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

[ElectricMucus]

The only time I made money shorting was when it actually stopped recovering but moved sideways after a selloff only to go down again.
Oh and I got wiped out on the market reversal afterwards.

[Dalib]

yes yes yes.

It looks like a bnounce but in a very dangerous zone. Small probability to increase by more than 3% (around $ 84-85) and a big threat drop back below 76...

It could be a trap to buy high and sell low....

[Rampion]

Maybe short at 81 then... it's slowing down.

How about no?

Why not? I'm welcome to both sides of the story.

Do as you like, but shorting is way too dangerous for my taste.

A recovery to 90+ is very possible.

You are right. Shorting bitcoins is crazy shit, you can be a bear and sell waiting for cheaper coins, but shorting is something I'd never do with BTC.

You are also right on the possibility of bouncing back to 90+. But I wouldn't call it "a recovery", I would call it another "epic sucker rally". Or a bull trap.

[ag@th0s]

Is it just me or is this the weakest press release you've ever seen?

https://mtgox.com/press_release_20130704.html

They've "formed relationships" with several un-named banks
"It will take a few weeks to get back to normal" - ie don't expect to get your fiat out any time soon
"In addition to our improved withdrawal system.." umm - it's not improved at the moment is it?

I don't trade on Gox and I won't.  I think they're fucked.

[Its About Sharing]

A move up to 86 or so and then a bit of selling to bring things back down is possible. That will then create a nice spinning top candle. Some indecision for a day or two and then continue with the down trend.

[Pompobit]

wall at 81.75 half pulled / half eaten

[niothor]

something weird is happening..
http://blockchain.info/charts/estimated-transaction-volume?timespan=60days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

3 consecutive days of over 300k bitcoins moved , never happend in the last 60 days.
and today volume is at 400k.

somebody is moving large amounts to god knows where

[Rampion]

something weird is happening..
http://blockchain.info/charts/estimated-transaction-volume?timespan=60days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

3 consecutive days of over 300k bitcoins moved , never happend in the last 60 days.
and today volume is at 400k.

somebody is moving large amounts to god knows where

Gox?

[Dalib]

yes yes yes.

It looks like a bnounce but in a very dangerous zone. Small probability to increase by more than 3% (around $ 84-85) and a big threat drop back below 76...

It could be a trap to buy high and sell low....

maybe we'll see any 1 -2 day mini triangle...

[4mherewego]

I love bitcoinity with sounds. Reading a fantasy book and then it just goes beep beep beep beep beep beep beep and and know that each one of those is a 100BTC+ buy where the price went up.

$85, I am expecting it to go to $100, probably the brothers who don't want their ETF to look stupid.

[samson]

Why bounce from 55 and 65 but not from 50 and 60?

First big bounce in the $50s is expected to be in the mid or high $50s, too much people wanting in at $50.

Still, depending on how painful are the traps and crashes before that point, confidence that $50 will hold may be very damaged. Just look at how easily all the other crucial support points ($88 and $79) fell.

Personally, two months ago I was ready to bet that $50 was going to be the very bottom. Now, I'm more inclined to think that there is a 70% chance that the bottom will be lower, something between $20 and $32. Just because there is too many people saying $50 is THE bottom, and during a bubble deflation the very bottom is always lower than most think.

Still, I believe that buying BTC at $50 is again a good investment for the long term, regardless of where the very bottom will end up being. And we will have awesome action at that point, that's for sure

When I buy at around $55 I'll place a series of sells from 60 upwards. When it starts to drop again I'll just dump it all.

[barbs]

What the hell is this rally, why did i not wake up 10 mins later today 

[gandhibt]

Haha, nice red candle.

EDIT. ...or not.

[Jozzaboy]

What the hell is this rally, why did i not wake up 10 mins later today 

It's not even a proper rally... Already deflating unfortunately.

[barbs]

What the hell is this rally, why did i not wake up 10 mins later today 

It's not even a proper rally... Already deflating unfortunately.

Still I'd have an extra few hundred $$ now in my account.

would have could have should have , I'm hoping for another opportunity

[Rampion]

What the hell is this rally, why did i not wake up 10 mins later today 

It's not even a proper rally... Already deflating unfortunately.

Still I'd have an extra few hundred $$ now in my account.

would have could have should have , I'm hoping for another opportunity

No prob. Shit happens. My bid at $71ish (54.77€ to be exact) was not filled by cents, so I missed a nice profit on this bounce. But that's life. Bid pulled, there will be lower lows in the future.

Just remember this is always a slower process than we think. Suckers rallies and bull traps are expected.

[ChartBuddy]

[Loozik]

It's not even a proper rally... Already deflating unfortunately.

Looks quite proper to me.

[ag@th0s]

I'm betting on it going below $70 (on Bitstamp) in the next 24 hrs

[Dalib]

Using wave analysis is even possible to bounce up to about 88.

But I suppose that fear, "play it safe" and sell pressure close positions of traders earlier, bellow $ 85 (6k BTC wall).