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

[zero3112]

Its very obvious at this point that BTC is back in a upwards trend.

No it is not.

Leave your emotions behind. This bounce back up is no more meaningful than the drop to $600 was.

Most likely we will correct back toward $650 before we hit $700. If that doesn't happen I will be pleasantly surprised. 

Its correcting right now not long before we hit $700

[1714774219]

1714774219

[Vycid]

Its very obvious at this point that BTC is back in a upwards trend.

No it is not.

Leave your emotions behind. This bounce back up is no more meaningful than the drop to $600 was.

Most likely we will correct back toward $650 before we hit $700. If that doesn't happen I will be pleasantly surprised. 

Its correcting right now not long before we hit $700

I mean it will not make it to 700, it will pass 650 and then come back.

[TERA]

Choo Choo mofo

[NewLiberty]

I agree, the problem now is fiat transfers to exchanges and whether the exchanges can cope: BTCe has a dubious record; Gox is a nightmare all round; Stamp has failed this week; no volume on Coinmkt.  The list goes on - its the fiat interface that hampers crypto adoption.

Indeed. I'm trying to get money into bitcoin RIGHT NOW, and I just can't do it. And that's with me having a verified account at Gox and Coinbase. No coins, or 7-10 day international wire transfer? Hmmm. Well this blows.

Keep checking Coinbase. I was able to buy last night, price lock-in and all.

Coinbase has a daily limit that THEY can buy, and a daily limit that YOU can buy from THEM.  Since few with coinbase accounts are selling their coins, they run out.  Two days in a row, today they were out by 9:30 pacific time.  If you can hit them up between the time they buy and when they run out, you can buy with a lock in, otherwise you get whatever price it happens to be when your money arrives from the ACH.

[zero3112]

I agree, the problem now is fiat transfers to exchanges and whether the exchanges can cope: BTCe has a dubious record; Gox is a nightmare all round; Stamp has failed this week; no volume on Coinmkt.  The list goes on - its the fiat interface that hampers crypto adoption.

Indeed. I'm trying to get money into bitcoin RIGHT NOW, and I just can't do it. And that's with me having a verified account at Gox and Coinbase. No coins, or 7-10 day international wire transfer? Hmmm. Well this blows.

Keep checking Coinbase. I was able to buy last night, price lock-in and all.

Coinbase has a daily limit that THEY can buy, and a daily limit that YOU can buy from THEM.  Since few with coinbase accounts are selling their coins, they run out.  Two days in a row, today they were out by 9:30 pacific time.  If you can hit them up between the time they buy and when they run out, you can buy with a lock in, otherwise you get whatever price it happens to be when your money arrives from the ACH.

How do they calculate how many bitcoins you will get if they don't get a buy price until after you ACH money has arrived?

[Sitarow]

[Vycid]

I'm making a cup of green tea.

Anyone trading should do the same. There's some psychoactive stuff in green tea leaves that tends to calm you down, make you more composed and rational. I've found it very useful for technical trading.

I remember reading that anthropologists suspect that it's the psychoactive qualities of green tea that led to the development of the Japanese tea ceremony and Zen Buddhism.

But I digress...

[Adrian-x]

I'm making a cup of green tea.

Anyone trading should do the same. There's some psychoactive stuff in green tea leaves that tends to calm you down, make you more composed and rational. I've found it very useful for technical trading.

I remember reading that anthropologists suspect that it's the psychoactive qualities of green tea that led to the development of the Japanese tea ceremony and Zen Buddhism.

But I digress...

Sleep once a day is also very effective

[NewLiberty]

Alright its time I jump in and ask my obligatory "worried guy" question:

Bought 1BTC @ $717USD.  Do I hold or sell?

I have no strategy, no system, and most definately not a day trader...

FYI, I've "bought in" at a couple of diff price points so my weighted average cost per BTC is about $475...so that combined with my "greedy" nature is telling me to hold even though I'm staring at the blood-red candle sticks on this graph.

Help!  Talk this wanna-be Bull away from the Bear ledge!

Hold. Hold, hold hold. Do you have a bot? Then forgot about trying to trade for profit, you're going to get steamrolled by people who know what they are doing.

