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

[fragout]

Any thoughts on the impact the coming Crypto Senate meeting will play on the market?

Meeting is at 10 AM EST

https://www.express.co.uk/finance/city/914010/Bitcoin-price-why-BTC-falling-today-cryptocurrency-news-value-crash-latest-blockchain

Postponed to the 14th i believe but the text of what they will say is released. Noting new really except they think exchanges and ICOs  regulation should be handle at fed level rather than state level. Usual anti money laundering, KYC etc but noting scary

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[Last of the V8s]

well

we got support at 2200 and at 800

i can't take this kind of a loss man. another couple hundred bucks and i'm honestly out cold turkey. i'm despair personified.

Does not compute. Wat?

[600watt]

Any thoughts on the impact the coming Crypto Senate meeting will play on the market?

Meeting is at 10 AM EST

https://www.express.co.uk/finance/city/914010/Bitcoin-price-why-BTC-falling-today-cryptocurrency-news-value-crash-latest-blockchain

Postponed to the 14th i believe but the text of what they will say is released. Noting new really except they think exchanges and ICOs  regulation should be handle at fed level rather than state level. Usual anti money laundering, KYC etc but noting scary

imho this is very bullish:

We are entering a new digital era in world financial markets. As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response. The evolution of these assets, their volatility, and the interest they attract from a rising global millennial population demand serious examination. With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity. This hearing is an important part of finding that balance.

The Honorable J. Christopher Giancarlo
Chairman
U.S. Commodity Futures Trading Commission
Giancarlo Testimony 2-6-18b

https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39

[RayX12]

A message from a HODLER:

The buying opportunities for new comers are just amazing.
The sell off is CAUSED by the huge investment funds reducing the risk and locking-in profits.
But the RISK is not coming from crypto-currencies but rather from economical and political turmoil worldwide and specially in the USA.
There will be a turn around soon that will bring even more capital into the crypto markets after the dust settled.
BUY BUY BUY all of the crypto that you can afford.

[Last of the V8s]

fuck off you piece of lying shit ... you've spent best part of 3 years confusing people about what is bitcoin and pumping some dumb shitcoins and now you come here with this tripe ...

really, just fuck off you parasite cunt. take jbreher and ver and your other fucked up mates with you.

Finally some carnage.  

blah blah blah

I think Bitcoin is destined to become a global peer-to-peer electronic cash system that will change the world as we know it in many ways.  Do what you need to do, but don't lose hope.

...what is your objection? Not to the person, that's just childish, but to what he says?

I believe the objection is how he deliberately misleads newcomers for his own profit.

In this particular case?

Why the fuck you defending PeterR? 

If someone has historically shown to engage in deceit, misrepresentation, trickery, then why should that person be greeted with open arms merely because he says some seemingly nice things about bitcoin.. and furthermore PeterR is engaging in argumentation with his dropping of bullshit Bcash talking points attempting to get concessions about bitcoin being prioritized and defined as "peer-to-peer electronic cash system".. talking point framing trickery and set up and don't trust any fucks who have already engaged in sabotage and endorsed bitcoin attacks while trying to act like such sabotage and attacking is not happening.

merit where it's due

[JayJuanGee]

Fuck it. 

I have set buy orders from $6400 to zero. 

First one just got triggered.  Let’s all go down together !

Ah   ha!!!!!!!!!


Hairy berry:  you broke from your previously disclosed plan which was to go on some kind of hiatus and then to start buying somewhere in the vicinity of the supra $4,900 territory...

$6400 is a long fucking ways from $4,900... It sounds like you talking the BIG HAITUS talk, but then when push comes to shove, you are following some kind of copy cat quasi-JJG incrementalism.......

ah ha.... .ah  ha... ah ha...


Caught you with your pants down.      Apparently, BMB did  NOT get your pants, because they are down around your ankles and I can see places where the sun usually does not shine.   

Tera convinced me otherwise.  I try not to be arrogant in my thinking and to trade defensively at all times.  Maybe you had an influence too but I would not want to give you too big a head so let us pretend that this is not possible.

O.k..... I will pretend that the Hairy berry is following the counsel of Tera bera, and I will also act as if I did not see you with your pants down either.  We are all adults, here.    Perhaps.   

