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

[Torque]

Wow, what is going on lol...

Either this has been a massive bear trap and the bull run resumes upward from here, or this is a bull trap coming.

Flip a coin and take your pick.  

^{(Personally I don't think the downtrend is finished though)}

[1582479510]

1582479510

[bitserve]

Wow, what is going on lol...

Maybe someone knows something... or maybe enough week hands got shaken after all this dumps. Donno.

[JakaE]

I'm also inclined to think that we might have to test the 2110ish bottom from about two weeks ago before we resume the climb.

[JayJuanGee]

Wow, what is going on lol...

Either this has been a massive bear trap and the bull run resumes upward from here, or this is a bull trap coming.

Flip a coin and take your pick.  

^{(Personally I don't think the downtrend is finished though)}

Yep!!!

Flip a coin.    That is be call Koreck!!

There has been pretty intense trade volume over the past couple of weeks in which this dumping has been going on, and surely bears could be running out of coins to dump at those low $2,400 prices.... and seemingly unsuccessful in achieving a third leg down from $2,980?

Maybe the bears can regroup and try again, but if we get into the $2,700s then the bears are going to have difficulties reversing this train...  Agree? .. so maybe currently, around $2,700 and below is the area to watch for a possible reversal?

[Torque]

Maybe the bears can regroup and try again, but if we get into the $2,700s then the bears are going to have difficulties reversing this train...  Agree? .. so maybe currently, around $2,700 and below is the area to watch for a possible reversal?

Well maybe to look at it another way, I'd say that buying pressure would need to breach the ~2600-2630 mark with considerable force (rising volume) to consider us still in a bull run at this point.

Otherwise this is just a falling J-hook pattern seen so many times before...

[JayJuanGee]

I'm also inclined to think that we might have to test the 2110ish bottom from about two weeks ago before we resume the climb.

There is no "have to" in bitcoin, we have had three attempts at pushing the price down, and it looks like there is some downwards difficulties.

And, based on the trade volume, no one really seems to agree on prices between $2500 and $2750.. ... so either we are going up or down.. and yeah, if they battle it out for a few more weeks (about whether we go up or down), then maybe at that point, we could settle for something in the $2500 to $2750 range.. but I don't see sideways without a fight - and down is not any kind of for sure.. so that only leaves us with UP and the remaining option... hahahahha   

[JayJuanGee]

Maybe the bears can regroup and try again, but if we get into the $2,700s then the bears are going to have difficulties reversing this train...  Agree? .. so maybe currently, around $2,700 and below is the area to watch for a possible reversal?

Well maybe to look at it another way, I'd say that buying pressure would need to breach the ~2600 mark with considerable force (rising volume) to consider us still in a bull run at this point.

This is an area in which reasonable observers can have a reasonable difference of opinion.. and both be kind of correct.

The problem that I have with suggesting that that resistance would be very strong in the $2,600 arena is because we were just in the $2,700s a few days ago.

And there was pretty decent trade volume in the $2,700, and that trade volume only increased when the price got pushed below $2700 and the past couple of days that there have been ongoing attempts to push BTC prices down... so in that sense, I am of the opinion that $2600 is not going to be as difficult as $2700.

On the other hand, we do have the continued and shitty dynamics of the pump and dump alt coins that could continue to have a dragging down affect on bitcoin... but maybe they are going to continue to pump the alts and everyone can just get pumped together combining the pump of the shit and the non-shit..    

[deepcolderwallet]

Wow, what is going on lol...

Either this has been a massive bear trap and the bull run resumes upward from here, or this is a bull trap coming.

Flip a coin and take your pick.  

^{(Personally I don't think the downtrend is finished though)}

You've been warning about Total Market Cap, but it's already back to $100 Billion+.
Even this is cannot be the end of downtrend sign?

[r0ach]

bears looking ugly again ... and all the usual full of shit trolls crawling out from their roach holes spewing golden lies.

