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

[Davyd05]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

[1714133432]

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[1714133432]

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[1714133432]

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[edwardspitz]

Something to pass the time if you are a cultist in the Church of the SubGenius (the only religion I subscribe to). "I was a cultist for the ATF": http://www.radiohorrorhosts.com/cultist4ATF.html - The intro is kind of funny.

thanks for that. Subgenius is a wonderful religion (I practice it every Thursday). Just so you're not stuck with just ONE religion, you should try being a discordian pope every once in a while. It's fun cause you're infallible.  

The Subgenius is getting a little too pink, so I'll definitely give Discordianism a go 

[ChartBuddy]

Explanation

[Mervyn_Pumpkinhead]

No one is buying, but because of the fools who went along with the mining arms race, no one is selling with this price either. There has to be an important event to stimulate demand, because soon the miners will get tired one at a time, and will start to cut their losses and selling their coins. This artificial deficit won't hold up forever, so bitcoin is currently a ticking bomb waiting to go down.

[simtal]

So is now a good time to buy with China not saying much at the weekend?

[niothor]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

[edwardspitz]

Long term downtrend resistance line meeting recent horizontal ghost support line at 429+ in a few days. While the volume stays paper thin.
No one is in the street, everyone is waiting, cowboys gonna duel. Up or down, who knows.

+1. I think we most likely get some bad news from China. I didn't follow the events too closely yesterday, but it seemed to me that the Chinese exchanges were still able to lead the rest of us. But at this point really good news could also spark a rally. If we go past $460 it might be the last chance to get sub $500 coins for a while. But I don't feel it is very likely.

What's the status of the Chinese exchanges now? Is it still possible to deposit CNY fiat there?

I don't think they can get fiat in. Also I think the Chinese should be done caching out by now. If they can't get fiat out price should go up. If we still follow China (and I think we are) price could go up everywhere (at least until coins from China gets dumped on western exchanges). But if we get news of exchanges closing down first, then price will most likely go further down. This way I see it it can go both ways. Only insiders know what will happen I guess.

[blatchcorn]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

Because soon China will ban bitcoin again 

[Mervyn_Pumpkinhead]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land, thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

[simtal]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land. thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

Wait, Chinese exchanges are closing?

[trc]

BOREDUMb? Nah.

Isn't BOREDUMb an oxymoron, because you need a certain level of intelligence to be bored?

BOREDUMb definitely gets my vote though...

Yes, good Sir. We would make good friends out of BOREDUMbness.

When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

At first, yes. But it's too late for it to not get back up as you'd wish. This down stage is very very good for the future of Bitcoin in my opinion because a lot of people who doesn't have a clue what they're holding are being eliminated and the ones acquiring that wealth, know what it is and what to do with it will carry it forward.

[edwardspitz]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land. thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

Wait, Chinese exchanges are closing?

I think it is safe to say that more Chinese exchanges may close down

[Mervyn_Pumpkinhead]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land. thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

Wait, Chinese exchanges are closing?

The Chinese exchanges have been running on a borrowed time since December, when pboc declared that they don't want to see any business activity in China involving bitcoin. Now they are just gradually toughening the laws to gently root out bitcoin without any major incident. The bitcoin market is foolish and inefficient for believing the Chinese exchange owners, on how they have a really good feeling that everything will be all right. The Chinese exchanges were just trying to act confident to keep their business alive as long as possible and to rake in as much money as possible, before you can't even play legal tricks to keep the business going.

[simtal]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land. thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

Wait, Chinese exchanges are closing?

The Chinese exchanges have been running on a borrowed time since December, when pboc declared that they don't want to see any business activity in China involving bitcoin. Now they are just gradually toughening the laws to gently root out bitcoin without any major incident. The bitcoin market is foolish and inefficient for believing the Chinese exchange owners, on how they have a really good feeling that everything will be all right. The Chinese exchanges were just trying to act confident to keep their business alive as long as possible and to rake in as much money as possible, before you can't even play legal tricks to keep the business going.

