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

[Rampion]

Nice BTC940.25 miniwall at $120.42792

[1714942025]

1714942025

[1714942025]

1714942025

[SGExodus]

Indicators scream "down" ATM, this should be definitely a spot to be in fiat.

Nevertheless, this is Bitcoin - are the whales that have been regularly buying between BTC1,000 and BTC2,000 the last few days finished their buying? Are they waiting for the ask side to build and the spot price to go down, as its happening right now, before the next buys?

Really, trading in this market ATM is pure gambling.

There is very little gamble if you buy from bitstamp and sell on gox -- which is shown by the high trade volume from bitstamp now.

The order book of bitstamp stayed quite constant with about 1.2m on bid and 19k coins on ask. This shows that the big traders still aren't comfortable keeping large amount on this exchange.

On gox, the bid side only has about 13 mil left, indicating that some whales did indeed panic sell and left the exhchange for now.  

On ask side, it is back to 70k coins, was only 55k few days ago. Some of these coins must be from the arbitrage traders.

I think the trade volume will slow down once the spread between them is less than 7%...

[Its About Sharing]

Indicators scream "down" ATM, this should be definitely a spot to be in fiat.

Nevertheless, this is Bitcoin - are the whales that have been regularly buying between BTC1,000 and BTC2,000 the last few days finished their buying? Are they waiting for the ask side to build and the spot price to go down, as its happening right now, before the next buys?

Really, trading in this market ATM is pure gambling.

Indicators have pointed to down (on the daily chart) for a few days now. But, with the spread between the 2 big exchanges and no money being able to be taken out of GOX, how reliable are the indicators? We are seeing something new here imo. The weekly chart is still looking bullish.

I agree in that it is a gamble. But, it seems like what you say has been true; The whale(s) come along and buy every 3 days or so to support the price. If I went by the indicators the last two times (I remember this) I would have missed one or both up moves. So yes, a gamble. Buy and hold (and hope)? Or wait in fiat and hope? Hmmmm...

[ChartBuddy]

[Tzupy]

The price level has been sustained by panic buyers, against market indicators, for several days, but now it's over.
I got bored watching this drama unfold in slow motion, but in a few hours a panic sale may start.

[phantastisch]

The price level has been sustained by panic buyers, against market indicators, for several days, but now it's over.
I got bored watching this drama unfold in slow motion, but in a few hours a panic sale may start.

Still waiting on panic selling and sub-60s, since two months ago.

[Rampion]

Indicators scream "down" ATM, this should be definitely a spot to be in fiat.

Nevertheless, this is Bitcoin - are the whales that have been regularly buying between BTC1,000 and BTC2,000 the last few days finished their buying? Are they waiting for the ask side to build and the spot price to go down, as its happening right now, before the next buys?

Really, trading in this market ATM is pure gambling.

Indicators have pointed to down (on the daily chart) for a few days now. But, with the spread between the 2 big exchanges and no money being able to be taken out of GOX, how reliable are the indicators? We are seeing something new here imo. The weekly chart is still looking bullish.

I agree in that it is a gamble. But, it seems like what you say has been true; The whale(s) come along and buy every 3 days or so to support the price. If I went by the indicators the last two times (I remember this) I would have missed one or both up moves. So yes, a gamble. Buy and hold (and hope)? Or wait in fiat and hope? Hmmmm...

Well, I wouldn't be so sure about "no money out of Gox". In fact, they just changed the "up to three weeks" on the withdrawal page for SEPA to "one week", and many reports of successful SEPA withdrawals are being reported. And the spread diminishing should be arbitragers at work.

[Tzupy]

If you mean that I'm waiting for sub 60s since 2 months ago, you are mistaken.
I sold at 120 after buying at 110, and shall buy again at the bottom of this upcoming drop,
because I believe that price will rebound enough to make a profit.
As for sub 60s, it's too early to predict that as capitulation price.
If Gox $ withdrawals return to normal (maybe, maybe not, I don't know), then a bottom at about 60 is possible.

[crazy_rabbit]

Looks like a drop for sure at the moment.

[crazy_rabbit]

Hello 900BTC sell at 119. Down we go for a little bit.

EDIT: This place is kinda quiet these days, what happened, ya'll don't go in for drama anymore? :-)

[ChartBuddy]

[Wekkel]

If we go down a lot, it would have happened earlier. Resistance to go down is heavy. Those that gamble on a resumption of the rally, may be rewarded again big time. Seeing the fear for a drop here on the forum makes me confident about my choice. Don't worry, there's still time to panic buy... 

[Pruden]

[tutkarz]

arbitrage can make people to change their mind and cause crash thats why i think its stupid and selfish which in the long run will hurt everybody.

[Rampion]

arbitrage can make people to change their mind and cause crash thats why i think its stupid and selfish which in the long run will hurt everybody.

Arbitrage is stupid and selfish? Arbitrage is good money, how is that stupid? You really think that is better to have +20% spreads between exchanges?

That's beyond retarded.

[crazy_rabbit]

arbitrage can make people to change their mind and cause crash thats why i think its stupid and selfish which in the long run will hurt everybody.

Arbitrage is stupid and selfish? Arbitrage is good money, how is that stupid? You really think that is better to have +20% spreads between exchanges?

That's beyond retarded.

I agree. It's not healthy to have these huge spreads. If we were an efficient market, it would all trend to the same price.

[Kupsi]

Relax. It's just the weekend dip.

[crazy_rabbit]

Relax. It's just the weekend dip.

Is that still a thing?

[tutkarz]

Arbitrage is stupid and selfish? Arbitrage is good money, how is that stupid? You really think that is better to have +20% spreads between exchanges?

That's beyond retarded.

if people are looking at mtgox price and you will arbitrage it with big amounts of btc, you will crash the price and people might panic. maybe you will earn some money but you also would earn money by just buying bitcoins cheaper and holding them while waiting for the price to rise even more which could not happend if you sell. first case is profit only for you, second case is profit for everybody holding bitcoins.

i know this for a fact, if price of bitcoin is stable and slowly rising, at my local exchange there is more and more people wanting to invest in btc, but when the price is falling, there is much more sellers than buyers which makes me think, that bigger price is better for everybody who wants bitcoin to succeed. so maybe some of you will consider this while having fun making your small profit and think about everybody.

[crazy_rabbit]

Arbitrage is stupid and selfish? Arbitrage is good money, how is that stupid? You really think that is better to have +20% spreads between exchanges?

That's beyond retarded.

if people are looking at mtgox price and you will arbitrage it with big amounts of btc, you will crash the price and people might panic. maybe you will earn some money but you also would earn money by just buying bitcoins cheaper and holding them while waiting for the price to rise even more which could not happend if you sell. first case is profit only for you, second case is profit for everybody holding bitcoins.

i know this for a fact, if price of bitcoin is stable and slowly rising, at my local exchange there is more and more people wanting to invest in btc, but when the price is falling, there is much more sellers than buyers which makes me think, that bigger price is better for everybody who wants bitcoin to succeed. so maybe some of you will consider this while having fun making your small profit and think about everybody.

If it were possible to arbitrage efficiently, the crash wouldn't last very long, as you would need to be buying back at the other exchange, which would raise that exchanges price. If you just do a one-way arbitrage IE: send huge chunk of cash to bitstamp, withdraw and send to Gox, sell it, and stop at that point, then yeah, you could crash it a bit. I'm sure people are working on that too. But hey- getting your money out of Gox is tricky.