Looks like Marcus is hallucinating after being exposed to a little too much digital rat poison.  For every dollar bankers spend trying to supress the price of gold and silver, an equal amount of money is spent trying to prop the bitcoin bubble up.  The same people are fully capable of raising or crashing both assets, yet they allow bitcoin to rise while trying to crash the other and allowing all the sheeple to pile into this one.  Yea, that's not fishy at all!  It's blatantly obvious the R3 group of bankers props up the Ethereum scamcoin on Poloniex too.  They don't even try to hide it.  

Stop pretending 'designed to centralize' bitcoin is somehow "defeating" the bankers.  The only way you're beating the bankers is by dumping this imaginary bubble asset that doesn't function as a store of value and purchasing what they don't want you to buy - gold or silver.  They're desperately trying to ban cash and force people into a digital only slave system, so cryptocurrency is just subsidizing your own eventual enslavement with how easy it is for them to co-opt bitcoin.

[bones261]

bears looking ugly again ... and all the usual full of shit trolls crawling out from their roach holes spewing golden lies.

Looks like Marcus is hallucinating after being exposed to a little too much digital rat poison.  For every dollar bankers spend trying to supress the price of gold and silver, an equal amount of money is spent trying to prop the bitcoin bubble up.  The same people are fully capable of raising or crashing both assets, yet they allow bitcoin to rise while trying to crash the other and allowing all the sheeple to pile into this one.  Yea, that's not fishy at all!  It's blatantly obvious the R3 group of bankers props up the Ethereum scamcoin on Poloniex too.  They don't even try to hide it.  

Stop pretending 'designed to centralize' bitcoin is somehow "defeating" the bankers.  The only way you're beating the bankers is by dumping this imaginary bubble asset that doesn't function as a store of value and purchasing what they don't want you to buy - gold or silver.  They're desperately trying to ban cash and force people into a digital only slave system, so cryptocurrency is just subsidizing your own eventual enslavement with how easy it is for them to co-opt bitcoin.

I hope that you are already part of a network of people that are willing to trade goods and services for gold and silver just in case the government(s) decide to demand people hand over their gold and silver for slave tokens. (Or face prison time.) I hope that this established network is impervious to snitches and infiltration by government agents.

[PoolMinor]

" The same people are fully capable of raising or crashing both assets, yet they allow bitcoin to rise while trying to crash the other and allowing all the sheeple to pile into this one. "  

"this imaginary bubble asset that doesn't function as a store of value and purchasing what they don't want you to buy - gold or silver." 

How do you say the first quote and within the same breath try to rationalize gold or silver as a safe haven? If the "Powers that be" can and do on a regular basis as you put it, crash the price of gold/silver, then how are any investments in gold or silver a proper store of value?

[bitserve]

Am I wrong or to store $1Mill in silver one would need almost 2.000KG of silver?

That shit could even break the floor unless you live on a basement.

How can that be a store of value when you can't even store it itself? (Not to mention move it around with you).

Good thing probably noone would take the hassle to steal it from you.

[bones261]

Am I wrong or to store $1Mill in silver one would need almost 2.000KG of silver?

That shit could even break the floor unless you live on a basement.

How can that be a store of value when you can't even store it itself? (Not to mention move it around with you).

Good thing probably noone would take the hassle to steal it from you.

Gold's more practical to store large sums. You only need about 25KG to store 1 million in value. Silver as  money is really only useful for small purchases.

[deepcolderwallet]

I guess a technology to detect densely stored metals is already well developed, isn't it they use to find deposit fields inside mountains to mine it then?
If they can develop such a detector, that would be not impossible to make something to detect the 2,000 Kg of silver you buried in your backyard.
But I think it would be harder to involuntarily extract a 12-words seed from your memory...

[bones261]

I guess a technology to detect densely stored metals is already well developed, isn't it they use to find deposit fields inside mountains to mine it then?
If they can develop such a detector, that would be not impossible to make something to detect the 2,000 Kg of silver you buried in your backyard.
But I think it would be harder to involuntarily extract a 12-words seed from your memory...

It would probably only take a $5.00 wrench to extract that from your memory.  