The market may bleed money over the next days or weeks. Do not worry about it. Look at the 1-year chart and take a deep breath.

Thank me in six months.

I've got several bots but sadly I'm not "smart" enough to quite get them configured right. I bought the HaasOnline bot and the Butter Bot.  The various configs I've tried the past couple of times on each have ended up costing me -- so clearly I'm not getting the right variables configured in these to capitalize on the swings.  

I've got 7BTC left...after my bot misfortunes...of which 5BTC is "frozen" in my freezer into an block of ice.  The remaining 2BTC is what I planned to try and work with if it makes sense to try again wth the bots or just to manually trade for myself...

I think you should probably cut your losses, man, especially if you're new to trading. I've been doing this successfully in the real world for years and I still don't like technical trading.

But it is fun to watch.

The block of ice is hilarious, BTW. Laminated paper wallet? I might even do that.  

I would have laminated it but I dont' have a lamination machine.  I just got the paper double bagged in two ziplocks.  That is then folded and put into a small tupperware container...which is water tight...and then frozen.  My bank was asking too much for even their smallest safety deposit box.  I'm actually thinking of thawing it out and sending a copy to my family as a backup...  ONe thing I hadn't thought of is if my apartment building burns down or somethign...or if we have another Hurricane Sandy, I might lose the private keys...so I guess i know what i'm doing this weekend.

Remember, if there are two copies it's twice as easy to steal the coins. Make sure your family knows how to keep it safe, and NO CAMERAS EVER.

My "paper" wallet is made of steel.
Stamped with hand stamps:

[Vycid]

I'm making a cup of green tea.

Anyone trading should do the same. There's some psychoactive stuff in green tea leaves that tends to calm you down, make you more composed and rational. I've found it very useful for technical trading.

I remember reading that anthropologists suspect that it's the psychoactive qualities of green tea that led to the development of the Japanese tea ceremony and Zen Buddhism.

But I digress...

Sleep once a day is also very effective

Can't watch the market when your eyelids are closed. 

[BitPirate]

Alright its time I jump in and ask my obligatory "worried guy" question:

Bought 1BTC @ $717USD.  Do I hold or sell?

I have no strategy, no system, and most definately not a day trader...

FYI, I've "bought in" at a couple of diff price points so my weighted average cost per BTC is about $475...so that combined with my "greedy" nature is telling me to hold even though I'm staring at the blood-red candle sticks on this graph.

Help!  Talk this wanna-be Bull away from the Bear ledge!

Hold. Hold, hold hold. Do you have a bot? Then forgot about trying to trade for profit, you're going to get steamrolled by people who know what they are doing.

The market may bleed money over the next days or weeks. Do not worry about it. Look at the 1-year chart and take a deep breath.

Thank me in six months.

I've got several bots but sadly I'm not "smart" enough to quite get them configured right. I bought the HaasOnline bot and the Butter Bot.  The various configs I've tried the past couple of times on each have ended up costing me -- so clearly I'm not getting the right variables configured in these to capitalize on the swings.  

I've got 7BTC left...after my bot misfortunes...of which 5BTC is "frozen" in my freezer into an block of ice.  The remaining 2BTC is what I planned to try and work with if it makes sense to try again wth the bots or just to manually trade for myself...

I think you should probably cut your losses, man, especially if you're new to trading. I've been doing this successfully in the real world for years and I still don't like technical trading.

But it is fun to watch.

The block of ice is hilarious, BTW. Laminated paper wallet? I might even do that.  

I would have laminated it but I dont' have a lamination machine.  I just got the paper double bagged in two ziplocks.  That is then folded and put into a small tupperware container...which is water tight...and then frozen.  My bank was asking too much for even their smallest safety deposit box.  I'm actually thinking of thawing it out and sending a copy to my family as a backup...  ONe thing I hadn't thought of is if my apartment building burns down or somethign...or if we have another Hurricane Sandy, I might lose the private keys...so I guess i know what i'm doing this weekend.

