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

[bitboyben]

Looks like Chinese bears wake up at 3-4am, perhaps the bulls are sleeping in a bit.

The bulls will make up for this later today, after the bears go home early. They'll be happy to pick up the cheap remainders left behind by current bears.

What time is it in China right now, anyway? I'd say middle of the day?

3pm lol

[1715535080]

1715535080

[ChartBuddy]

[TERA]

The trend looks weak. Kind of like a bearish wedge on H4. That breakout was on low volume and didn't go very far. It might be time for a deeper correction back to the trendline from october. Hopefully not further.

[windjc]

The trend looks weak. That breakout was on low volume and didn't go very far. It might be time for a deeper correction back to the trendline from october. Hopefully not further.

The trend up after the correction 3 days ago has had lower volume than before the correction, however, it has also had increasing volume each of the last 3 days. I am talking about China, which has led this rally.

I personally have a hard time believing that 2700, 450 and 410 are the long term tops to a correction back to the October trend line. I mean, you could be right. But to come this far and not test closer to 3000 and 500 doesn't make sense to me.  If we were correcting from 2910 and 480, I would tend to agree that this potentially go much lower.

However, this just looks like another mild correction on the way up. I mean, we went up 70 points on Gox in less than 24 hours. There needed to be a correction.

[SlipperySlope]

However, this just looks like another mild correction on the way up. I mean, we went up 70 points on Gox in less than 24 hours. There needed to be a correction.

I agree that this does not yet have the feel of a big correction, where bears sort of signal each other with consecutive sales, following an exhaustion of the buyers  at the peak.

[Kazimir]

Does anyone how or where to generate these 3D orderbook history charts?

[molecular]

I think the last hours (that little correction) happen at a very good place in time/price. It may correct even more, then we could consolidate over the weekend and push $500 next week. Going for $500 this week is too early, we need some shakin'.

[Davyd05]

For atleast 10 minutes, Mtgox and CaVirtEx were like 5 dollars apart.. except usd...and cad

I guess the fees on CaVirtEx mean less quick reactions.. but avalanche like moments if they do.

 The 417.50 usd to 394cad still confuses me, but still Bitstamp and CaVirtEx being at near parity confuses me

edit as I type 404.90 cad to bitstamps 401.25usd

[gambitv]

Looks like Chinese bears wake up at 3-4am, perhaps the bulls are sleeping in a bit.

The bulls will make up for this later today, after the bears go home early. They'll be happy to pick up the cheap remainders left behind by current bears.

What time is it in China right now, anyway? I'd say middle of the day?

Shanghai Nov 14, 2013 3:51 PM

[ChartBuddy]

[Its About Sharing]

However, this just looks like another mild correction on the way up. I mean, we went up 70 points on Gox in less than 24 hours. There needed to be a correction.

I agree that this does not yet have the feel of a big correction, where bears sort of signal each other with consecutive sales, following an exhaustion of the buyers  at the peak.

We are witnessing price discovery.

BTC is not a stock, it has behaved like one, but what it is, is now being "discovered".

Do not worry about oversold, overbought, MACD crossing, etc.

We are looking at an entity that is a: stock (in a sense, ownership of the network), protocol (to be used for other things as well - e.g. stock ownership, voting, ownership tracking, etc.), a payment system, a currency, an asset (this seems to be primarily how it is viewed right now, commodity, etc.

If we continue to look at it like a singular entity and not the complex... for lack of a better word - digital honey badger that it is, it is going to run and we will still be trying to make sense of the chart. Once we have more data (months to years), then TA will make more sense. Till then, enjoy the ride.

[Coinseeker]

I think the last hours (that little correction) happen at a very good place in time/price. It may correct even more, then we could consolidate over the weekend and push $500 next week. Going for $500 this week is too early, we need some shakin'.

Until of course you remember its Bitcoin and Bitcoin does whatever the hell it wants.  

[gambitv]

One minute it is 405, next we go here...

[alexout]

bitstamp just moving along the same prices.. Any idea whats gonna happen next there?

[ChartBuddy]

[nanobrain]

I suspect the pattern will be a typical "Thursday fall", a slight rally and a significant correction at the w/e with more gains next week.

[niothor]

Well , good news everyone

I'm a donor for an organisation that helps protecting the wildlife here and they have a program in which they have feeding places so that bears aren't forced to come to the villagers or towns in search of food.
Chating with somebody yesterday I found out that despite the warmer weather the program will stop in the next week , most of the bears will by then long gone into hibernation.

So.... buy buy buy

[MikeH]

Peter Schiff dissing bitcoin:  www.youtube.com/watch?v=0VrB1Ae3xqs

hit that dislike button!

[strawbs]

We are witnessing price discovery.

BTC is not a stock, it has behaved like one, but what it is, is now being "discovered".

Do not worry about oversold, overbought, MACD crossing, etc.

We are looking at an entity that is a: stock (in a sense, ownership of the network), protocol (to be used for other things as well - e.g. stock ownership, voting, ownership tracking, etc.), a payment system, a currency, an asset (this seems to be primarily how it is viewed right now, commodity, etc.

If we continue to look at it like a singular entity and not the complex... for lack of a better word - digital honey badger that it is, it is going to run and we will still be trying to make sense of the chart. Once we have more data (months to years), then TA will make more sense. Till then, enjoy the ride.

I agree entirely with all of this.  TA is ill-suited to bitcoin, at least for the time being.

[niothor]

However, this just looks like another mild correction on the way up. I mean, we went up 70 points on Gox in less than 24 hours. There needed to be a correction.

I agree that this does not yet have the feel of a big correction, where bears sort of signal each other with consecutive sales, following an exhaustion of the buyers  at the peak.

We are witnessing price discovery.

BTC is not a stock, it has behaved like one, but what it is, is now being "discovered".

Do not worry about oversold, overbought, MACD crossing, etc.

We are looking at an entity that is a: stock (in a sense, ownership of the network), protocol (to be used for other things as well - e.g. stock ownership, voting, ownership tracking, etc.), a payment system, a currency, an asset (this seems to be primarily how it is viewed right now, commodity, etc.

If we continue to look at it like a singular entity and not the complex... for lack of a better word - digital honey badger that it is, it is going to run and we will still be trying to make sense of the chart. Once we have more data (months to years), then TA will make more sense. Till then, enjoy the ride.

Wait , wait wait wait!!!!

I remember you posting and analyzing charts like it was the end of the world a few months ago!
What;s with the 720 degrees change?