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

[sugarbaby]

Or else this enormous cup requires a proportionally large handle, in which case this clambering up and dripping down could continue for months?

Bingo!

you guys are so bearish.

this is a bear trap and it will close...eventually but not 6 months from now...

I look forward to showing my support again sub 800

I am still amazed that you seem to flip flop more than a game of pong.

QnVsbCB0cmFwIGNvbWluZywgbmV4dCBydW4gdG8gfiQ5OTAuIElLUg==

is it too much to ask for one last sub 800 buy opportunity before the bear trap closes?

Yes, look back to the last 18 months as plenty of time to buy sub $800

Just dont buy now...wait! Be patient

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[notme]

[tabnloz]

Or else this enormous cup requires a proportionally large handle, in which case this clambering up and dripping down could continue for months?

Bingo!

you guys are so bearish.

this is a bear trap and it will close...eventually but not 6 months from now...

I look forward to showing my support again sub 800

I am still amazed that you seem to flip flop more than a game of pong.

QnVsbCB0cmFwIGNvbWluZywgbmV4dCBydW4gdG8gfiQ5OTAuIElLUg==

is it too much to ask for one last sub 800 buy opportunity before the bear trap closes?

Yes, look back to the last 18 months as plenty of time to buy sub $800.

Edit:
Since the price is going 10X higher a few bucks should not be a worry to such a Hodler as yourself.

Man, if we go 10x from here..... there are going to be some happy & retired relaxed people

[r0ach]

Man, if we go 10x from here..... there are going to be some happy & retired relaxed people

How is it gonna go up 10x while we're all sitting here with our dicks in our hands waiting for daily China bans?  I don't really expect any big moves in a climate like this.  I'm not "bearish", I'm just not expecting some renegade Chinaman to go pump up a $200 spread right now.

[Tzupy]

Let's see where the support is now.

the next 24 dumps are critical.

The next several hours (from now) are critical. If we'll have more dumps and test (might even break) support at 5200 CNY, even if it will bounce, a very bearish scenario would become possible.
If however there will be a small pump (that would hold for a while), then further support testing is unlikely to break and should result in a large triangle that should break upwards, with target around 8000 CNY.

The small pump happened, so far seems to favor the bullish scenario. But remember, the PBoC can trash the bullish TA anytime.

[600watt]

Let's see where the support is now.

the next 24 dumps are critical.

The next several hours (from now) are critical. If we'll have more dumps and test (might even break) support at 5200 CNY, even if it will bounce, a very bearish scenario would become possible.
If however there will be a small pump (that would hold for a while), then further support testing is unlikely to break and should result in a large triangle that should break upwards, with target around 8000 CNY.

The small pump happened, so far seems to favor the bullish scenario. But remember, the PBoC can trash the bullish TA anytime.

my speculation about the what happened:

1)when chinese exchanges hit new ath a cascade of naked shorts and fucked up max leverage setup caused the first dive. okcoin and others couldn´t handle the traffic anymore, traders couldn´t log in, fortunes lost.

2)some of those traders are high ranking members of the communist party (or their kids). they called papa or mama and cried because the got goxed by okcoin.

3)high ranking party leaders grabbed the phone and called PBOC to do something.

4)PBOC stepped in not to ban bitcoin, but to safe bitcoin (well, safe the crypto kids from getting goxed again - no more naked shorts, no more 100x leverage)

5)media learns about PBOC visiting all chines exchanges; bitcoin community gets the buzz words PBOC, chinese exchanges panicking nightmare of 2013 OMG SELL ALL THE COINS causing the:

6)second dive.

7)everyone freaks out because of 2nd dive. fears of 14month uptrend reversed in a few days. btc FUD spin doctors step in OMG sell all teh coins:

8)third dive

9)slowly the community begins to realize that china did not ban bitcoin.


edit: 

[AlexGR]

Bitcoin Difficulty:   336,899,932,796
Estimated Next Difficulty:   380,176,964,299 (+12.85%) 
Adjust time:   After 1113 Blocks, About 6.8 days

[bitcoinvest]

Bitcoin Difficulty:   336,899,932,796
Estimated Next Difficulty:   380,176,964,299 (+12.85%) 
Adjust time:   After 1113 Blocks, About 6.8 days

That is a good good reason NOT sell anything i get from mining.
I am sure many others who mine until now will do the same...
I expect a big impact on the price upwards.
I think in 2 weeks from now the price should be at 900€ about.

[valta4065]

Bitcoin Difficulty:   336,899,932,796
Estimated Next Difficulty:   380,176,964,299 (+12.85%) 
Adjust time:   After 1113 Blocks, About 6.8 days

That is a good good reason NOT sell anything i get from mining.
I am sure many others who mine until now will do the same...
I expect a big impact on the price upwards.
I think in 2 weeks from now the price should be at 900€ about.

