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

[RejectedBanana]

These last couple weeks, I took a gamble.

My wife and I started gifting small amounts of bitcoin to a large number of friends and family. Rainy day fund, college fund, shits and giggles fund, whatever they wanted to call it. Only stipulation was not to sell until after mid 2021, a year after the halvening.

I'm watching the network effect in action. Days like today certainly got their attention. How many will end up adding to their positions, I wonder?

Adoption doesn't just happen. Some people need a little nudge.

Luckily, my gamble paid off in the correct direction. So far. 

[infofront]

How the hell am I supposed to get any work done on a day like this?

[xhomerx10]

How the hell am I supposed to get any work done on a day like this?

 Move to the 5 minute update and work the 4.9 minutes in between and you'll still be at 98% efficiency.

[jojo69]

about time to see Jimbo's smiling face wander in

[JimboToronto]

Good morning Bitcoinland.

I see we had a nice little rise back to where we were 3 weeks ago... currently $7637USD/$9631CAD (Bitcoinaverage).

This is a good start. Now let's keep it going.

[STT]

So, where are all the bear posters now?
Please post something shitty. So we can all fuck you up real good.

I'll do my best to be bearish for you.    But I was holding because it seemed to me the risk reward didnt favour selling, simple as that.  Nobody ever knows for sure but at times its silly be bearish and thats true when the price is drifting sideways because that isnt a negative.   no news is good news meta, because underlying BTC is progressing anyway.  I often think similar for gold, the dollar has great problems ahead ditto yen and many parts of Europe etc  weakness in FIAT relates to use of crypto


So a negative price target now is 7200 because that was my short term upside target previous.  We broke through, massive bar, big volume thats a good break but also I'd expect confirmation.   So we play out the most negative scenario but even so overall its quite bullish.

There is a theme of surprise to the upside at the moment because short interest is at all time highs.   Which means buyers, forced in the same way leverage buyers are stopped out on the way down and price becomes surprisingly weak there


I dont have it drawn on this graph but 7200 is the long term uptrend line.  

[bitcoinPsycho]

back in the lambo's again

[Torque]

I'll do my best to be bearish for you. <snip>

As a permabull, I'll make an even more bearish statement.

In Bitcoin's history, there has never been a downtrend reversal and start of a new bull run, without first pursuing a major stop loss hunt and major long liquidation. Never.

So take that for what it's worth.  

[El duderino_]

well now

well quite

please MY MAN do not give me any tattoo idea's cause allready like the pic......

i'm thinking for a perfect line too put next the roller tattoo and a bear bull but i'm missing inspiration for the moment it has to be perfect  

[El duderino_]

I'll do my best to be bearish for you. <snip>

As a permabull, I'll make an even more bearish statement.

In Bitcoin's history, there has never been a downtrend reversal and start of a new bull run, without first pursuing a major stop loss hunt and major long liquidation. Never.

So take that for what it's worth.  

time for BTC to make a few changes and if not than down we go first ..... it go's how it go's and i'm fine with it on the other hand we all love green more than red so go BTC go

[STT]

A good tattoo is very clear or done by an amazing artist maybe.   Just keep it simple with the rollercoaster bit.    I wanted a tattoo done in UV ink so it only shows under special light not in a business meeting :p

I'll do my best to be bearish for you. <snip>

As a permabull, I'll make an even more bearish statement.

In Bitcoin's history, there has never been a downtrend reversal and start of a new bull run, without first pursuing a major stop loss hunt and major long liquidation. Never.

So take that for what it's worth.  

Major stop loss hunt?  Thats fine, I dont have a stop loss for better or worse.  Price does not always determine value perfectly, I agree a Richter scale move is still probable.   I hold some gold just in case in a boring way because its inert and doesnt grow and doesnt lose value in bad times/deleveraging events.

The world in general will go through a deleveraging nuclear winter kind of event at some point because we are so reliant in one countrys currency as the backing for world trade.  And its highly stacked.  A perfectly orderly transition to less political and military biased trade is unlikely, hopefully its technology based and more balanced to people not central powers.  Of course Bitcoin should be part of that.