I’m not wearing any pants right now so I think it is ok.  

On your JJG incrementalism, at what level do you sell it back?

In recent times, I have become accustomed to using similar incrementalism levels on both ends, which is currently set at about $1k. 

So I buy every $1k on the way down and I sell every $1k on the way up... so the spread between the next buy order and the next sell currently runs close to $2k.  Sometimes there can be ways to play around with the price trigger points in such a way that you want to try to make sure that they have decently high chances of filling while largely having the price come to you, rather than forcing the price or going to the price.

Yeah, I am also NOT trading nearly as frequently as I used to trade because on the way up in this $6k price territory, my old order increments used to trigger in $500 increments - but I am relatively content with much less frequent triggering of trading and orders not filling as often and even a kind of practice that causes me to increase the amounts that I am trading and therefore causing bigger and BIGGER profits from each time the series of orders fill from the almost guaranteed BTC price volatility (even if not guaranteed which price direction and not guaranteed that your buy/sell order will actually get filled - rather than nearly perpetually bouncing back and forth within a price range without filling on either end).

Hopefully that makes sense.

[Majormax]

Everyone is so bearish here that the bottom must be IN already.

No, people are still buying and HODLers are still holding. We need panic on high volume. The current bounce to $6xxx is pathetic. More to come.

Agree. Saying that all along.

A couple of days of $40BN+ volume, and a spike low.

Doesnt matter where the low is, but ~$2000 feels about right (leaves a gap to the 2013 high of $1200).

Price/time relationship is not yet right either. 6 months to 2 years is a more proportional bear market.

[Last of the V8s]

Do you think this bloodbath for today is over?
It seems like market is recovering

nope

Between 2018 and 2013 there had been 5 Years.

Once could argue that this meltdown could heal in another 5~10 years. But I doubt that. The momentum has been lost, the notation of the currency as a store of value destroyed.

Give me a break, store of value, ha. Bitcoin is about getting the fuck out of a corrupt system that enriches the rich by taking from the poor. Bitcoin's value is an escape from that system and its injustice, end of story. If it happens to go up to an incredible $ amount, making it a store of value, so be it.

The system is fucked, throughout history it has always been fucked. Now, for the first time ever, the common people have an escape from that system. In 10 years time when current amount of bankers fiat has increased 5 million times, Bitcoin will be there. It will be priced high because not being in the system will be worth it.

Shit, your meant to be a legendary member. You should understand this.

That's the point folks!!!

Disagree. Btc is as elitist as previous system, if not more.
Who bought on the way down? the rich.
Who lost all their money? the poor.
who can airgap their wallet to keep their own btc? the elite
who gives their money to strangers so they can play traders? sheeple

[HairyMaclairy]

So to be clear if you bought X at $6k you would resell X at $8k? (Not exact prices I would buy inside the resistance points)   Do you keep some small fraction of X as BTC profit?

[flynn]

cex.io is down.

works for me..

Yuh I'm fine with that, too.

[Torque]

Sheesh, talk about systemic risk.... I wonder how many other Chinese companies are this underwater...

https://finance.yahoo.com/news/leshi-internet-says-must-repay-082129074.html

[TERA2]

Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes

Repeat with 1D tonight at closing

[bitebits]

Everyone is so bearish here that the bottom must be IN already.

No, people are still buying and HODLers are still holding. We need panic on high volume. The current bounce to $6xxx is pathetic. More to come.

Agree. Saying that all along.

A couple of days of $40BN+ volume, and a spike low.

Doesnt matter where the low is, but ~$2000 feels about right (leaves a gap to the 2013 high of $1200).

Price/time relationship is not yet right either. 6 months to 2 years is a more proportional bear market.

You guys like Tera still live in the more early days. You can’t just ignore the massive developement and adoption since.

That said, Bitcoin is not fully resistant against external powerful entities. It mainly can be harmed and surpressed on the onramps and offramps, which obviously will be reflected in the dollar value.

[Phil_S]

Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes

Repeat with 1D tonight at closing

I can afford
To board a Bitcoinooga choo choo

[Torque]

Looks like another day of pain for the stock market. Dow down 2.5% in pre-market.

