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

[BrewCrewFan]

Nice buy wall there holy cow biggest I have seen in a while.

It seems to have accomplished its purpose over the 9-10 hours it's been there. The price has risen from 2300 to around 2400.

Yeah I was sleeping and then gone to work just got home. Nice to see. Lets hope its not a fake one ... even if it is, letting such build up above it so we can get a higher base finally.

[1715200088]

1715200088

[1715200088]

1715200088

[1715200088]

1715200088

[1715200088]

1715200088

[1715200088]

1715200088

[ChartBuddy]

Explanation

[derpinheimer]

Nice buy wall there holy cow biggest I have seen in a while.

It seems to have accomplished its purpose over the 9-10 hours it's been there. The price has risen from 2300 to around 2400.

Yeah I was sleeping and then gone to work just got home. Nice to see. Lets hope its not a fake one ... even if it is, letting such build up above it so we can get a higher base finally.

it's fake. But it's still a good time to buy

[abercrombie]

Bull Trap!

[JorgeStolfi]

you do nothing but criticize and offer nothing constructive. Your criticisms are weak and add little to the discussion. If you can't contribute something constructive, then you aren't putting in much effort and are resting on your laurels.

It is hard to be "constructive" in a field that is chock full of wishful thinking, sales hype, and outright fraud.

When I started looking into bitcoin, last December, at first I tried to be helpful.  If you were around, you may have seen the daily tabulations of exchange volumes, and various analyses, and some attempts at predicting the price.  But eventually I stopped because I realized that (a) the little data that exists is incomplete, censored, and impossible to interpret, and (b) no one here wants to know the truth, they only want to hear that bitcoin is wonderful and growing and everything is going well.  

For example, my tabulations of exchange volume were scoffed at because I insisted on including the volume of Huobi and OKCoin, that everybody claimed was "fake".  There was no evidence of that (and no one asked how much of bitstamp's volume was just arbitrage), but folks just didn't like the notion that China was in control of the price.  Even to this day, many bitcoiners talk and trade as if China does not exist (and are mystified when Western "great news" do not make a blip in the charts).  And then I learned that there were other large exchanges in China besides those two, not shown in any Western site; so my percentages were all wrong -- in the "wrong" direction.

Most bitcoin entrepreneurs (like Sielbert, Matonis, the Winkles, etc.) will never admit that China exists.  Can you imagine them saying: "By investing in our fund, you will tie the fate your lifetime savings to the collective mood of a few thousand amateur Chinese speculators.  But don't worry, even if you lose all you money, we the fund managers will get to keep about 5% of what you invested."

[Spaceman_Spiff]

The Brazilian Real is stronger than the Argentinian Peso, but both have fared much better than bitcoin in 2014.  People who try to sell bitcoin as a way to protect one's investment from inflation should be jailed, IMHO.

Surely everybody who has a different economic opinion than yours deserves to rot in jail.....

Seems like you really can't fathom that people believe in this stuff without either being conmen or their foolish targets.

Please do tell me what you think makes a good investment from inflation.  Housing, bonds, gold (I doubt you'll like gold), the Real ... ??
Anything can go down in purchasing power in the future, though the odds for that are different.

I'll agree that bitcoin is highly risky, and very volatile, but it has all the characteristics to potentially be the best store of value ever seen.  
I find it weird that lots of people seem so hung up on the volatility aspect of a 'store of value'.  Perhaps the term means different things for different people because the desired timeframe is different.  Me, I would rather have something that bounces up and down in value 50% in a year but stays stable or increases in price on a multi-year scale versus for example the dollar which is less volatile but is almost sure to lose value in the longterm.

[spooderman]

People who try to sell bitcoin as a way to protect one's investment from inflation should be jailed, IMHO.

[bitebits]

Solid inverse H&S forming Screenshot image

Use the standard windows7 software called Snipping Tool to take a screenshot, saves you some trouble.
Ad block browser plugin removes those ads.

I voted for 370$, dammit!

[BlindMayorBitcorn]

you do nothing but criticize and offer nothing constructive. Your criticisms are weak and add little to the discussion. If you can't contribute something constructive, then you aren't putting in much effort and are resting on your laurels.

It is hard to be "constructive" in a field that is chock full of wishful thinking, sales hype, and outright fraud.

When I started looking into bitcoin, last December, at first I tried to be helpful.  If you were around, you may have seen the daily tabulations of exchange volumes, and various analyses, and some attempts at predicting the price.  But eventually I stopped because I realized that (a) the little data that exists is incomplete, censored, and impossible to interpret, and (b) no one here wants to know the truth, they only want to hear that bitcoin is wonderful and growing and everything is going well.  

For example, my tabulations of exchange volume were scoffed at because I insisted on including the volume of Huobi and OKCoin, that everybody claimed was "fake".  There was no evidence of that (and no one asked how much of bitstamp's volume was just arbitrage), but folks just didn't like the notion that China was in control of the price.  Even to this day, many bitcoiners talk and trade as if China does not exist (and are mystified when Western "great news" do not make a blip in the charts).  And then I learned that there were other large exchanges in China besides those two, not shown in any Western site; so my percentages were all wrong -- in the "wrong" direction.