Yeah but if everyone is doing like you...
It means price will go up indeed.
But as soon as it goes up enough all the miners will start to sell what they mined!
So price is gonna crash again :/

[the artful bodger]

[julian071]

Let's see where the support is now.

the next 24 dumps are critical.

The next several hours (from now) are critical. If we'll have more dumps and test (might even break) support at 5200 CNY, even if it will bounce, a very bearish scenario would become possible.
If however there will be a small pump (that would hold for a while), then further support testing is unlikely to break and should result in a large triangle that should break upwards, with target around 8000 CNY.

The small pump happened, so far seems to favor the bullish scenario. But remember, the PBoC can trash the bullish TA anytime.

my speculation about the what happened:

1)when chinese exchanges hit new ath a cascade of naked shorts and fucked up max leverage setup caused the first dive. okcoin and others couldn´t handle the traffic anymore, traders couldn´t log in, fortunes lost.

2)some of those traders are high ranking members of the communist party (or their kids). they called papa or mama and cried because the got goxed by okcoin.

3)high ranking party leaders grabbed the phone and called PBOC to do something.

4)PBOC stepped in not to ban bitcoin, but to safe bitcoin (well, safe the crypto kids from getting goxed again - no more naked shorts, no more 100x leverage)

5)media learns about PBOC visiting all chines exchanges; bitcoin community gets the buzz words PBOC, chinese exchanges panicking nightmare of 2013 OMG SELL ALL THE COINS causing the:

6)second dive.

7)everyone freaks out because of 2nd dive. fears of 14month uptrend reversed in a few days. btc FUD spin doctors step in OMG sell all teh coins:

8)third dive

9)slowly the community begins to realize that china did not ban bitcoin.

Haha great recap, thanks!

[yonton]

If I put in a buy on bitfinex at 30k usd/btc with a volume of 7.5mil = .4% x btc at830. Do I raise the btc price on the market by 3.32 usd/btc

[savetherainforest]

If I put in a buy on bitfinex at 30k usd/btc with a volume of 7.5mil = .4% x btc at830. Do I raise the btc price on the market by 3.32 usd/btc

Nope... more than that! Maybe 100$ if u'r lucky.

*edit:   And you don't buy them all at once ffs...   (especially if u want to rise the price)

[Torque]

Lulz still at all the bear trolls that showed up in the past week.

We are going up!

[Elwar]

Man, if we go 10x from here..... there are going to be some happy & retired relaxed people

If we go up 10x quickly most people will jump ship at 2x, 3x, etc. expecting to crash back down.

A long gradual climb to 10x will take a long time.

Personally, I would rather the price rise so high that I can retire with my bitcoins. Instead of the price shooting up quickly and retiring by selling my bitcoins.

[JimboToronto]

Another good morning Bitcoinland.

Tumblin' tumbleweeds. Still going sideways... currently $835USD (Bitcoinaverage).

I think by now everybody with a brain realizes that the fake dump (caused by the PBOC investigation) is done and we're ready to move on.

I feel sorry for people who sold but it's not too late for them to buy back. As usual, holders have been able to sit back and enjoy watching all the trader angst. Life's too short to inflict unnecessary stress on oneself.
 
Let's get this thing moving back up.

[bitebits]

[...]
Personally, I would rather the price rise so high that I can retire with my bitcoins. Instead of the price shooting up quickly and retiring by selling my bitcoins.

Yes, selling bitcoins for fiat feels like betrayal. Somehow unfortunately if Bitcoin lives up to it's expectations, it's growth can't be gradual. It is a hell of a dilemma I yet haven't found an answer for.


EDIT: In line with the above comment an interesting article including a response I did not really think about before:
https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da#.7l05e4gug

You missed an important point: *why* this cycle is able to occur in Bitcoin but not as much in other assets. Bitcoin (generally, cryptocurrency) has a unique quality that no other commodity has: its supply is perfectly inelastic. No matter how much or how little demand there is for bitcoins, they still get produced at the same rate. Every other commodity responds to prolonged, elevated demand with elevated production: higher prices lead to faster production, which suppresses prices. This can’t happen in Bitcoin: higher prices encourage more mining, but more mining doesn’t cause faster production. The utter lack of any suppressing counter-force on the Bitcoin price is what allows it to experience such huge bubbles.

[aztecminer]

u guys have really taken this to all new levels.. gratz.

[JimboToronto]

Yes, selling bitcoins for fiat feels like betrayal.  

Indeed. Sometimes it happens, though. The secret is to not think of it as selling your bitcoins for dollars, but rather as temporarily pawning them to get through an emergency.

It's like a beloved musical instrument. You'd never consider selling it, but you'd let the pawnbroker hold it until you can redeem the ticket. You never lose sight of the fact that you'll get it back some day.

[ssmc2]

Slow upwards grind until ETF decision. Then...