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

[ssmc2]

Cryptsy alert. OTOH is having big problems.

https://www.reddit.com/r/Bitcoin/comments/3rvl2a/cryptsy_exchange_warning_unable_to_withdrawal/

Good. Shitcoin exchange.

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[JayJuanGee]

i hope price will stabilize right now after falling

It is possible to stabilize in the $350 to $420 territory, but it is very doubtful that such stabilization will occur in the short term.  Simply, there is way too much volume currently, and that demonstrates that there is a bit of a battle going on in this price range.

I think that the volume has to go down before prices will stabilize,  which could mean that prices return to the $350 to $420 price range, but still the direction remains a bit indeterminative.

 I tend to believe that if prices are going to stabilize in the near term (within the next month or two), they will stabilize a bit above $420 rather than below $350.  That's just my hunch based on the overall history and seeming price dynamics, and absent any major developments in the news, whether FUD or not..

+1

well vol appears to be going down a little bit, big move coming soon.

Actually, I am talking about Stamp's volume, because I still believe that mostly Stamp is the lead indicator regarding the overall BTC market and price direction - but surely Stamp is not the final authority by no means.

Anyhow, Adam, you are correct that volume is coming down, and it is kind of approaching more normal levels - maybe only 2x normal rather than 5-20x.  Accordingly, the volume of the past 24 hours is a bit under 30,000 BTC, and more normal daily levels would be in the 10-15k territory, yet probably a bit lower on weekends, no?  maybe a little under 10K daily volumes on weekends.

[ChartBuddy]

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Explanation

[BlindMayorBitcorn]

Cryptsy alert. OTOH is having big problems.

https://www.reddit.com/r/Bitcoin/comments/3rvl2a/cryptsy_exchange_warning_unable_to_withdrawal/

Good. Shitcoin exchange.

I have the equivalent of over 200 BTC that I'm trying to withdrawal in BTC, LTC & DASH, but the withdrawal window is not working, I traded out of many USD to do this at a large loss, when can I expect my money to be able to be withdrew-able?

Ouch tho!

[ssmc2]

Yeah that does suck. We just need to get people off these crap exchanges and unfortunately the only way seems to be fiascoes like this.

[BlindMayorBitcorn]

Yeah that does suck. We just need to get people off these crap exchanges and unfortunately the only way seems to be fiascoes like this.

Imagine trading for years and years only to end up with all your money at the mercy of someone called JShock?

[Hyperjacked]

Yeah that does suck. We just need to get people off these crap exchanges and unfortunately the only way seems to be fiascoes like this.

Imagine trading for years and years only to end up with all your money at the mercy of someone called JShock?

I was chatting with Otoh on cryptsy at the time...

Lets face it...all exchanges based in the US will have a tough road going forward!

[gentlemand]

Ugh for Cryptsy guy. Considering the number of utter shitcoins they have on there I've no idea how they kept chugging along without wanting to top themselves. There must be broken blockchains and failed wallets all over the place. I'm willing to bet there are certain coins that solely exist on their database. They should rename it Ghostly.

[ssmc2]

Heading towards $350.

LMAO

[ChartBuddy]

Coin

Explanation

[Trouble821]

Ugh for Cryptsy guy. Considering the number of utter shitcoins they have on there I've no idea how they kept chugging along without wanting to top themselves. There must be broken blockchains and failed wallets all over the place. I'm willing to bet there are certain coins that solely exist on their database. They should rename it Ghostly.

They have a page showing each wallet's status. A large number of wallets are flagged as having network issues, which in most cases means their network is nonexistent and will never work again. Those coins are merely database entries, which are cheap for Cryptsy to manage because they don't ever need expensive support staff to waste paid time maintaining wallets.

https://www.cryptsy.com/pages/status

[adamstgBit]

i hope price will stabilize right now after falling

It is possible to stabilize in the $350 to $420 territory, but it is very doubtful that such stabilization will occur in the short term.  Simply, there is way too much volume currently, and that demonstrates that there is a bit of a battle going on in this price range.

I think that the volume has to go down before prices will stabilize,  which could mean that prices return to the $350 to $420 price range, but still the direction remains a bit indeterminative.

 I tend to believe that if prices are going to stabilize in the near term (within the next month or two), they will stabilize a bit above $420 rather than below $350.  That's just my hunch based on the overall history and seeming price dynamics, and absent any major developments in the news, whether FUD or not..

+1

well vol appears to be going down a little bit, big move coming soon.

Actually, I am talking about Stamp's volume, because I still believe that mostly Stamp is the lead indicator regarding the overall BTC market and price direction - but surely Stamp is not the final authority by no means.

Anyhow, Adam, you are correct that volume is coming down, and it is kind of approaching more normal levels - maybe only 2x normal rather than 5-20x.  Accordingly, the volume of the past 24 hours is a bit under 30,000 BTC, and more normal daily levels would be in the 10-15k territory, yet probably a bit lower on weekends, no?  maybe a little under 10K daily volumes on weekends.

ya i like your numbers.

looking at the last 6 months, stamps volume is interesting, in the summer we saw 10K volume days on avg, and then Sep Oct daily volume clearly doubled, while bitfinex's volume looks to be pretty much the same the whole time up until this bump up. I'm thinking this means there's been a bump in real demand rather than speculative trading ( going long or short for a quick buck ), bitcoins number of XT pre day paints a similar picture. bullish!

looking at the last 10 days, we see that volume has slowed a little today, but so has the magnitude of the swings. theres a triangle forming, my guess is its going to break any second now ( my money's says one last really good red candle )

looking at the last 2 years, both stamps and bitfinex and pretty much every other exchange we have put in record weekly volume. why? i'm speculating that bears are all but dead, the bulls had to correct price, and these bulls want to buy back in sooner rather than later. ( I'm about half covered my sells ) leting price run really over bought and then selling only to buy right back in = MASSIVE VOLUME.

all this pretty much Screams " The bull market is upon us! "

some poeple might think price won't want to move much higher without scalability all sorted out, but that's not how it works... when we bubbled 2 years ago we did not wait for the US senate meeting to come back positive, we could sorta see how it would play out ( since the FBI bust silk road and planed to sell the bitcoins. ) and so we went ahead and bubbled. by that same mertie we can all kinda see where scalability is going, lots of things can be done, even if block limit is not bumped up, there's thing like lighting / side chains coming, its happening we will see bitcoin scale one way or another, the time is now, we need to price in the fact that bitcoin will soon be "ready for mass adoption" NOW.

but not until i'm fully back in.

if we can just drop real fast real deep one last time, that'd be gr8!

[peonminer]

Down or up at this tip?

[adamstgBit]

[peonminer]

That 2200 BTCitcoin wall @ 2600 Yuan be like
 

[BlindMayorBitcorn]

[ChartBuddy]

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Explanation

[adamstgBit]

[Richy_T]

Refueling almost complete, I think.

[BlindMayorBitcorn]

Refueling almost complete, I think.