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

[arepo]

Why would you call this bearish? The last wedge with a similar shape from 80 to 100 has been proven as bullish

bearish wedge coming to a close right now. midnight dump?

4-hour scale:

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wedges are usually reversal signals, the last wedge was an exception. i tend to try to identify the patterns and then use other data to determine the directionality. William's Oscillator suggests short-term overbought, poising for a slight correction:

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10-day hourly scale



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also, depth on bitcoinity has a bearish bias.

[Kazu]

bearish wedge coming to a close right now. midnight dump?

4-hour scale:

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Dude, thats not how wedges work -.-
No steady downtrend of volume and the slope of the center of the opening to the point is basically a trend line.

Honestly, at this point people are just drawing lines in places.

[arepo]

No steady downtrend of volume and the slope of the center of the opening to the point is basically a trend line.

the volume pattern is there, and how does the second point invalidate the wedge?

[samurai1200]

Well... $115 was a previous resistance on May 2 and all day today (-7utc). We've broken through it, but not with much force. I can't see it holding, and for my own sake i hope it doesn't until a revisit on monday or tuesday!

[Frozenlock]

That was an interesting dump.

[EuroTrash]

That was an interesting dump.

still going it seems

a seller dumped... and a buyer saw "cheap coins" and pushed the "market buy" button.
Or... or... one was trying to induce a panic sell and one was trying to stop it.

Even in a boring Sunday there are at least two people with a spare half million USD to burn.

[EuroTrash]

1000 BTC wall at 111 was moved up to 111.0001
170 BTC wall at 11.5 removed and reappeared behind the 1000BTC one at 111

I'd love to understand what game are these pro's playing. 

[Hailo]

Just saw 1200btc sold in one order on bitcoinity

[Frozenlock]

Lag attack.

[Frozenlock]

Yup, without any transactions someone is trying to maintain at least a 1 min lag.

[Frozenlock]

Yup, if nobody's (panic) selling, that's very bullish IMO.

[EuroTrash]

Yup, without any transactions someone is trying to maintain at least a 1 min lag.

My theory is that when the knife falls too fast bots do panic: they all try to cancel their buy orders and execute market sells instead.
This makes things worse because then the engine starts lagging, adding delay to the feedback loop of the bots' decision process.

[Frozenlock]

Hmm I don't know...

Why would it go down, then up again?

[yeemartin]

It seems to me that someone are trying desperately to ignite panic sells. However the market hold up quite well.

[Frozenlock]

I'm talking about the lag. 

[Crazy]

If you're trying to induce a panic sell off you don't do it at 4AM EST/1AM PST. Just taking profits, as usual.

[Frozenlock]

I have no problem with profit taking.


But the laaaaaag! The lag guys! 

[rpietila]

Looks like time for $122

I guess 118/19 - 111 - 124.

I propose the 2nd retracement to 106 (instead of 111), otherwise I hardly make any money.

I think I nailed this one 

[rpietila]

Looks like time for $122

I guess 118/19 - 111 - 124.

I propose the 2nd retracement to 106 (instead of 111), otherwise I hardly make any money.

I think I nailed this one 

Will be interesting to see if we do go over 120 here or back down under 100. Long weekend after all.

How many times do I need to tell that we will not see 100 again? 

I am all in today because this is insanely great buy. There is also quite much support in $105 (not that it means anything but buys are real, sells are fake).

[ronaldlee0917]

another dump and buy scheme?