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

[ChartBuddy]

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[macsga]

Is it bullish that ASK > than BID?

IMHO, A nice way to judge is to observe the highest ask value. The bigger, the bullier

[MickeyT2008]

Gox's website seems to be responding very slowly right now

[notthematrix]

Yep some traders found out the hard way that you can not leverage your bitcoin , you can only spend it ONCE
just like normal people

[macsga]

I think this is the day we will witness the $400 wall falling down.

[dserrano5]

Gox's website seems to be responding very slowly right now

When I logged in this morning a small message appeared in the top left corner saying something along the lines of "Wait a moment…", I interpreted it as some kind of "we're overloaded". It's annoying that every single request to mtgox is delayed, even the login or trading ones with are javascripted and show no visible indication that the engines are working under the hood.

goxxers gonna gox.

[ChartBuddy]

[Miz4r]

I think this is the day we will witness the $400 wall falling down.

Not a chance. We've just seen a significant correction and the price is now trying to consolidate around $350. It's too early to attack the ATH again today imo, perhaps after a few days of consolidation at these levels. If bulls make their move too soon they probably will get dumped on.

[spooderman]

Chartbuddy needs to zoom out. or the charts are gonna always look very shallow.

[ChartBuddy]

[Miz4r]

That dump was so beneficial its hard to know if it was intended as an attack or a defence against one (or just a pump and dump and a tinfoil hat :/ )

I think it's just normal market behaviour after such a strong and overextended move upwards. At some point people are going to take profits, and the later it happens the more severe the market reacts and the longer it takes for the price to recover and reach new highs. We've seen an extreme example of this in 2011 and a bit less extreme in April this year, what we see now is just a much smaller version of it. In the end it doesn't really matter when these corrections happen, the end result will be the same.

[gizmoh]

Bids are piling in on stamp  let the growth resume.

[Miz4r]

$7.5M in bids on Bitstamp now, I remember when it was less than $1M a few months ago. At this rate it will soon have more fiat in bids than MtGox has.

[ajax3592]

Did anyone notice the difference between the rates of Mtgox and Bitstamp is just 9$ now ?
Yesterday the difference was about >30$
 

[ChartBuddy]

[crazy_rabbit]

Considering some people DO get their money out of GOX, and considering the fiat building up on STAMP would be a killer combination for someone to both Arbitrage and deliberately crash the price. :-/

[molecular]

Freedom is becoming an illusion.

That's why Bitcoin is so important. It gives people a chance to retain (or gain) their freedom of economic transaction.

Its rising value is a symptom of people cherishing freedom.

And what's the true value of freedom?

Between 340 & 350 USD 

That's what the mighty market thinks, yes. The market is never right, though.

The market is however more right than any individual.
Similarly to this: http://www.metacafe.com/watch/yt-iOucwX7Z1HU/bbc_the_code_the_wisdom_of_the_crowd/

I see your point. However, the weight of a dead cow or the number of yelly-beans in a jar don't change over time.

In that sense an individual can be "more right" than the market about some future state of the market.

[molecular]

Is the media really going to turn this uptrend into: "Launch of Silk Road 2.0 boasts bitcoin price"? Tbh, who cares about that? And wasn't the uptrend already well in motion before the launch of the new SR?

no one really cares about the SR clone that popped up again

I agree, but it's tiresome that the media won't stop talking about it. Didn't they learn anything from the closure of the first one?

We can only conclude that journalists like to get high.

[wachtwoord]

The market is however more right than any individual.

Untrue by definition. There is only one market (or a handful of markets) and there are countless individuals. By random chance alone your statement is already unlikely to reflect reality.

[Tzupy]

The market is clueless, that's why it's relatively predictable. Smart individuals take advantage of this.