Most bitcoin entrepreneurs (like Sielbert, Matonis, the Winkles, etc.) will never admit that China exists.  Can you imagine them saying: "By investing in our fund, you will tie the fate your lifetime savings to the collective mood of a few thousand amateur Chinese speculators.  But don't worry, even if you lose all you money, we the fund managers will get to keep about 5% of what you invested."

+1

[wpalczynski]

Jorge,

Ive been reading your posts since last year, your summaries with volume etc.  I think you have a lot of valid points, in retrospect China was a huge influence back then, perhaps even now as you say.  Although I don't agree with everything you write its great to have another opinion to take under consideration.  Your outlook on Bitcoin is rather pessimistic but could you sum up your thoughts as to what you predict will happen with Bitcoin?  

Do you think it will fail in the long run and crash in price?

Do you foresee it ever passing its ATH ?

Have you ever looked at Monero (XMR)?  If so any thoughts you would like to share?

Best Regards,

W.

you do nothing but criticize and offer nothing constructive. Your criticisms are weak and add little to the discussion. If you can't contribute something constructive, then you aren't putting in much effort and are resting on your laurels.

It is hard to be "constructive" in a field that is chock full of wishful thinking, sales hype, and outright fraud.

When I started looking into bitcoin, last December, at first I tried to be helpful.  If you were around, you may have seen the daily tabulations of exchange volumes, and various analyses, and some attempts at predicting the price.  But eventually I stopped because I realized that (a) the little data that exists is incomplete, censored, and impossible to interpret, and (b) no one here wants to know the truth, they only want to hear that bitcoin is wonderful and growing and everything is going well.  

For example, my tabulations of exchange volume were scoffed at because I insisted on including the volume of Huobi and OKCoin, that everybody claimed was "fake".  There was no evidence of that (and no one asked how much of bitstamp's volume was just arbitrage), but folks just didn't like the notion that China was in control of the price.  Even to this day, many bitcoiners talk and trade as if China does not exist (and are mystified when Western "great news" do not make a blip in the charts).  And then I learned that there were other large exchanges in China besides those two, not shown in any Western site; so my percentages were all wrong -- in the "wrong" direction.

Most bitcoin entrepreneurs (like Sielbert, Matonis, the Winkles, etc.) will never admit that China exists.  Can you imagine them saying: "By investing in our fund, you will tie the fate your lifetime savings to the collective mood of a few thousand amateur Chinese speculators.  But don't worry, even if you lose all you money, we the fund managers will get to keep about 5% of what you invested."

[hdbuck]

^ why feed?

[Bagatell]

^ why feed?

I don't think he knows what they feed on.

[FNG]

Nice buy wall there holy cow biggest I have seen in a while.

It seems to have accomplished its purpose over the 9-10 hours it's been there. The price has risen from 2300 to around 2400.

I bet he's a buyer and not a let me send over $3 million to an exchange to pump the price...guy

We should know by tomorrow morning China time anyways..if he begins to chase, pulls it, or leaves it as is

[JimboToronto]

^ why feed?

I don't think he knows what they feed on.

[BlindMayorBitcorn]

^ why feed?

I don't think he knows what they feed on.

How is that fair when everything he said is true?

[NotLambchop]

As long as it's not Bitcoin, or...

[spooderman]

eurch jorge is back. It's been lovely without him.

[JorgeStolfi]

People who try to sell bitcoin as a way to protect one's investment from inflation should be jailed, IMHO.

Surely everybody who has a different economic opinion than yours deserves to rot in jail.....

No, just those who try to swindle others by selling them shares of dry oil wells, water-powered cars, ponzi schemes, etc..

No sane person would invest in cash, unless the money came from some illegal activity, or one is trying to evade taxes.

Real estate, and stocks of large, established and diversified companies are usually a safe investment.  Even if they are overpriced at some point, and may crash eventually, there is a limit to how much they can go down before hitting their fair price.  Since they are material property, their real value will not be affected by inflation.  For those who are too lazy or small to use those investments, there are many bonds and investment funds that are somewhat riskier and offer smaller returns, but will still protect from inflation.

I don't have much to say about gold, except that it seems to be vastly overpriced, and its price charts are not nice at all.

No one can honestly predict the future of bitcoin.  It may rise again to thousands of dollars, or it may be superseded by something else and go down to zero.   It is a big gamble, a lottery ticket with unknown odds.  People should be free to gamble, but must know that it is gambling and not investment.

[NotLambchop]

eurch jorge is back. It's been lovely without him.

A well-mannered, erudite and enlightening comment.  Thanks for contributing.

[JimboToronto]

Nice buy wall there holy cow biggest I have seen in a while.

It seems to have accomplished its purpose over the 9-10 hours it's been there. The price has risen from 2300 to around 2400.

I bet he's a buyer and not a let me send over $3 million to an exchange to pump the price...guy

We should know by tomorrow morning China time anyways..if he begins to chase, pulls it, or leaves it as is

My thoughts exactly. It seems strange that such a large order would sit there untouched that long without being moved.

If indeed whoever placed it is sleeping, it probably is real. If it was set to be pulled if sold into past a point, one might think that it would also be set to be moved up if it got left too far behind.

I guess we'll find out in a few hours. If it were to be pulled and used for a market buy, it would seriously bump the price up.