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

[LUCKMCFLY]

Price at this level?



When Checking BTCUSDShorts:



Still sailing at 4h, I hope they close quickly.

I think that by closing "The Shorts" we can see the price recovery, which can be fast, so they are testing offer at these price levels.

[Hueristic]

Outside of bitcoin, the explanation about repo-gate from already familiar C. Long:
https://www.forbes.com/sites/caitlinlong/2019/09/25/the-real-story-of-the-repo-market-meltdown-and-what-it-means-for-bitcoin/

For every US Treasury security outstanding, roughly three parties believe they own it. That’s right. Multiple parties report that they own the very same asset, when only one of them truly does.

Rehypothecated, there's that word again.

I do not like this word.

Price at this level?

....

I think that by closing "The Shorts" we can see the price recovery, which can be fast, so they are testing offer at these price levels.

I just don't know why I don't care when the price drops.


I think I will never leave my accumulating phase.

[nanobtc]

I'm supposed to put brakes on my car tomorrow. I will postpone, bought $100 of corn for now. First things first. I'll drive carefully for a while...

Do it yourself. Swapping pads (esp front, which is what wears) is easy as pie.

But, of course! I know how to swap disc brake pads, for the last few decades. The parts were USD $60, I just fudged up to the nearest hunnerd dollar bill amount. And bought USD$100 of corn instead.

It's a standard transmission, it's easy to be mindful, and just downshift instead of standing on the square one....

[VB1001]

The Mayer Multiple for Bitcoin (8370.21 USD) is now 1.01.
It has historically been higher than today's value 62.38% of the time.
The average historical value is 1.39.
Get real-time data and more information on https://mayermultiple.info

https://twitter.com/MultipleMayer

Good morning WO,s

Bitcoin +/- $8400
Bakkt 76 BTC

Everything runs its course, no problem.

Hodl

[HairyMaclairy]

We are seeing consolidation around the 200 DMA (red curved line).  Good solid volume on relatively small price movement yesterday is consistent with a local bottom.  

A post-Bakkt relief rally remains a strong possibility.  Expect resistance from the bottom of the triangle if we head back up.  

I will be watching to see if we can consistently inch upwards from here on very light volume.  This would set up a debart to high $9ks.  

Alternatively, if we stall or drift lower and sit directly on the 200DMA like a hen on eggs, then we risk breaking those eggs and heading down sharply further.  

Daily




Close up of 200DMA. We need to be gently climbing away.  It is rising so going sideways isn’t quite good enough. I want to see us staying above $8420, not drifting down into the $8300s. 

[1982dre]

* BobLawblaw starts wondering if we've seen the bottom...

Let's hope we have seen the bottom already. 

[600watt]

Bargain alert - https://www.wilsonsauctions.com/timed-auction/listings/lot?salecode=192398&listingid=d95e4df2-00f9-45c1-833a-937f0edae9a0&bundleoverview=false

The UK government is auctioning some crypto they nicked off someone who nicked it.

If you wish to pay £99 for 0.1 BSV instead of £68 for a whole one, and who doesn't? this could be your only chance this year.

uk gov a shitcoin pusher? lmao.... 

[makrospex]

Bargain alert - https://www.wilsonsauctions.com/timed-auction/listings/lot?salecode=192398&listingid=d95e4df2-00f9-45c1-833a-937f0edae9a0&bundleoverview=false

The UK government is auctioning some crypto they nicked off someone who nicked it.

If you wish to pay £99 for 0.1 BSV instead of £68 for a whole one, and who doesn't? this could be your only chance this year.

uk gov a shitcoin pusher? lmao.... 

Would fit the shitty prime minister, imho...

[kurious]

Outside of bitcoin, the explanation about repo-gate from already familiar C. Long:
https://www.forbes.com/sites/caitlinlong/2019/09/25/the-real-story-of-the-repo-market-meltdown-and-what-it-means-for-bitcoin/

For every US Treasury security outstanding, roughly three parties believe they own it. That’s right. Multiple parties report that they own the very same asset, when only one of them truly does.

Caitlin has always been good on this; the same rehypothecation exists in share markets, as she has properly ranted about before.  Basically Wall Street only makes money by selling what it has many times over.  Selling stuff it actually does not have is its business model.

This is part of the big financial institutions' problem with Bitcoin - that they can't own one BTC and sell it, or rent it out for interest 20 times over.  If they can work out how to rehypothecate Bitcoin you can bet your shirt they will, but so far there hasn't been a way because of Bitcoin's transparent ledger and regulatory issues.

