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

[savetherainforest]

too many people are sniffing hopeium. $1000 looks to be the majority's picking. I think its a sign to short btc. I could be wrong though.

Shoring btc just before China opening?... Hmmm, don't do such experiments, son!

China can continue dumping too. Don't forget that.

You think we're in a bearmarket?

He has pink sunglasses .. don't bother!  ... in 4-5 days max we have $800-900$!!!

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[JimboToronto]

It's awfully quiet here. Over half an hour since the last post.

[Wyld]

Bitfinex glitchy as hell today

[tomothy]

Hey Jimbo, think this recent correction was it and we will break $600 this weekend or maybe some further downtrend. In other news, Bruce Fenton is allegedly resigning from Bitcoin Foundation. Not sure what that means for the foundation, but probably not the best news in the world. 

[Fatman3001]

Hey Jimbo, think this recent correction was it and we will break $600 this weekend or maybe some further downtrend. In other news, Bruce Fenton is allegedly resigning from Bitcoin Foundation. Not sure what that means for the foundation, but probably not the best news in the world. 

He's just the last person on the planet to be told that the foundation is dead. I don't see how this can/should affect the price. The Foundation doesn't have any of the personal or economic resources to carry out its function. Hasn't had for quite some time. I'm not sure what he thought he was going to resurrect.

[savetherainforest]

How many time zones does China have? .. I guess Beijing isn't the first place where its morning there from what I know and see on the map.. right? ... or they have one of those dumb systems where its the same hour all over the country?

[JimboToronto]

Hey Jimbo, think this recent correction was it and we will break $600 this weekend or maybe some further downtrend. In other news, Bruce Fenton is allegedly resigning from Bitcoin Foundation. Not sure what that means for the foundation, but probably not the best news in the world. 

Just a short retrace IMO. Still battling over $580. Thousands of coins dumped to bring the price down and hundreds bought to bring it right back up. I'll consider the battle won when we hit $610. That should take less than 2 weeks.

As for Bruce Fenton, I don't know. A quick google turns up nothing. He hasn't tweeted anything. Where did you hear he was resigning?

[European Central Bank]

It's here: https://twitter.com/_jonasschnelli_/status/740258327960162304

I don't know why anyone would care any more. I guess he wanted to restart it to get some fun freebies at conferences.

[dumbfbrankings]

Hey Jimbo, think this recent correction was it and we will break $600 this weekend or maybe some further downtrend. In other news, Bruce Fenton is allegedly resigning from Bitcoin Foundation. Not sure what that means for the foundation, but probably not the best news in the world. 

He's just the last person on the planet to be told that the foundation is dead. I don't see how this can/should affect the price. The Foundation doesn't have any of the personal or economic resources to carry out its function. Hasn't had for quite some time. I'm not sure what he thought he was going to resurrect.

Bilderberg Group is meeting in a couple days. Perhaps they can take up the torch.

Just have a look at the list of attendees... http://www.bilderbergmeetings.org/participants.html

Henri de Castries, chairman of Bilderberg (chairman and CEO of AXA, invested in Blockstream)
Reid Hoffmann (invested in Blockstream)
Eric Schmidt (invested in Blockstream)

[StraightAArdvark]

How many time zones does China have? ..

https://youtu.be/XCu4e_1MSCI?t=104
11?

[savetherainforest]

How many time zones does China have? ..

https://youtu.be/XCu4e_1MSCI?t=104
11?

Soviet Union... It's not even funny! ... I said Shaina! .. not Rassia!

... Eleven!

But in China... Beijing especially now is almost 6 AM ... and it might be 7 AM in the East side of the country if they don't all have the same timezone!
Some old folk might wake up and start trading the first thing they do in the morning while they drink their tee/coffee.

[zimmah]

How many time zones does China have? .. I guess Beijing isn't the first place where its morning there from what I know and see on the map.. right? ... or they have one of those dumb systems where its the same hour all over the country?

i'm pretty sure they use 1 timezone in the whole country, even though the country itself is in multiple timezones.

must suck for those who live in the east, need to get up really early.