[r0ach]

If the "Powers that be" can and do on a regular basis as you put it, crash the price of gold/silver, then how are any investments in gold or silver a proper store of value?

They play Keynesianism in the commodities market and naked short metals down trying to cap them at like 5-10% above cost of production.  This means they're usually a good buy in general since you're getting them practically at cost, with the price being almost entirely a derivative of oil.  Oil EROI is currently collapsing, which will soon collapse the ability to manipulate metals.

As for bitcoin, bitcoin cost of production is floating - recursive based on it's own demand.  Bankers don't naked short metals below cost of production because it's counterintuitive and would create enormous scarcity.  It would also bankrupt miners, creating even more scarcity, so they try to rig it right above production cost.  

However, if bankers ever want to naked short bitcoin, it's VERY productive since they can easily play a war of attrition and literally delete any price floor which they cannot do in metals.  Metals actually have a cost of production price floor and bitcoin doesn't.  They can drag the bitcoin cost of production floor down from $10,000 each all the way to $1 if they want to.  That's something you can never do in metals.  The only thing that could stop them from doing so in bitcoin is if it became the unit of account of something, but since like I said, it doesn't function as a store of value having no price floor, it's unlikely to happen when better alternatives like metals exist that actually can function as a store of value.

Am I wrong or to store $1Mill in silver one would need almost 2.000KG of silver?

Weight is irrelevant in current state.  It just means you will make more money when the GSR collapses closer to historical levels (15:1) when their Comex rigging blows up.  It's like claiming, "o god, buying 100 pounds of gold is too heavy for $10 an ounce".  No, nothing is too heavy if you get a good deal on it.

[xhomerx10]

If the "Powers that be" can and do on a regular basis as you put it, crash the price of gold/silver, then how are any investments in gold or silver a proper store of value?

They play Keynesianism in the commodities market and naked short metals down trying to cap them at like 5-10% above cost of production.  This means they're usually a good buy in general since you're getting them practically at cost, with the price being almost entirely a derivative of oil.  Oil EROI is currently collapsing, which will soon collapse the ability to manipulate metals.

As for bitcoin, bitcoin cost of production is floating - recursive based on it's own demand.  Bankers don't naked short metals below cost of production because it's counterintuitive and would create enormous scarcity.  It would also bankrupt miners, creating even more scarcity, so they try to rig it right above production cost.  

However, if bankers ever want to naked short bitcoin, it's VERY productive since they can easily play a war of attrition and literally delete any price floor which they cannot do in metals.  Metals actually have a cost of production price floor and bitcoin doesn't.  They can drag the bitcoin cost of production floor down from $10,000 each all the way to $1 if they want to.  That's something you can never do in metals.  The only thing that could stop them from doing so in bitcoin is if it became the unit of account of something, but since like I said, it doesn't function as a store of value having no price floor, it's unlikely to happen when better alternatives like metals exist that actually can function as a store of value.

Am I wrong or to store $1Mill in silver one would need almost 2.000KG of silver?

Weight is irrelevant in current state.  It just means you will make more money when the GSR collapses closer to historical levels (15:1) when their Comex rigging blows up.  It's like claiming, "o god, buying 100 pounds of gold is too heavy for $10 an ounce".  No, nothing is too heavy if you get a good deal on it.

 Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?

[r0ach]

Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?

Already did, war of attrition.  Miners will not mine at a loss forever.  They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later.  If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates.  

Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to.  It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are.

[deepcolderwallet]

I guess a technology to detect densely stored metals is already well developed, isn't it they use to find deposit fields inside mountains to mine it then?
If they can develop such a detector, that would be not impossible to make something to detect the 2,000 Kg of silver you buried in your backyard.
But I think it would be harder to involuntarily extract a 12-words seed from your memory...

It would probably only take a $5.00 wrench to extract that from your memory.  

Sheeeeet!

[deepcolderwallet]

Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?

Already did, war of attrition.  Miners will not mine at a loss forever.  They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later.  If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates.  

Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to.  It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are.

Lol when those chinese bastards are outta game my CPU will gratefully do the job.
While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill.