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

[toknormal]

$4500 incoming now that the 3-descending triangle base is broken.

Probably bottom out around $3500 with a possible capitulative wick down to $1700.

How do you see the 3 descending triangle base broken? : the three lows are around the same levels for me (the second is a little bit higher than the first and third).

Ok, I'll give you that.

Stay of execution then.

We wait.

We watch

[TrumpD]

Hey it'll probably spike down to sub $600!! /s

When bearish calls get really stupid, the bottom is close.  

As scary as this sounds, I wouldn't be surprised if that happened. I am at the stage where all I do is pray and hope while fearing the worst. Anything under $5k, and its full panic station.

[Tyr808]

To anyone thinking BTC price will drop once the USDT shenanigans are exposed:

Imagine there's a small planet of fishermen who use shells as currency. There's a limited supply of shells.

One day an astronaut arrives  from an advanced planet; he carries a secret device which allows him to create several fake shells.
For some weeks the astronaut buys a lot of local diamonds (unique and also limited in supply). He pays with his synthetised shells but the fishermen don't know they're fake and thus his market demand drives the diamonds prices up.

One day the astronaut returns to his planet with the diamonds and then the fishermen find out all the shells he gave them were fake and have now turned to ash.

Will the price of diamonds go down?

Nope.

The fishermen will still use shells to buy diamonds, and astronaut gone or not, there's still the same amount of shells around and the same amount of diamonds.

Kinda like the way the wealthy elite have gamed the system to print fiat out of thin air, then turn around and use it to buy real assets (businesses, stock shares, real estate, PMs, etc.) with that printed fake money. The assets themselves never really go down in value, but the fiat purchasing power sure does.

One day it'll all hyperinflate and go poof. And then they'll reset and start the game all over again.

Not exactly the same; Federal Reserve (and other central banks) do not create money out of thin air as they need to be solvent for what they emit (which with fractional reserve must be indeed only a fraction of their output); they do however profit from the interest generated by this multiplied supply they emit. This interest is "out of thin air" generated revenue - yes.
But whoever issues USDT goes even further than this, as they do actually create money out of thin air.
Even calling it Monopoly money is a compliment since USDT doesn't even cost paper.

[Torque]

Hey it'll probably spike down to sub $600!! /s

When bearish calls get really stupid, the bottom is close.  

As scary as this sounds, I wouldn't be surprised if that happened. I am at the stage where all I do is pray and hope while fearing the worst. Anything under $5k, and its full panic station.

[Phil_S]

$4500 incoming now that the 3-descending triangle base is broken.

Probably bottom out around $3500 with a possible capitulative wick down to $1700.

How do you see the 3 descending triangle base broken? : the three lows are around the same levels for me (the second is a little bit higher than the first and third).

Ok, I'll give you that.

Stay of execution then.

We wait.

We watch

Soon it might look like a falling wedge.

[Tyr808]

Hey it'll probably spike down to sub $600!! /s

When bearish calls get really stupid, the bottom is close.  

As scary as this sounds, I wouldn't be surprised if that happened. I am at the stage where all I do is pray and hope while fearing the worst. Anything under $5k, and its full panic station.

It's not scary, it just makes little sense for the circulating supply of bitcoin* to go below 12.6 billion $.
Block.one (that eos crap) alone raised $4b.. with all the approval bitcoin has had in the world (wikileaks.. IMF.. entire countries) it is silly to think nobody would buy the heck out of that dip.  But it will never happen.
Realistically anything below 3000$ is science fiction.

* 21 million is the total number of bitcoin which will exist at most but do keep in mind that several of those have been forever lost (deceases, lost private keys, etc) thus the real circulating supply is lower than that.


Tl; dr: notsureiftrollingorjustverystupid.jpg

[savetherainforest]

Cheers for Bart and the more money he is giving us!!!

[Elwar]

To anyone thinking BTC price will drop once the USDT shenanigans are exposed:

Imagine there's a small planet of fishermen who use shells as currency. There's a limited supply of shells.

One day an astronaut arrives  from an advanced planet; he carries a secret device which allows him to create several fake shells.
For some weeks the astronaut buys a lot of local diamonds (unique and also limited in supply). He pays with his synthetised shells but the fishermen don't know they're fake and thus his market demand drives the diamonds prices up.