Exchanges already do rehypothecate - so of course it is possible, but only where the institution holds the keys of other third parties, and people who pay for or rent Bitcoin trust that third party to hold it rather than deliver.  In this respect Bitcoin is like physical gold - rather than issued gold certificates.

Satoshi's design was all about this issue and the criminal recklessness of the world's financial instututions.  If you doubt this at all - I refer you, Ladies and Gentlemn to Bitcoin's Genesis Block.

[nutildah]

There was a Rambo movie in 2008? I had no idea. Have to look for it on the net. What's it called?

Rambo https://www.imdb.com/title/tt0462499/

He takes a bunch of religious pussies into Burma. They gain redemption at the end by dashing a local's brains out with a rock.

Taking a throat with hand

What movie is this Mic?

[Cryptotourist]

As you are aware, my thesis is that Blockalypse II is in BTC's future, which will drive adoption to the other Bitcoins.

There are no other Bitcoins, dah.
The shitiest of shitcoins adoption part made me laugh though. Purely delusional.

#

Alternatively, if we stall or drift lower and sit directly on the 200DMA like a hen on eggs, then we risk breaking those eggs and heading down sharply further.  

That's why - by Monday - we need to be @$10k+ level.

[soxxx]

No worries, we are just in a falling wedge pattern, nothing to see here

[DaRude]

Today BAKKT traded BTC217, in 5yrs that'd take up almost 50% of the supply. Silly traders with their dinosaur charts and triangles.

[fillippone]

Meanwhile, outside the realm of the darknet/ illicit financing/ terrorism funding cryptocurrencies:

ABN Amro CoCos Drop Amid Probe Under Money-Laundering Law
By Alice Gledhill

(Bloomberg) -- The Dutch bank’s Additional Tier 1 bonds fall the most in six months as prosecutors investigate lender for failing to report suspicious transactions (see story).
The bank said it’s facing a probe under anti-money laundering law, without elaboration
Its EU1b 4.75% AT1 dropped ~1 cent on euro to ~105, the biggest decline since March

Yeah.
Yesterday Danske BANK ex CEO was found dead. He tried, but failed, to recycle 220 BILLIONS for russians. They didn't like him failing, apparently.

But , yes, cryptocurrencies poses a risk to money-laundering.
Yes.
Right.

[Syke]

* BobLawblaw starts wondering if we've seen the bottom...

I haven't seen any bottoms lately, so probably not yet.

[Cryptotourist]

^. There you go:



TA analysis: It's forming a descending triangle pattern, but the feeling is bullish.

[BtcMan2009]

* BobLawblaw starts wondering if we've seen the bottom...

I haven't seen any bottoms lately, so probably not yet.

Now there is a high probability of a temporary bottom and a rebound of the price up and back.

[Last of the V8s]

You do like that stuff don't you?

Do I? What stuff?

[fillippone]

Today BAKKT traded BTC217, in 5yrs that'd take up almost 50% of the supply. Silly traders with their dinosaur charts and triangles.

Not today, maybe UNTIL Today.
I think a summary of a future contract work is badly needed here. I am working on it., but it's a long effort.

As I am writing this post, TODAY BAKKT future traded 1 lot:
https://www.theice.com/products/72035464/Bakkt-Bitcoin-USD-Monthly-Futures-Contract/data?marketId=6137541

That's ridiculous.
 
Related to this news, I can tell you that so far, the best explanation for the BTC price dump is the following:
1.Big swinging dicks got ready for a successful BAKKT launch, comparable to CME/CBOT futures, with 5000x Bitcoin volumes in the first days. This would have sent the BTCUSD Price skyrocketing.
2.Big swinging dicks loaded guns leveraging long position on Bitmex.
3. BAKKT launch was a disappointment, with ridiculous volumers.
4. Big swinging dicks understood BAKKT was not meant to be an immediate success they had to close their long, because VaR constraints.
5. This forced liquidation, than moved the price lower, forcing slower money to force their own liquidations, like a snowball effect.
6. Unfortunate coincidence (no tinfoil mode here) Hashrate dipped spurring a lot of concern (again, no conspiracies theories about a 51% attack against BAKKT, it might have been only a cloud services outage in inner China that temporarily stopped some mining pool).

These my 2 cents.

[d_eddie]

You do like that stuff don't you?

Do I? What stuff?

Learned rants dripping smugness and enygmatic enough to stay safely meaningless for the general public