[mr angry]

How many time zones does China have? .. I guess Beijing isn't the first place where its morning there from what I know and see on the map.. right? ... or they have one of those dumb systems where its the same hour all over the country?

i'm pretty sure they use 1 timezone in the whole country, even though the country itself is in multiple timezones.

must suck for those who live in the east, need to get up really early.

That's backed up by this site. China has five time zones but it only uses one standard time. However that quoted explanation doesn't make sense to me, how can China cover five time zones, but the Chinese Mainland, Hong Kong, Macau, and Taiwan Province all be in the same time zone?

https://www.travelchinaguide.com/essential/time_difference.htm

Geographically, China covers five time zones (Zhongyuan, Longshu, Tibet, Kunlun and Changbai Time Zones). However, the standard times used in Chinese Mainland, Hong Kong, Macau, and Taiwan Province are the same, for they are all in the same time zone (UTC+8), 8 hours ahead of the Universal Time Coordinated.

[SheHadMANHands]

Hey Jimbo, think this recent correction was it and we will break $600 this weekend or maybe some further downtrend. In other news, Bruce Fenton is allegedly resigning from Bitcoin Foundation. Not sure what that means for the foundation, but probably not the best news in the world.  

Just a short retrace IMO. Still battling over $580. Thousands of coins dumped to bring the price down and hundreds bought to bring it right back up. I'll consider the battle won when we hit $610. That should take less than 2 weeks.

As for Bruce Fenton, I don't know. A quick google turns up nothing. He hasn't tweeted anything. Where did you hear he was resigning?

If we hit $500, then I'd be impressed.  Sell off barely appears on the 1D.  

Ethereum trading is dead as hell, aside from it's first "killer app" as a hedge against a Bitcoin downside on Polo (eth/btc).  The contrarian bet I'd argue is still btc long, eth/btc short.  Not surprising we'd shake out longs at the top (maybe induce some okcoin margin calls).  I mean, if I was market maker, that's what I'd do!  

Market seems very content over ~$540.

[Chef Ramsay]

A very late good morning Bitcoinland. Way too much booze way too late on an empty stomach last night.

I see the battle for $580 still rages on.



How much longer do we go sideways in the $565-$695 range before a breakout? It's been half a week now. Is this just the beginning of a longer sideways trend or do we start to move up again soon?

It's still not a deep enough dip for me to buy.

I knew you were gonna chime in late like this considering my Tigers just embarrassed your Jays like that. Figured you'd need a bender to swallow that one whole.

[zimmah]

How many time zones does China have? .. I guess Beijing isn't the first place where its morning there from what I know and see on the map.. right? ... or they have one of those dumb systems where its the same hour all over the country?

i'm pretty sure they use 1 timezone in the whole country, even though the country itself is in multiple timezones.

must suck for those who live in the east, need to get up really early.

That's backed up by this site. China has five time zones but it only uses one standard time. However that quoted explanation doesn't make sense to me, how can China cover five time zones, but the Chinese Mainland, Hong Kong, Macau, and Taiwan Province all be in the same time zone?

https://www.travelchinaguide.com/essential/time_difference.htm

Geographically, China covers five time zones (Zhongyuan, Longshu, Tibet, Kunlun and Changbai Time Zones). However, the standard times used in Chinese Mainland, Hong Kong, Macau, and Taiwan Province are the same, for they are all in the same time zone (UTC+8), 8 hours ahead of the Universal Time Coordinated.

Geographical timezones are the timezones drawn on a map.

Imagine the earth as a pie, and the pie is divided in 24 roughly equal slices. Every slice is 1 timezone  These are the geographical timezone (the 'true' timezone, depending on your location on the world.) This timezone will affect how late you see the sun appear in the sky.

Then there's political timezones, which are usually roughly similar to the geographical timezones, but are decided by the government of the country. Most countries aren't large enough to have multiple timezones, so usually they just use the timezone that they physically occupy. But large countries have to make a choice, do I use different timezones (which makes business and communication more dfficult) or do I use 1 timezone for the entire country? Which makes things easier, but the downside is that the sun can come up very early or very late, depending on where you live. (For example if you live in the east of china and have to get up at 8 AM, it might actually be 4 AM instead if you would use the true timezone based on your location after loking at the map this is not true, instead it's the other way around, if you live in west-china, than 6 am is like 9 am, so you never have to get up early).