Pic of exters triangle for anyone not familiar

[Harlot]

So, where are all the bear posters now?
Please post something shitty. So we can all fuck you up real good.

I'll do my best to be bearish for you.    But I was holding because it seemed to me the risk reward didnt favour selling, simple as that.  Nobody ever knows for sure but at times its silly be bearish and thats true when the price is drifting sideways because that isnt a negative.   no news is good news meta, because underlying BTC is progressing anyway.  I often think similar for gold, the dollar has great problems ahead ditto yen and many parts of Europe etc  weakness in FIAT relates to use of crypto


So a negative price target now is 7200 because that was my short term upside target previous.  We broke through, massive bar, big volume thats a good break but also I'd expect confirmation.   So we play out the most negative scenario but even so overall its quite bullish.

There is a theme of surprise to the upside at the moment because short interest is at all time highs.   Which means buyers, forced in the same way leverage buyers are stopped out on the way down and price becomes surprisingly weak there


I dont have it drawn on this graph but 7200 is the long term uptrend line.  

I agree we are now in the bullish side of Bitcoin as long as it stays above the 7,200$ line. Next target to confirm we are on a reversal is at least breaking above 8,200$ level where we last know to have took a plunge and reaching as far as 6,500$ level. Reaching 7,700$ is still not a confirmation that we are in an uptrend as this might just be just one last bounce before a big dip will happen.

[Theb]

Looking at its hourly chart it doesn't look good. Bitcoin should stay above 7,500$ or else it would be a bull trap. RSI is overbought as well as the volume is decreasing which means lesser participation in the trading even though the price of Bitcoin skyrocketed above. Also the way Bitcoin gained 1,000$ in just a small time frame then quickly go down to an acceptable level shows that a lot of people off load their position at their best price. I still see that this down trend might still continue.

[infofront]

The huge number of shorts proved to be irresistible to some whale(s). Now it's downtrend business as usual.

[fabiorem]

Only millionaires and billionaires can save the bitcoin price now.

Dont expect the average Joe for it. They all bailed out in the first 5% drop months ago.

[El duderino_]

Only millionaires and billionaires can save the bitcoin price now.

Dont expect the average Joe for it. They all bailed out in the first 5% drop months ago.

only millionaires and billionaires on this forum and other forums and twitter and....      

[Last of the V8s]

[jbreher]

Well, our asses are real sore right now at Casa Lawblaw.

Just got our tax work finished, and we owe mid six figures for FY17.

I hear ya man. Same boat here.

I drew down enough for a lambo in Dec. Unfortunately, a the time I didn't draw down enough for the taxes. Now I'm having to sell 3x the stash that I would have at the time. Grr. Poor planning. Or faith in a mistaken indicator. I was watching days-to-double. Either it is a bad indicator, or I don't know how to use it. Grr.

Taxation is theft, goddamnit.

Agree. Unfortunately, the thieves have guns. More than I do. And radios - radio waves travel faster than cars or even bullets. Grr. Again.

[dimitriaustralia]

Guys, your reasons for the continuing downtrend are all wrong.

It's pretty simple.

1. Whale(s) spend a full year pumping Bitcoin and altcoins to the moon, using massive leverage.

2. Whale(s) gain control of the float and thin it out, pushing prices to the moon.

3. Whale(s) massively short sell/dump in one go. Ending bull run.  Whale mega money then sits on sidelines.

4. Whale(s) use lotza coins to squeeze remaining float up and down to make money trading. Mostly down.

5. Average Joes finally lose interest. Sell at bottom.

... and then... eventually... (*we are not there yet*)...

6. Whale(s) use sidelined mega money to scoop up cheap coins at the bottom. Downtrend over. Next bull run starts.

There are no "reasons". There are no plausible "FUD". Its just the way it goes.

Truth!
The elites share/ part of the crypto market will be more concentrated than the current flawed fiat system.

[jbreher]

Time to dump your rare earth metal stocks boys 

https://www.cnbc.com/2018/04/12/japan-rare-earths-huge-deposit-of-metals-found-in-pacific.html

Haha! quote from article: "Japan started seeking its own rare-earth metals after China held back shipments in 2010 during a dispute over islands both countries claim". Delicious.