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

[MickeyT2008]

So do you guys think the bad news about government intervention is going to overpower the good news from china combined with the increase in funds now that banks are open.  Theoretically it looks like a time to buy but TA and the order book make me feel otherwise

It can take nearly two days to get your money into Mt.Gox, and that's sending it from a British bank, I have no idea how long it takes to get it through from a Chinese bank.  My money didn't arrive in my Mt.Gox account until the close of business in Japan the following day.  Obviously although it'll be nice if prices skyrocket that doesn't mean that it'll definitely happen - or that it won't of course.  I'm just going to wait and see, that's all I can do anyway but my funds are now mostly in BTC so if it does, then me and my half a satoshi are ready for it!

[just1nmc]

Interesting that every single alt coin on btc-e has fallen significantly today. They usually follow bitcoin to some extent but not like this

Also btc $104 $102 with 1m lag

[Ares]

Dump city bitch, dump dump city bitch

[UltimateReaper]

Even I'm surprised by today. It's going down. I wonder if we'll breach 100 by the days end.

[seleme]

Shit happens..

[wiak2]

Interesting that every single alt coin on btc-e has fallen significantly today. They usually follow bitcoin to some extent but not like this

Also btc $104 with 1m lag

Probably because their prices are based on pure speculation, while bitcoin does have some utility.  Thus when a drop happens, confidence is lost without fundamentals to rely on, making for much more volatility.

[mccorvic]

Right in the gonads

[seleme]

Interesting that every single alt coin on btc-e has fallen significantly today. They usually follow bitcoin to some extent but not like this

Also btc $104 with 1m lag

Probably because their prices are based on pure speculation, while bitcoin does have some utility.  Thus when a drop happens, confidence is lost with not fundamentals to rely on, making for much more volatility.

They are purely speculative but let's not kid ourself - bitcoin is not far from that

[ChartBuddy]

[SlipperySlope]

Volume picking up on this downtrend.

If anybody cares, I cancelled my highest outstanding bid at $95 and moved it to join another lower existing bid as part of a spread of bids should this downtrend indeed make a strike for $80. I now believe that a retracement from a retest of $80 might not get as high as the last one did.

[BitPirate]

So do you guys think the bad news about government intervention is going to overpower the good news from china combined with the increase in funds now that banks are open.  Theoretically it looks like a time to buy but TA and the order book make me feel otherwise

It can take nearly two days to get your money into Mt.Gox, and that's sending it from a British bank, I have no idea how long it takes to get it through from a Chinese bank.  My money didn't arrive in my Mt.Gox account until the close of business in Japan the following day.  Obviously although it'll be nice if prices skyrocket that doesn't mean that it'll definitely happen - or that it won't of course.  I'm just going to wait and see, that's all I can do anyway but my funds are now mostly in BTC so if it does, then me and my half a satoshi are ready for it!

Dude, it takes all of 30 minutes to deposit fiat on Chinese exchanges. why would they wire to Gox?

[Acidman]

If anyone wants to team up and do TA together let me know I have a solid background in finance and statistics. I Also have a nice arbitrage opportunity that can be exploited until June 1st at the earliest

[BitPirate]

Volume picking up on this downtrend.

If anybody cares, I cancelled my highest outstanding bid at $95 and moved it to join another lower existing bid as part of a spread of bids should this downtrend indeed make a strike for $80. I now believe that a retracement from a retest of $80 might not get as high as the last one did.

I don't think it will drop much further right now. I think people are beginning to learn their lesson...

[N12]

Volume picking up on this downtrend.

If anybody cares, I cancelled my highest outstanding bid at $95 and moved it to join another lower existing bid as part of a spread of bids should this downtrend indeed make a strike for $80. I now believe that a retracement from a retest of $80 might not get as high as the last one did.

I don't think it will drop much further right now. I think people are beginning to learn their lesson...

You must be new here.

[samurai1200]

1800 BTC dump just now. $102.

[BitPirate]

Volume picking up on this downtrend.

If anybody cares, I cancelled my highest outstanding bid at $95 and moved it to join another lower existing bid as part of a spread of bids should this downtrend indeed make a strike for $80. I now believe that a retracement from a retest of $80 might not get as high as the last one did.

I don't think it will drop much further right now. I think people are beginning to learn their lesson...

You must be new here.

Not at all. I've been well exposed to people exclaiming crashes every time there is a slight dump.

[tHash]

So do you guys think the bad news about government intervention is going to overpower the good news from china combined with the increase in funds now that banks are open.  Theoretically it looks like a time to buy but TA and the order book make me feel otherwise

Government regulation in and of itself is not always bad, and in my opinion is long term bullish as they are basically recognizing it as legitimate, rather than working to kill it.   It can be perceived as bad however, which I think could contribute to a down trend. I am about 35% fiat right now, with no plans to adjust that any time soon, may catch a profitable oscillation here or there though.  China news is long term bullish, but short term I think it could contribute to a down trend, people will be expecting the price to spike soon, and when it doesn't . . .   There will not be any fresh money showing up on the order book because banks are suddenly open.   When money comes in, people are going to be quite fine with waiting for a good opportunity to buy, rather than rushing in because it will be more expensive later.   I think the days of Monday, Tuesday, Wednesday spikes are over for the time being, or if they come will be pumps with corresponding dumps.   People will start to learn the market, and it will stabilize to an extent.   There will always be an abundance of newbs for the manipulators to take advantage of though, a stable bitcoin will probably still be very volatile.

As for when a good time to buy is, that depends on what you want BTC for.   Generally it is always a good time to buy bitcoin if you are going long, or buying it to spend, just be smart and don't buy into a rally.   If you are speculating, well, no one can tell you when a good time to buy is really.   You have to watch and learn the market, even then you will probably get it wrong, most of us do at some point.

[Nightowlace]

I love sitting on the sidelines with my bitcoins just watching the madness. The debating, the speculation, the sob stories and the cheers. So glad I'm not fighting the market right now.

That, dollar cost averaging, and automated market making are the only trading methods I recommend in this market.

I'm in at an average price of $62.88 I'm okay with where I am at. No need to go losing the ground I have made this far by trying to play these crazy pump and dumps. I don't think we will ever see the $60 range again. I could be wrong, but I am okay with where I am at.

Now I am just waiting for October so I can buy the house next to Reptila when Bitcoins hit $300k each.  

[SlipperySlope]

Mt. Gox volume at 9000 BTC only 16 minutes into this hour. Goxlag now 57sec. Wall busting power downwards should it continue.

May pause at the $100 wall, if not before. If indeed this is a lengthy downward movement headed towards a retest of $80, then it will, in my judgement, be a multi-leg movement.

[Nightowlace]

Volume picking up on this downtrend.

If anybody cares, I cancelled my highest outstanding bid at $95 and moved it to join another lower existing bid as part of a spread of bids should this downtrend indeed make a strike for $80. I now believe that a retracement from a retest of $80 might not get as high as the last one did.

I don't think it will drop much further right now. I think people are beginning to learn their lesson...

You must be new here.

^^^^^^^^^ hahaha. Not one to talk as far as new goes but yeah.