In Europe, most European countries also use the timezone UTC+1 (+2 in summer) even though some of the countries are actually located in UTC timezone if you look at the map. This is purely a political decision.

So basically, even though some countries are located in 1 slice of the pie, they act as if they are located in another slice.

Some countries are so big that they don't fit in 1 slice, so they have to choose if they use multiple slices, or if they just don't cut the slice and call it a bigger slice.

maybe this map makes it a bit clearer.

Look at greenland, it's between -2 and -4 (the lines drawn from the map) but the whole country is -3 (which is somewhere in between).

If you are in the east of greenland, you are actually living in -4 but you count it as if it's -3. So the sun will get up an hour too early compared to the rest of the world, but your clock will say the same no matter where you are in greenland.

you can also see that a lot of countries "cheat" and use a timezone that is not the timezone they should have,m but they do that for political reasons.

[Assmaster2000]

Ethereum trading is dead as hell, aside from it's first "killer app" as a hedge against a Bitcoin downside on Polo (eth/btc).

Last 24 hrs. 21 mil. USD volume, +3%.
BTC has ~x5 the volume, tho -1.5% down. Dunno, which one seems better to you?
 

[SheHadMANHands]

Ethereum trading is dead as hell, aside from it's first "killer app" as a hedge against a Bitcoin downside on Polo (eth/btc).

Last 24 hrs. 21 mil. USD volume, +3%.
BTC has ~x5 the volume, tho -1.5% down. Dunno, which one seems better to you?
 

Where are those volume figures for BTC coming from?  I'm just curious, not saying you're wrong.  Does it include Coinbase Exchange (whatever it's called now), Gemini, GBTC, etc.  I would note as well that some of that volume, probably a significant portion, is hedging against Bitcoin downside, meaning that it's volume really driven by the Bitcoin market.  Just look at the spike in Polo action today, verses last few days.

[SheHadMANHands]

It would be interesting to see a trading volume comparison (and liquidity comparison) of the NOV 2013 bubble verse this recent run up...

If I had to guess, the increased liquidity makes it a bit more difficult to crash/"manipulate" the market today, in an attempt to induce panic and profit off a quick move.  For example, imagine someone attempting to do that via market sell on, say, Bitfinex.  That might have worked quite will in Nov 2013, since practically only Mt Gox would need follow suit.  If it did follow suit, mad profits on the 40% panic dumps   I imagine it's far more difficult today, given the distribution of liquidity across so many licensed exchanges.  And the rise of heavy future markets (okcoin, etc.).  And, of course, false signal breakouts, one could argue, are somewhat less likely, since most traders are watching technicals on many exchanges and using that to paint a more complete picture.  For example, Huobi would generally not breakout if US exchanges were going in a different direction or overly stagnant.  Why?  Huobi traders are "aware" that they don't control the market, and that it's far more distributed today.  They could control the market in 2013.

It's certainly a very different market than it was 3 years ago (or even a year ago, for that matter).  I see a lot of the same anxieties, and traders would by wise to acknowledge the dynamic nature of these markets.  This is an entire emerging asset class (crypto-currencies).  With increased participation and liquidity, the same "tricks" that may have worked years ago may be far more difficult, or damn near impossible, today.  Many traders are trading Bitcoin too much, or too actively, for today's market.  They're reading signals left and right, over short time intervals, when it's just noise and, statistically speaking, meaningless.  Meaningless on the adrenaline pumping time scales many look at (5m charts, lol).  And, by extension, meaningless over the mid/long term.

[Assmaster2000]

Ethereum trading is dead as hell, aside from it's first "killer app" as a hedge against a Bitcoin downside on Polo (eth/btc).

Last 24 hrs. 21 mil. USD volume, +3%.
BTC has ~x5 the volume, tho -1.5% down. Dunno, which one seems better to you?
 

Where are those volume figures for BTC coming from?

https://coinmarketcap.com/
Have no idea re. data/how accurate they are, just a convenient page.

>hedging against Bitcoin downside
I'm sure many BTC trades are hedges against ETH downside. Volume is volume.