[somac.]

Looks like another day of pain for the stock market. Dow down 2.5% in pre-market.

There's been a decent bounce in the futures overnight, so, maybe won't be too bad.

[lightfoot]

No its not postponed...its happening in about 4 hours

Morning!

Well, we're not down to 1k this morning (6450 or so) so the world didn't end last night. And I guess I was wrong, we'll see if the Govt comes for everyone's bitcoins or not at 10am.

Back to sleep.

[Last of the V8s]

Are you guys watching Bitstamp live? The second 500BTC buy wall is almost eaten too.

This is really important.
Yesterday ({[they]}) bought 3 1k buy walls at 7800 - that i saw in just a short Wall Observe. But the dumps now are just little titties by comparison - 12, 15, 50 coins.
They think big gobs of coin are worth having at 6/7 k
They stand to make far more by encouraging it back up once they've shaken the trees and picked up the ripe fruit, than by going short.
So yes Tone Vays might be right we're in for another ~month of floggings.
After that, add a few zeroes.

Who is ({[they]})  

It's r0ach's oft-mentioned 'one guy on Bitfinex'. It's HairyMaclairy's 'Wall Street'. It's Mircea Popescu's 'USG'. It's what everyone here calls 'whales'. Someone else posited a 'market-maker'. It's @bitfinexed's 'wash trading'

snip
We have never had Wall Street professional shorts before either. Not saying it is going to happen but we must remain open to all possibilities.

http://log.mkj.lt/trilema/20180205/#464
[18:57:12] · <mircea_popescu> asciilifeform isn't it lulzy how there's EXACTLY the same "volume" going on the fiat fansites irrespective ?

[19:00:49] · <mircea_popescu> basically, usg got what, 3-5k bitcoin, which it keeps sloshing back and forth to itself on closed "exchange" tripod websites ?


It's just some little ex-Wall St trader who has been told he's to play the newbs on the markets, 'accumulating for a crypto hedge-fund'.

[fragout]

Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes

Repeat with 1D tonight at closing

For the lazy -



Maybe...just maybe. fingers crossed

[JayJuanGee]

So to be clear if you bought X at $6k you would resell X at $8k? (Not exact prices I would buy inside the resistance points)   Do you keep some small fraction of X as BTC profit?

I am sorry that I communicated badly.

If I bought at $6k, then my next buy order would have already been set at $5k (because I had set it at $5k the first time around when I had sold at $6k on the way up, whenever that would have been) and after the $6k buy order fills, I would immediately set my sell order at $7k (again, not exact, but you get the idea).

Regarding how much I set in reserve or whether I am stacking extra in BTC or in dollars depends in part on my sense about whether I feel that I need to accumulate more bitcoins or whether I believe that I should accumulate more dollars.  Also, since I have been doing this all the way up from $250, that means that I have gone through accumulating fiat from a lot of sell orders that never returned back down to their buy orders.  So I have sometimes rethought what to do with all the extra fiat that I have accumulated because of those buy order that left unfilled.  Sometimes I reallocate it, and sometimes I take the money off the table.  Also, whenever I am changing my increments, going from $250 increments to $500 and then to $750 and then to $1,000 allows me to rethink how much money do I want to dedicate towards buying back, how far down do I want to set my buy orders and do I want to cause an extra large fiat reserve that is likely going to get taken off of the table.

In mid September 2017 when we corrected about 40% from $4980 down to $2970, I only had buy orders set down for a 50% retracement, and since I was on a trip, that inadequate preparedness caused me way more stress than necessary, because even though I had the money to be able to buy further down, my money was not in a place in order for me to really be prepared for more than a 50% retracement, if it were to occur... so little by little, after that September 2017 correction, I was able to pretty much keep myself prepared for larger and large severities of retracement and to feel comfortable with that - but that preparedness came through our being spoiled by a 4x to 5x better BTC price performance than the most bullish of expectations, so I reconfigured my buy orders down 85% while BTC prices were in the $15k arena... ... so yeah, I am not smart.. just got spoiled with 4x to 5x better BTC price performance than expected... which allowed for a lot easier path for downward BTC price preparations.