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

[PoolMinor]

Why is this not going below 400 or worse ? Here we are sitting like a rock at 440, which was unthinkable back in january.

Is there any genuine short-term bull case, besides rockets and slogans ?

I'm a tired bear, been at it for 5 months now, and tbh im worn out. I want to close my shorts, but i've gotta play the market. I see no reason to buy before May 10, and/or whatever deadline comes after that.

I'll be needing some Bull rehab after this is done.  

The longest bear market was June-November 2011, some 163 days. The current downtrend is 151 days assuming it is still intact and did not bottom out at $339 which would be 132 days. So maybe the trend is as worn out as everyone watching it. Won't be obvious until a decisive breakout is seen which is a return to the $550-$600 area.

Time and depth lengths from trends of the distant past are proving again and again to be a bad way to analyze events in the present or predict events in the future.

agreed. you think this MIT thing is gonna flop as bad as auroracoin?

http://venturebeat.com/2014/04/29/mit-is-about-to-become-the-worlds-first-bitcoin-economy/

it will be interesting, bitcoin transactions are not that easy, and it would be funny if they all just cashed out for beers and eats at the local pub that accepts it (you know there will be at least one)

It's what I would do, back when I was in school  

:edit: come to think of it, it's a pretty ballsy experiment. Throw half a million dollars worth of internet money at a bunch of young kids and see what happens.

auroracoin would seem to be a good comparison.

This seems to be quite a comparison given the demographics of Iceland being that nearly 30% of its population is either over 65 or under 18 whereby decreasing the overall acceptance of an air drop. More importantly comparing a coin that was created and pre-mined exclusively for the air-drop, versus a group of engineers crowd-sourcing donations of an established virtual currency for a project that will likely reach a much larger subset of individuals than AUR has or ever will.

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[billyjoeallen]

Why is this not going below 400 or worse ? Here we are sitting like a rock at 440, which was unthinkable back in january.

Is there any genuine short-term bull case, besides rockets and slogans ?

I'm a tired bear, been at it for 5 months now, and tbh im worn out. I want to close my shorts, but i've gotta play the market. I see no reason to buy before May 10, and/or whatever deadline comes after that.

I'll be needing some Bull rehab after this is done.  

The longest bear market was June-November 2011, some 163 days. The current downtrend is 151 days assuming it is still intact and did not bottom out at $339 which would be 132 days. So maybe the trend is as worn out as everyone watching it. Won't be obvious until a decisive breakout is seen which is a return to the $550-$600 area.

Time and depth lengths from trends of the distant past are proving again and again to be a bad way to analyze events in the present or predict events in the future.

agreed. you think this MIT thing is gonna flop as bad as auroracoin?

http://venturebeat.com/2014/04/29/mit-is-about-to-become-the-worlds-first-bitcoin-economy/

it will be interesting, bitcoin transactions are not that easy, and it would be funny if they all just cashed out for beers and eats at the local pub that accepts it (you know there will be at least one)

It's what I would do, back when I was in school  

:edit: come to think of it, it's a pretty ballsy experiment. Throw half a million dollars worth of internet money at a bunch of young kids and see what happens.

auroracoin would seem to be a good comparison.

This seems to be quite a comparison given the demographics of Iceland being that nearly 30% of its population is either over 65 or under 18 whereby decreasing the overall acceptance of an air drop. More importantly comparing a coin that was created and pre-mined exclusively for the air-drop, versus a group of engineers crowd-sourcing donations of an established virtual currency for a project that will likely reach a much larger subset of individuals than AUR has or ever will.

The most relevant fact to me is that people are being given crypto with monetary value and they aren't the ones paying for it. Human nature is such that we don't tend to value things we don't work for. This is why most lottery winners blow the money in a relatively short period of time and people who spend years saving money do not. 

[ChartBuddy]

Explanation

[electronistul]

Anybody knows what just happened ? Some news / rumors / FUD /sheep-ism ? Why are people buying all of a sudden ?

[Markus11]

Anybody knows what just happened ? Some news / rumors / FUD /sheep-ism ? Why are people buying all of a sudden ?

because of NO prooven bad news;-)

[PoolMinor]

Anybody knows what just happened ? Some news / rumors / FUD /sheep-ism ? Why are people buying all of a sudden ?

Because it is in her plan, goddess Eris, of course.

[rpietila]

The most relevant fact to me is that people are being given crypto with monetary value and they aren't the ones paying for it. Human nature is such that we don't tend to value things we don't work for. This is why most lottery winners blow the money in a relatively short period of time and people who spend years saving money do not. 

+1 This is the reason why:

- No amount of income distribution can ever make the net recipients wealthy.
- Corollary: you cannot start an economy with a currency you just give away without the recipient doing work to receive it.

[PoolMinor]

The most relevant fact to me is that people are being given crypto with monetary value and they aren't the ones paying for it. Human nature is such that we don't tend to value things we don't work for. This is why most lottery winners blow the money in a relatively short period of time and people who spend years saving money do not.  

+1 This is the reason why:

- No amount of income distribution can ever make the net recipients wealthy.
- Corollary: you cannot start an economy with a currency you just give away without the recipient doing work to receive it.

From what I understood of the "experiment" it was a way of studying spending habits of a finite group as well as a marketing scheme to diversify current local business models. Both of these can easily be achieved by giving away non-earned monies.  (think of how coupons work)

[JorgeStolfi]

Anybody knows what just happened ? Some news / rumors / FUD /sheep-ism ? Why are people buying all of a sudden ?

It was almost exactly 2 pm in China when the buying started.  It is the eve of a long holiday. Perhaps some workers got the afternoon off, some shopkeepers closed shop for the day?

For whatever it is worth.

[matt4054]

FWIW I'm changing from HODL to BUY

[solex]

China is launching

[windjc]

Anybody knows what just happened ? Some news / rumors / FUD /sheep-ism ? Why are people buying all of a sudden ?

Well, it can't go up everyday.

If you look at the daily volume, you will see that this is shaping up to be the 3rd daily green candle in a row, each with descending volume. This is not bullish. On the Fib retracement levels, we have resistance at 2855 and 2925.

We would have to clear both of these before getting even remotely non-bearish.

Houbi will need increasing volume at some point on its way up. Otherwise we will consolidate again and the longer we do that the more suspectible to selling off we will be. There is more China news on the horizon.

Now its just a matter of how the market reacts to it.

[ShroomsKit]

Anybody knows what just happened ? Some news / rumors / FUD /sheep-ism ? Why are people buying all of a sudden ?

Because they will dump it again once the sheep did their job? Like the last 5 times we went up a bit?

[ShroomsKit]

China is launching

You know how it will end. In a dump or in China FUD resulting in a dump. I wish i could be excited as well.

[mooncake]

Huobi is leading Stamp! Traders, get in now before the Chinese snaps up all the coins!

[koryu]

Anybody knows what just happened ? Some news / rumors / FUD /sheep-ism ? Why are people buying all of a sudden ?

i know that people dont like altcoins in this subforum, but this time ltc has gone up first, then btc.
ltc rallys because its difficulty is reaching a new ath.

[billyjoeallen]

aaand the dump. Who coulda possibly saw that coming?

[solex]

You know how it will end. In a dump or in China FUD resulting in a dump. I wish i could be excited as well.

Yep. You are right.

[ShroomsKit]

Nice dump. Totally unexpected. The sheep fell for it again. Who would've guessed.

[magicmexican]

There is a new pattern with these sudden dumps and a recovery that started yesterday i think