either go sideways for a long time or down. If we go down, $400 support will be tested and may or may not hold. 3600 coins mined per day on top of Chinese arbitragers constantly buying on Huobi, and selling on Stamp. There's simply too much liquidity to soak up without a strategic retreat in price.

It's a great time to buy if you don't mind waiting months or years to see a significant profit, but a rocket ride up past $500 before April 15 is delusional, unless there's possibly a spike that immediately crashes back down. Bitfinex walls keep moving, but the Bitstamp wall is staying solid and immovable at $400.

What makes you think the 3600 coins mined everyday end up on exchanges? I'm sure many of these are from miners who believe in the long term potential of Bitcoin, and won't sell at these low prices.

[mmitech]

ops, sorry I didn't see the news before, I woke up a couple of hours ago anyway.....

[fonzie]

Based on the above information, taking into account the uncertainty of current industry policies, after consultation with the point card distributors, fire-coin network will be officially closed on April 5, 2014, at 0 o'clock card. At the same time, currency net bank transfer charge of fire service is 7*24 hours manual processing, make sure that the user fast recharge.

[hdbuck]

Guys, nobody would be happier if I am wrong than I would be. It's extremely likely we'll either go sideways for a long time or down. If we go down, $400 support will be tested and may or may not hold. 3600 coins mined per day on top of Chinese arbitragers constantly buying on Huobi, and selling on Stamp. There's simply too much liquidity to soak up without a strategic retreat in price.

It's a great time to buy if you don't mind waiting months or years to see a significant profit, but a rocket ride up past $500 before April 15 is delusional, unless there's possibly a spike that immediately crashes back down. Bitfinex walls keep moving, but the Bitstamp wall is staying solid and immovable at $400.

What makes you think the 3600 coins mined everyday end up on exchanges? I'm sure many of these are from miners who believe in the long term potential of Bitcoin, and won't sell at these low prices.

selling coins at those rate would not be enough to ROI anyway. so yea, freshly minted coins are less likely to hit exchanges when price is down.

[seleme]

I don't understand that google translate of huobi news. It surely doesn't mean they're closing the doors?

[lynn_402]

selling coins at those rate would not be enough to ROI anyway. so yea, freshly minted coins are less likely to hit exchanges when price is down.

Exactly. So what is left to be sold when every bear are full-fiat and every noob has already panic sold?

[mmitech]

I don't understand that google translate of huobi news. It surely doesn't mean they're closing the doors?

it was Bing translate, I tried Google and it is worse than this one    I don't understand either, well I guess we will see on the 5th of April what will happen.

[FlyingLotus]

I don't understand that google translate of huobi news. It surely doesn't mean they're closing the doors?

Does it relate to the third-party involvement for transactions?

Difficult to tell

[jonoiv]

Market already reacted to these news in a positive way hours ago

+1

it's almost 9pm in China

[TERA]

Market already reacted to these news in a positive way hours ago

+1

it's almost 9pm in China

No it was reaction to 1 hour MACD.

[jonoiv]

Market already reacted to these news in a positive way hours ago

+1

it's almost 9pm in China

No it was reaction to 1 hour MACD.

So why is the time identical ?

6pm in China

[fonzie]

What will Stamp do if it cannot follow Huobi anymore. It has no will of it own!

[Davyd05]

I don't understand that google translate of huobi news. It surely doesn't mean they're closing the doors?

Does it relate to the third-party involvement for transactions?

Difficult to tell

pretty sure there are better translated statements out their. OKCOIN also released one. both highlighting third party recharge options being kaput .. but their regular banking deposit methods was fine.. and huobi mentioned upgrading it to 24/7 service.

[ChartBuddy]

Explanation

[soullyG]

I don't understand that google translate of huobi news. It surely doesn't mean they're closing the doors?

Does it relate to the third-party involvement for transactions?

Difficult to tell

pretty sure there are better translated statements out their. OKCOIN also released one. both highlighting third party recharge options being kaput .. but their regular banking deposit methods was fine.. and huobi mentioned upgrading it to 24/7 service.

Here's the best translations of the announcements that I could find - hopefully they'll also do the Huobi one soon:

http://www.reddit.com/r/BitcoinMarkets/comments/220qob/fxbtc_small_chinese_exchange_shuts_down_cny/

[Hypnoise]

so with so many news we are going to see double bottom soon or something