One day the astronaut returns to his planet with the diamonds and then the fishermen find out all the shells he gave them were fake and have now turned to ash.

Will the price of diamonds go down?

Nope.

The fishermen will still use shells to buy diamonds, and astronaut gone or not, there's still the same amount of shells around and the same amount of diamonds.

Kinda like the way the wealthy elite have gamed the system to print fiat out of thin air, then turn around and use it to buy real assets (businesses, stock shares, real estate, PMs, etc.) with that printed fake money. The assets themselves never really go down in value, but the fiat purchasing power sure does.

One day it'll all hyperinflate and go poof. And then they'll reset and start the game all over again.

Not exactly the same; Federal Reserve (and other central banks) do not create money out of thin air as they need to be solvent for what they emit (which with fractional reserve must be indeed only a fraction of their output); they do however profit from the interest generated by this multiplied supply they emit. This interest is "out of thin air" generated revenue - yes.
But whoever issues USDT goes even further than this, as they do actually create money out of thin air.
Even calling it Monopoly money is a compliment since USDT doesn't even cost paper.

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

[toknormal]

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

It is underwritten by 3rd party debt - either sovereign, corporate or person debt.

A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.

[Tyr808]

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

It is underwritten by 3rd party debt - either sovereign, corporate or person debt.

A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.

This.

However the profit they get from the +interest+ received by lending that newly issued liquidity, is essentially free money.

Privilege in the hands of few which costed humanity wars, rapes, misery, poverty.

[drwhobox]

One of the best price analysis i've ever saw in my entire life lol. I'm sure Bitcoin will come back really soon but there are no big evidence that it will climb to sky rocket again but still in the next halving im quite sure that it will go up again.

[Ludwig Von]

Well, at least somebody is trying to hold "The bottom" up... . (Mic post some good pic) 

[El duderino_]

Hey it'll probably spike down to sub $600!! /s

When bearish calls get really stupid, the bottom is close.  

i only had 2 smerits left but this is just exactly EXACTLY how it is

same as a friend of me on the last DIP he was calling BTC dead from that point he becamed our private REVEARSE INDICATOR so when most get extreme bearish it could means something good 

[infofront]

Well, at least somebody is trying to hold "The bottom" up... . (Mic post some good pic) 

Confirmed. Bottom is being held up.




Sometimes I feel like my biggest contribution to this thread is butt pictures, but I guess that's good enough.

[Torque]

How is producing 10 times the amount of money you have...not printing money out of thin air?

If not out of thin air, where does the new money come from?

It is underwritten by 3rd party debt - either sovereign, corporate or person debt.

A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.

Newly printed money created from debt than can never be paid back is the very definition of "out of thin air".

It's a snake eating its own tail.

[starmman]

Well, at least somebody is trying to hold "The bottom" up... . (Mic post some good pic) 

Confirmed. Bottom is being held up.




Sometimes I feel like my biggest contribution to this thread is butt pictures, but I guess that's good enough.

I had to study that technical analysis for a bit longer than usual

[suzanne5223]

Can someone make this stop :-/

I can't stop now buddy cause the market is already flooded and one thing is sure and the thing is , it will never go below $6000 but there's 70% possibility that there will be change next week though.

[markj113]

Point to ponder:

Looks like someone is worried he's about to have a dick sandwich.

[ivomm]

While I was trolling on EOS bitcointalk thread about John Oliver show,

Can anyone explain what is EOS all about?  Clearly, even John Oliver can't:    Usable applications?!?!?!? 
https://youtu.be/g6iDZspbRMg?t=1146

I noticed some familiar names which are heavily invested in EOS, e.g. FractalUniverse:

over 100mio staked now 2/3 of required amount. http://dev.cryptolions.io/mainnet/#
and it looks like theres over 71mio on bitfinex balances.
So it now mostly depends on bitfinex' internal voting process. if bitfinex stakes, it could get over 150mio required in an instant pity i didnt find any info about the current results of finex internal poll.

and this is a recent post here on WO

The lower it gets, the more bitcoins will be removed from market by long term holders' buying spree.
I would use such opportunity for sure. if it should get below 4-3-2 or even 1k as some pple here predict, Id probably raid my entire bank account ant put it all into bitcoin.

The conlusions I leave to you. Just don't trust the fake bears anymore!

[infofront]

Interdasting.