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

[vokain]

I just had an internal impulse to buy more when we crossed 100 again (though I didn't act on it, already a bit overextended heh). I assume that people will decide to start to buy in this week. GOOOOOOD LOOKIN' SONNNN

edit: i regret not acting on my gut most of the time. i'm gonna try it out and buy another hundred or so soon. looking back,  most every "should I...." I've had has always been a resounding yes.

Well, it's a pity that the price that's at 100 USD is in MtGox, the artificial price exchange.

bitstamp/bfx is at $93ish

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[Spekulatius]

For those of you still in denial, the correct count is as follows:
We are now starting wave 2 of 3 of 3 off the $65 bottom.  After this slight correction, we will see wave 3 of 3 of 3 which should take us up to $104 or higher.

I think we could see 120s - 130s. IMO that could be the top for a while. We'll see how this goes -- have not yet confirmed that this is not a triple top (in which case, resumption of downtrend could continue).

True, this is a critical point, if we can establish the price above 100, 105ish, the downtrend seems broken and price discovery starts upwards with a rally.
If not however...
unfortunately this piercing of 100 didnt result in an instant rally and seems very whale driven to me. Order book depth is rather thin atm. I guess everybody is waiting for the 105 to break or the collapse of the whale's efforts. RSI on any period between and including 1hr and 12hrs suggest that a break out is not a good idea right now, RSI on the 1d chart being at 57 atm speaks no clear language, but this level is certainly not the best for a trend reversal.

In any way, I hope that we get some clear message from the market soon and I think we have come to a point where it becomes more and more likely by the hour to get this message. The following days should bring a decision.

[Walsoraj]

Yall can thank me for today's mega green boners 

[vokain]

Yall can thank me for today's mega green boners 

danke 

[solex]

It's not $100 because Gox is artificially high because no-one can get fiat off..

It's not $100 if its only just technically above $100

It's not $100 because it's a dumb whale buying

It's not $100 because Stamp is still less than $100

[adamstgBit]

I wish i had mtgoxUSD just so i could buy up 100.xx 

[Wagner2014]

I strongly believe that most TA is entirely useless for Bitcoin at this stage. The trading volume is too small. It is not very liquid. If only a tiny % of bitcoins exchange hands each day, it is difficult to discern through the popular TA methods the price direction or any meaningful patterns. Things like resistance and support levels are less meaningful. One large player can have a major impact on the price. So, it amounts to a guessing game more or less.

In addition, the Bitcoin market is subject to price manipulation to a greater extent than a lot of more widely held securities. It is more like a penny stock at this stage.

So, for all you Bulls cheering about reaching $100, congrats for being 'right', but some large player can just as easily knock the price down to $50 in short order and then you'll be 'wrong'.

[ChartBuddy]

[adamstgBit]

I strongly believe that most TA is entirely useless for Bitcoin at this stage. The trading volume is too small. It is not very liquid. If only a tiny % of bitcoins exchange hands each day, it is difficult to discern through the popular TA methods the price direction or any meaningful patterns. Things like resistance and support levels are less meaningful. One large player can have a major impact on the price. So, it amounts to a guessing game more or less.

In addition, the Bitcoin market is subject to price manipulation to a greater extent than a lot of more widely held securities. It is more like a penny stock at this stage.

So, for all you Bulls cheering about reaching $100, congrats for being 'right', but some large player can just as easily knock the price down to $50 in short order and then you'll be 'wrong'.

wtv buy buy buy

[superpatosainz]

Well, artificial or not, we are still at 100, and it's been hangin' around for some considerable time. Maybe it's time for arstechnica, engadget and other blogs to write about it and ROCKET IT TO THE MOON?

[Ray Anastasio]

Gox insiders buying to get out just before the official announcement of bankruptcy?

[oda.krell]

It's not $100 because Gox is artificially high because no-one can get fiat off..

It's not $100 if its only just technically above $100

It's not $100 because it's a dumb whale buying

It's not $100 because Stamp is still less than $100

Not sure if you're ironically quoting others or being serious, but every way you turn it, 100 has been and continues to be an important psychological barrier, both as support and as resistance.

Touching it like we do now won't magically turn this ship around all by itself, but as far as noteworthy signals go, I consider this a (moderately) positive one. Now let's see how long we stay above.

[ChartBuddy]

[JimboToronto]

Just got back to see a big juicy 2.3k sitting on a c-note.

Here we go again?

[dxtwo]

Just got back to see a big juicy 2.3k sitting on a c-note.

Here we go again?

The one that's at 1203 only right now?

[Loozik]

I strongly believe that most TA is entirely useless for Bitcoin at this stage. The trading volume is too small.

Trading volume is not important if the price goes in your direction.

Which of the two would make you more happy:
a) earning 5% at big trading volume, or
b) earning 50% at small trading volume?

If you answered b, then you should never worry about what you perceive as ''small volume'' again.

In addition, the Bitcoin market is subject to price manipulation to a greater extent than a lot of more widely held securities.

What do you mean by ''price manipulation''? Does MtGox display wrong prices? Are these prices non-execution bogus prices or what?

[ChartBuddy]

[adamstgBit]

someone should just buy it up to 10k$/BTC  sure it would drop fast but i bet it would stabilize pretty high and shoot that much higher on next bubble 

do it
time is now

[barbs]

fun watching that 100 wall get chewed, I will admit i chucked 20 btc at it

[Ares]