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

[akujin]

Huobi! 

[1715100569]

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[JayJuanGee]

Bedtime for me, now.

I just bought 10BTC, and maybe I will buy another 10 in the morning... or maybe later in the day... depending upon how I feel... At this point, I would rather see down, rather than up, but my 10BTC hedges in the event that prices go up while I am sleeping.

Each time I send some fiat to my favorite exchange, I can't wait more than 2 days before converting it to bitcoin. Always afraid of price skyrocketing before I buy. It seems I am not the only one.

I found a solution, if the trend is bearish, I make a trailing order.

So far, I have been buying through Coinbase, which seems to be the cheapest solution for me to obtain BTC.  So far, Coinbase does NOT allow the creation of orders, otherwise I would create orders in order that I do NOT need to watch the price so much in attempt to time my buys.  

I buy on kraken, fees are 0,20% and withdraw is 0,0005btc. This is cheap. But I am in eurozone and they have volume, not sure USD volume is sufficient to make good buys.

From your description, those fees seem better than what Coinbase has been providing.  Coinbase is 1% to buy BTC and 1% to sell.  Plus $.15 per transaction. 

Coinbase's prices are also usually within a few dollars of the Bitstamp price, and frequently, it seems impossible to take advantage, exactly, of the most extreme BTC price fluctuations of Bitstamp b/c of the seemingly delayed responsiveness of Coinbase's pricing.

I am looking forward to receiving an invitation from Circle.com, and to see how that plays out.  Since they are proclaiming to have zero transactional fees, it will be interesting to see what kinds of restrictions that they are going to put in place in order to disincentivize China-type high volume and frequent trading.

I checked on kraken web site (https://www.kraken.com/help/fees-and-pair-info#XXBTZUSD) and fees are higher fort USD (0.30%) than fort euros (0.20%).

Thanks for the link, which caused me to browse through various conditions that seem to exist for creating a Kraken account and some of the fees that may apply.

In fact, it appears that Kraken has NOT established, exactly what fees they will be charging for USA bank account holders to make deposits into their Kraken accounts. 

When initially investigated into establishing various accounts (about 6-7 months ago), I had noticed that various exchanges had fees from 2% to 10% to make deposits into their exchanges from USD accounts, and some money transfer/deposit mechanisms were NOT available to persons in the USA - even though non-USD accounts would frequently have fewer restrictions and/or transfer/deposit costs.

When I refer to Coinbase's fees, I am talking about both transaction fees and deposit fees, b/c Coinbase does NOT really allow traditional trading... so Coinbase only holds customer funds in BTC (NOT in dollars).  Accordingly, the total costs for making any kind of BTC purchase through Coinbase is 1% + $.15.

The Kraken information regarding deposits (https://www.kraken.com/help/faq#deposit-methods) indicates that their policy (and fees) for depositing USD into Kraken accounts is currently in a state of flux.  At this point, I surmise that it is likely that their prior deposit policy was more than 1% for USA dollar customers (likely in the about 5% range), and I would be surprised if their evolving and/or newly establish fees for USD deposits is competitive with Coinbase in the 2% or lower category.  Never say Never, but I would be surprised if USD can be deposited into Kraken accounts for less than 2%..... which would still make Coinbase the most inexpensive means to obtain BTC through dollars at my disposal.

Certainly, there could be other methods to get BTC more cheaply, for me, less than 1%.... for example, if I had a connection with someone who is willing to sell me BTC for less than what it would cost me to obtain those BTC through Coinbase.

[JayJuanGee]

btw. I see Bitfinex leading with the price now.

Only if it is relative to Bitstamp and/or BTC-e?

In the 1m chart, the last pump was

  Bitfinex: first hint 19:09, for real 19:10

  Huobi and OKCoin: first hint 19:07, for real 19:08

It is going down at the moment but there will be a few big buyers before the week ends, will the traders decide to follow and buy or to wait and see

Are you just guessing about the existence of "big buyers," or do you have any kind of meaningful information regarding this?

Additionally, even if you have information about "big buyers," do you have any information about expected activities of "big sellers" that could affect whether the activities of "big buyers" will positively affect BTC prices in the near future (this week)?

[ChartBuddy]

Explanation

[zimmah]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

We need new souls fiat to flow into the deepest chasms of ecosystem.