A properly encrypted wallet stored on a few LUKS encrypted USB keys is the best bet IMO. Higher up the priority list is obviously, using a secure operating system, and only doing sane things on the computer you use for encryption.

Anyway, as to your original question: You're asking the wrong question. The real question should be, when do you start buying again in order to dollar cost average. My opinion -- we have a long way to go down yet. Initial bounce was to $500. We'll likely see a floor of half that, briefly. So anything above $300 isn't all that attractive right now.

[Adrian-x]

Its very obvious at this point that BTC is back in a upwards trend.

No it is not.

Leave your emotions behind. This bounce back up is no more meaningful than the drop to $600 was.

Most likely we will correct back toward $650 before we hit $700. If that doesn't happen I will be pleasantly surprised. 

the bouncing all over is random, this will play out by December 3rd when the senate hearings close.

[Vycid]

Alright its time I jump in and ask my obligatory "worried guy" question:

Bought 1BTC @ $717USD.  Do I hold or sell?

I have no strategy, no system, and most definately not a day trader...

FYI, I've "bought in" at a couple of diff price points so my weighted average cost per BTC is about $475...so that combined with my "greedy" nature is telling me to hold even though I'm staring at the blood-red candle sticks on this graph.

Help!  Talk this wanna-be Bull away from the Bear ledge!

Hold. Hold, hold hold. Do you have a bot? Then forgot about trying to trade for profit, you're going to get steamrolled by people who know what they are doing.

The market may bleed money over the next days or weeks. Do not worry about it. Look at the 1-year chart and take a deep breath.

Thank me in six months.

I've got several bots but sadly I'm not "smart" enough to quite get them configured right. I bought the HaasOnline bot and the Butter Bot.  The various configs I've tried the past couple of times on each have ended up costing me -- so clearly I'm not getting the right variables configured in these to capitalize on the swings.  

I've got 7BTC left...after my bot misfortunes...of which 5BTC is "frozen" in my freezer into an block of ice.  The remaining 2BTC is what I planned to try and work with if it makes sense to try again wth the bots or just to manually trade for myself...

I think you should probably cut your losses, man, especially if you're new to trading. I've been doing this successfully in the real world for years and I still don't like technical trading.

But it is fun to watch.

The block of ice is hilarious, BTW. Laminated paper wallet? I might even do that.  

I would have laminated it but I dont' have a lamination machine.  I just got the paper double bagged in two ziplocks.  That is then folded and put into a small tupperware container...which is water tight...and then frozen.  My bank was asking too much for even their smallest safety deposit box.  I'm actually thinking of thawing it out and sending a copy to my family as a backup...  ONe thing I hadn't thought of is if my apartment building burns down or somethign...or if we have another Hurricane Sandy, I might lose the private keys...so I guess i know what i'm doing this weekend.

A properly encrypted wallet stored on a few LUKS encrypted USB keys is the best bet IMO. Higher up the priority list is obviously, using a secure operating system, and only doing sane things on the computer you use for encryption.

I don't like USB keys because they're not a permanent storage solution (data will start to degrade in ~10 years). Otherwise I agree.

[adamstgBit]

Its very obvious at this point that BTC is back in a upwards trend.

No it is not.

Leave your emotions behind. This bounce back up is no more meaningful than the drop to $600 was.

Most likely we will correct back toward $650 before we hit $700. If that doesn't happen I will be pleasantly surprised. 

the bouncing all over is random, this will play out by December 3rd when the senate hearings close.

wait what their are more hearing coming?

[NewLiberty]

I agree, the problem now is fiat transfers to exchanges and whether the exchanges can cope: BTCe has a dubious record; Gox is a nightmare all round; Stamp has failed this week; no volume on Coinmkt.  The list goes on - its the fiat interface that hampers crypto adoption.

Indeed. I'm trying to get money into bitcoin RIGHT NOW, and I just can't do it. And that's with me having a verified account at Gox and Coinbase. No coins, or 7-10 day international wire transfer? Hmmm. Well this blows.

Keep checking Coinbase. I was able to buy last night, price lock-in and all.

