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

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finally

[Davyd05]

I had to remain bullish to recoop on my 0.03 losses to ltc and nmc AHAHAH so thank I hope to see the bull wake to cheaper coins and push us and past gold/parity for at least a week.

do it do it wake up and prosper lol somewhere in the world

[Vycid]

Now why would someone in China decide to drop so much BTC on sunday is another question

To make money off of the poor trading decisions made by others.

Doesn't make much sense to me. If that person tried to manipulate the market i think he lost out. Plus why would a whale even try to manipulate BTC at this point when it's so much easier and much higher chance of success of doing that with LTC? There's enough volume to discourage manipulation of BTC now think we already observed few "wales" getting their ass smacked trying to do something similar.

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

Because, we can justify our losses if it is an evil manipulator beating us instead of our failure to time the market!

Disclaimer: I only post, I do not trade.

But how will Mark Karpeles profit off of you if you do not trade???

[justusranvier]

[windjc]

Now why would someone in China decide to drop so much BTC on sunday is another question

To make money off of the poor trading decisions made by others.

Doesn't make much sense to me. If that person tried to manipulate the market i think he lost out. Plus why would a whale even try to manipulate BTC at this point when it's so much easier and much higher chance of success of doing that with LTC? There's enough volume to discourage manipulation of BTC now think we already observed few "wales" getting their ass smacked trying to do something similar.

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

bingo.

there is always selling pressure. but the weekend lead to no buying pressure, a trickle turned into an small avalanche as traders and weak hands got scared into selling.

[Vycid]

MtGox trading engine shitting the bed.

Again.

[ChartBuddy]

[rpietila]

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

Can't you just believe that people are coming in droves? One such came in last month. Now everybody is waiting, counting their coins. If no drove comes, everybody sells, newcomers and old ones alike.

I know the magnitude of droves grows on average 1140% per year. It's a lot, but you cannot draw the conclusion that each month the USD flow is bigger than last month. Because it isn't.

[Crazy]

I have a feeling this little rebound is a bull trap. I feel like this will test 6000 or lower before it's all said and done but I could be wrong. Also, I don't think a whale was responsible for that.

[Vycid]

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

Can't you just believe that people are coming in droves? One such came in last month. Now everybody is waiting, counting their coins. If no drove comes, everybody sells, newcomers and old ones alike.

I know the magnitude of droves grows on average 1140% per year. It's a lot, but you cannot draw the conclusion that each month the USD flow is bigger than last month. Because it isn't.

It's not so simple. Selling pressure is dynamic also.

People who have been holding for months and are used to $140/BTC as a "fair price" are probably going to think $1100 a coin is ludicrous when we first arrive at that price. This may induce selling.

If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.

I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.

Of course, cash in naturally drops during the weekend and we see minor selloffs.

[accord01]

China's trend is reversing, starting to look bullish.

[Vycid]

24h sanity check:

Bitstamp -7.79%
Mtgox -5.73%
BTCChina -10.11%

30 minutes later, another 24h sanity check:

Bitstamp -5.07%
Mtgox -4.53%
BTCChina -7.11%

[Burt]

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

Can't you just believe that people are coming in droves? One such came in last month. Now everybody is waiting, counting their coins. If no drove comes, everybody sells, newcomers and old ones alike.

I know the magnitude of droves grows on average 1140% per year. It's a lot, but you cannot draw the conclusion that each month the USD flow is bigger than last month. Because it isn't.

It's not so simple. Selling pressure is dynamic also.

People who have been holding for months and are used to $140/BTC as a "fair price" are probably going to think $1100 a coin is ludicrous when we first arrive at that price. This may induce selling.

If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.

I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.

Of course, cash in naturally drops during the weekend and we see minor selloffs.

i actually sold my coins because i thought 10$ was the normal price for them. i come from 2011 lel

[Vycid]

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

Can't you just believe that people are coming in droves? One such came in last month. Now everybody is waiting, counting their coins. If no drove comes, everybody sells, newcomers and old ones alike.

I know the magnitude of droves grows on average 1140% per year. It's a lot, but you cannot draw the conclusion that each month the USD flow is bigger than last month. Because it isn't.

It's not so simple. Selling pressure is dynamic also.

People who have been holding for months and are used to $140/BTC as a "fair price" are probably going to think $1100 a coin is ludicrous when we first arrive at that price. This may induce selling.

If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.

I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.

Of course, cash in naturally drops during the weekend and we see minor selloffs.

i actually sold my coins because i thought 10$ was the normal price for them. i come from 2011 lel

If you actually thought your coins were worth $10 you would have sold them in April.

[Burt]

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

Can't you just believe that people are coming in droves? One such came in last month. Now everybody is waiting, counting their coins. If no drove comes, everybody sells, newcomers and old ones alike.

I know the magnitude of droves grows on average 1140% per year. It's a lot, but you cannot draw the conclusion that each month the USD flow is bigger than last month. Because it isn't.

It's not so simple. Selling pressure is dynamic also.

People who have been holding for months and are used to $140/BTC as a "fair price" are probably going to think $1100 a coin is ludicrous when we first arrive at that price. This may induce selling.

If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.

I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.

Of course, cash in naturally drops during the weekend and we see minor selloffs.

i actually sold my coins because i thought 10$ was the normal price for them. i come from 2011 lel

If you actually thought your coins were worth $10 you would have sold them in April.

I mined like 5 and then never checked bitcoin for 2 years till like 5 days ago no joke. lol it was just a little hobby

[beetcoin]

at the rate we are going, we need new events every 4 or 5 days to prop BTC up. what was the last major news event anyways? the senate hearing weeks ago?

[Vycid]

at the rate we are going, we need new events every 4 or 5 days to prop BTC up. what was the last major news event anyways? the senate hearing weeks ago?

http://www.reddit.com/r/Bitcoin/comments/1roulj/china_telecom_accepts_bitcoin/

There's also been the news articles about the guy that lost 7500 BTC in a landfill, and shortly there will probably be some news articles about the kid on ESPN that made 22 BTC by holding a QR code up to the camera.

[Crazy]

http://www.reddit.com/r/Bitcoin/comments/1roulj/china_telecom_accepts_bitcoin/

Overblown.

[rpietila]

People who have been holding for months and are used to $140/BTC as a "fair price" are probably going to think $1100 a coin is ludicrous when we first arrive at that price. This may induce selling.

If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.

I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.

Of course, cash in naturally drops during the weekend and we see minor selloffs.

Thank you.

In my understanding, people sell in the early stages of the rally (supported by the bitstamp data). Then the ascent of the rally goes steeper, as people who had selling pressure have already sold. February was a great selling month Now there should be selling, because the price is objectively high, but many delay the selling until bubble has popped, steepening the decline.

My analysis draws quite much from the early 2013. If instead 2010-2011 would be used, the ascents are more violent, crashes faster, and the plateaus between ascents happen near the ATH. That was characterized by a relentless influx of new money. It is possible that we are entering in the same kind of phase now, but if that happens, everybody is just so rich anyway that I rather hedge my bets and do comfortably in both scenarios.

[Crazy]

Can BTCChina reclaim 7000? I want to sleep but I need to know