That makes no sens, the pboc have never said anything about stopping exchanges being operational and they can just move offshore if they need.

Plus I always here that Chinese volume numbers are fake so they probably dont hold as many coins as we think.

[JayJuanGee]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land. thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

Wait, Chinese exchanges are closing?

You gotta find enough HODLers ready to sell, first.  Part of the problem is that the selling volume seems to be drying up. 

There are potential sources for new coins to sell, though, and we are all waiting to see whether these materialize.. If new sources of coins to sell materialize we could get coins into the $300s, maybe? 

[edwardspitz]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land. thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

Wait, Chinese exchanges are closing?

The Chinese exchanges have been running on a borrowed time since December, when pboc declared that they don't want to see any business activity in China involving bitcoin. Now they are just gradually toughening the laws to gently root out bitcoin without any major incident. The bitcoin market is foolish and inefficient for believing the Chinese exchange owners, on how they have a really good feeling that everything will be all right. The Chinese exchanges were just trying to act confident to keep their business alive as long as possible and to rake in as much money as possible, before you can't even play legal tricks to keep the business going.

That makes no sens, the pboc have never said anything about stopping exchanges being operational and they can just move offshore if they need.

Plus I always here that Chinese volume numbers are fake so they probably dont hold as many coins as we think.

1) You are right, they just need to comply with regulations or pay the fines.
2) I hope the volume is fake. I also believe much of it is fake.

[Mervyn_Pumpkinhead]

buying seemingly started on both stamp and huobi

I was expecting someone to close the arb gap on them. but this will do.

So we're through the December ban , the January one , the April 15 deadline , the may 10th , why do people still watch Huobi?

The lack of buying interest in the west, creates the need to follow the Chinese 0% fee exchanges, with simulated volume. So, everyone could continue to live in their make believe land. thinking that there is demand for bitcoin somewhere.
When Chinese exchanges finally close, then soon there will be a proper drop, because there is no fake dreams to follow any more.

Wait, Chinese exchanges are closing?

The Chinese exchanges have been running on a borrowed time since December, when pboc declared that they don't want to see any business activity in China involving bitcoin. Now they are just gradually toughening the laws to gently root out bitcoin without any major incident. The bitcoin market is foolish and inefficient for believing the Chinese exchange owners, on how they have a really good feeling that everything will be all right. The Chinese exchanges were just trying to act confident to keep their business alive as long as possible and to rake in as much money as possible, before you can't even play legal tricks to keep the business going.

That makes no sens, the pboc have never said anything about stopping exchanges being operational and they can just move offshore if they need.

Plus I always here that Chinese volume numbers are fake so they probably dont hold as many coins as we think.

When Chinese officials have a clear stance against bitcoin business activity, then you can predict that soon the exchanges will stop working in China. This is called common sense, something that the majority of bitcoin speculators lack.
They have chosen a softer method, by enforcing the laws gradually, to avoid public incidents where the exchanges could spin this situation in their favour, by showing themselves as martyrs of freedom and liberty.
Yes, they could go off-shore, but to the Chinese, the many benefits of bitcoin will fade when they need to deal with off-shore transfers. There is a possibility that these off-shore exchanges could be pumped by western players, to simulate demand in new markets, but the smarter western players aren't buying at the moment either. They are waiting if the lobbyists like the Winkelvii and Silbert are able to pull it off and link bitcoin to institutional funding. Because this link is currently the only chance to build real demand that would raise the price, or even just keep the current price.

Yes, the Chinese volume has been fake. But this fake volume has been the only thing to keep the illusion of demand alive. That is the reason why the market is still desperately following Huobi.

[ShroomsKit]

Today Bitpay is coming with a huuuuuge announcement right?

[dreamspark]

Today Bitpay is coming with a huuuuuge announcement right?

Maybe its as huge as the blockchain.info announcement that got hyped as well lol.

[ChartBuddy]

Explanation