Coinbase has a daily limit that THEY can buy, and a daily limit that YOU can buy from THEM.  Since few with coinbase accounts are selling their coins, they run out.  Two days in a row, today they were out by 9:30 pacific time.  If you can hit them up between the time they buy and when they run out, you can buy with a lock in, otherwise you get whatever price it happens to be when your money arrives from the ACH.

How do they calculate how many bitcoins you will get if they don't get a buy price until after you ACH money has arrived?

They wait until your money arrives and then put you in the queue for when they do their daily coin buy.  You agree to this unknown price when you send them the ACH... and still they are selling out, every day...

I think Goat called it when he observed that the bull run isn't over, it is just being throttled by fiat constraints.

[Adrian-x]

Its very obvious at this point that BTC is back in a upwards trend.

No it is not.

Leave your emotions behind. This bounce back up is no more meaningful than the drop to $600 was.

Most likely we will correct back toward $650 before we hit $700. If that doesn't happen I will be pleasantly surprised.  

the bouncing all over is random, this will play out by December 3rd when the senate hearings close.

wait what their are more hearing coming?

no, The record will stay open until the senators have had time to ask all questions not yet put to the witnesses experts.

[adamstgBit]

Its very obvious at this point that BTC is back in a upwards trend.

No it is not.

Leave your emotions behind. This bounce back up is no more meaningful than the drop to $600 was.

Most likely we will correct back toward $650 before we hit $700. If that doesn't happen I will be pleasantly surprised. 

the bouncing all over is random, this will play out by December 3rd when the senate hearings close.

wait what their are more hearing coming?

no, The record will stay open until the senators have had time to ask all questions not yet put to the witnesses.

their still talking about bitcoin now

http://www.c-span.org/Live-Video/C-SPAN3/

[NamelessOne]

Its very obvious at this point that BTC is back in a upwards trend.

No it is not.

Leave your emotions behind. This bounce back up is no more meaningful than the drop to $600 was.

Most likely we will correct back toward $650 before we hit $700. If that doesn't happen I will be pleasantly surprised. 

the bouncing all over is random, this will play out by December 3rd when the senate hearings close.

wait what their are more hearing coming?

no, The record will stay open until the senators have had time to ask all questions not yet put to the witnesses.

their still talking about bitcoin now

http://www.c-span.org/Live-Video/C-SPAN3/

That is just a repeat of the feed from earlier. Odd.

[zero3112]

I agree, the problem now is fiat transfers to exchanges and whether the exchanges can cope: BTCe has a dubious record; Gox is a nightmare all round; Stamp has failed this week; no volume on Coinmkt.  The list goes on - its the fiat interface that hampers crypto adoption.

Indeed. I'm trying to get money into bitcoin RIGHT NOW, and I just can't do it. And that's with me having a verified account at Gox and Coinbase. No coins, or 7-10 day international wire transfer? Hmmm. Well this blows.

Keep checking Coinbase. I was able to buy last night, price lock-in and all.

Coinbase has a daily limit that THEY can buy, and a daily limit that YOU can buy from THEM.  Since few with coinbase accounts are selling their coins, they run out.  Two days in a row, today they were out by 9:30 pacific time.  If you can hit them up between the time they buy and when they run out, you can buy with a lock in, otherwise you get whatever price it happens to be when your money arrives from the ACH.

How do they calculate how many bitcoins you will get if they don't get a buy price until after you ACH money has arrived?

They wait until your money arrives and then put you in the queue for when they do their daily coin buy.  You agree to this unknown price when you send them the ACH... and still they are selling out, every day...

I think Goat called it when he observed that the bull run isn't over, it is just being throttled by fiat constraints.

So lots of people are waiting on bank transfers which is creating a huge influx of money?

[Vycid]

I think Goat called it when he observed that the bull run isn't over, it is just being throttled by fiat constraints.

So lots of people are waiting on bank transfers which is creating a huge influx of money?

I think this is an oversimplified view of things. More money is coming in, but people are also getting nervous and jumping ship the longer this thing takes to get moving again.

Furthermore, a lot of people who sent their money in to exchanges may change their mind now that the rally is over and things are slipping.

I'd be pleased to see another move upward but I have no expectation of that.