Well anyway I don't know why people are so blind that they can't see fiat is the Ponzi and bitcoin is the way out of the Ponzi.

[ChartBuddy]

Explanation

[Carra23]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

Actually I do have some spare, but I have spread them out from 450 - 550.

Always helps to keep a bit of fiat for the sharp drops.

[JayJuanGee]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

Actually I do have some spare, but I have spread them out from 450 - 550.

Always helps to keep a bit of fiat for the sharp drops.

As time passes, a large majority of people continue to acquire additional fiat, and then the question becomes how that person wishes to store the value of that fiat b/c the opportunity to buy BTC between $450 and $550 has passed and currently is NOT available. 

Accordingly, do we consider $650 to be a good value to store fiat in BTC, or do we believe storing fiat in some other investment vehicle or leaving it in fiat would be preferable? 

Each of us needs to decide for ourselves what is the best storage of that newly acquired fiat. 

Personally in the past several months, I have been putting my newly acquired fiat into BTC b/c currently, I consider BTC prices to be a good value as compared with other ways that I could store/invest that newly acquired fiat.  Keeping it in fiat does NOT seem to be a very prudent approach in my current thinking.

[ChartBuddy]

Explanation

[shmadz]

Bitcoin is disappointing us negatively this week.
The poll still seems rather bullish!

That's the problem, everybody is already loaded and have no spare FIAT to buy more.

Actually I do have some spare, but I have spread them out from 450 - 550.

Always helps to keep a bit of fiat for the sharp drops.

I always try to do the same thing, it's only when the price drops precipitously that I run out of fiat.

If the price takes off and goes up and up, I leave the fiat there, which allows me to sell bitcoin to friends without taking any volatility risk. (though none of my friends or family have asked for any yet)    

I used to wonder why they all still refuse to jump on the bandwagon even after watching the price rise year after year. Most say it's too risky, and yet they have their entire life savings sunk into mutual funds and RRSP's
- and then all at once, RUEHL's comment below made it clear to me.

I agree.  I had the opportunity to buy BTC at $11 back in 2011 BUT I wasn't ready and didn't know the fundamentals why it's so great.  I probably would've sold at the $18 or $30 peaks.

Years later I'm ready, I understand the fractional reserve system and how the central banks have their dirty hands in all recent major historical events.  Now I understand it's a long term hold and with any hope, there will be no need to convert to FIAT.

I seems to be quite useless to try to explain why bitcoin is a good thing to anyone who does not understand the current fiat system. And equally useless to try to explain the problems of the current system to those who depend on it for their livelihood.

[glendall]

Surprised how steady the price has been recently. Seems like it is rock stable right now.

I had the feeling that the price was about to dive yesterday.  But it usually goes in the opposite of what I expect.

[ihaveaquestion]

I seems to be quite useless to try to explain why bitcoin is a good thing to anyone who does not understand the current fiat system. And equally useless to try to explain the problems of the current system to those who depend on it for their livelihood.

It is not useless at all. Everybody has his learning curve and some will need more time than others to understand the same thing, which is particularly true in maths. But you insinuated the idea of the relevance of Bitcoin, which might flourish on the future. Maybe they will need less volatility and more killer apps though.

[badpeanut]

The only way to pump new FIAT into the bitcoin market is to promote bitcoin in 0.1 btc @$65 or 0.01 btc @$6.50 in all exchange sites and media.

The average Joe doesn't know they can buy 0.1 or 0.01 btc, so they will never touch it if the price is to high

[Raystonn]

We have been in a flat triangle since June 1st.  The trend was strongly bullish as we entered.  I expect us to leave this triangle within the next 6 hours or so.  We should break out to the upside and head up to at least the 750 area before taking a break or continuing up.

[Wolf Rainer]

A little correction and now we are going up again, this is healty grow.

[maok]

The only way to pump new FIAT into the bitcoin market is to promote bitcoin in 0.1 btc @$65 or 0.01 btc @$6.50 in all exchange sites and media.

The average Joe doesn't know they can buy 0.1 or 0.01 btc, so they will never touch it if the price is to high

+1

[ChartBuddy]

Explanation

[aminorex]

Price is just following the pattern of the past topping cycles:  quick foothills, plains of comparable length, then an accelerating ramp.  we're on the plains.  give it a couple, three weeks.  This period can involve a bear trap, again, as per usual.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation