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

[shahzadafzal]

$20545.59 > $20040.49

Up we go...

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[AlcoHoDL]

I was never attracted to owning gold—too heavy, too difficult to transport, too risky to store at home or in a deposit box, not easily verifiable in terms of purity, very difficult and costly to secure. Bitcoin solves all that and more. It pays to use a non-material store of value that can be stored securely on a piece of paper or even in one's neurons.

Gold is great for its practical uses, though—contact/PCB plating in the electronics industry is one.

@death_wish: Any amount of BTC could be called "over-investment", depending on one's financial status, but at this time 0.05 BTC cannot get you very far, can it? I will repeat what I posted a while ago: aim for one (1) whole BTC. It is currently not too difficult to achieve if you are employed and have a decent fiat income. DCA as much as you can and cut down on any unnecessary spending. As for margin/leverage trading, I've never done it, and I don't intend to. And I urge everyone who reads this, to never ever get involved in it. Do not let greed or impatience take control of your actions.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[philipma1957]

Cb hat trick

delete your post and he will have a four bagger.  he is doing the job i stared at the three bagger and forced myself to not break the streak.


edit
and you deleted giving him the four bagger.

nice

I will delete this in a bit allowing him a shot at five.

[dragonvslinux]

My personal benchmarks for this type of reversal would be the following:

1. Closing today above $20K (roughly 10% below the 200WMA which wouldn't be a disaster). Ideally above $21K consolidation, but can't be too hopeful.
2. Closing next week above the 200WMA (which will be $22.4K next week). Reclaiming $20K would likely achieve this I think, especially $21K.
3. Then trading towards $25K the beginning of next week, before a correction, in order to close June comfortably above $20K.

1. Price closed yesterday above $20K ✔️

Price is looking positive so far today. Ideally another close above $20K today would print a doji reversal at volume support on the 3 Day chart (ideally above the open of $20.4K):



I don't think that's too much to ask for right now as price is currently carving out a V-shaped reversal on smaller time-frames (such as the 4hr):



Price is facing resistance at the $21K level as anticipated (volume point of control), so re-testing $19K local support seems plausible, but I think reclaiming $20K is more likely to install some hope into the market rather than more panic selling. Already the bigger question for me is whether the 200WMA will hold if/when $30K is re-tested, rather than if $17.5K is the low.

[Blue King]

South Korea delays its 20% tax on bitcoin gains until 2025.

What is the harm of bitcoin due to South Korea imposing tax on bitcoin gains?

[philipma1957]

My personal benchmarks for this type of reversal would be the following:

1. Closing today above $20K (roughly 10% below the 200WMA which wouldn't be a disaster). Ideally above $21K consolidation, but can't be too hopeful.
2. Closing next week above the 200WMA (which will be $22.4K next week). Reclaiming $20K would likely achieve this I think, especially $21K.
3. Then trading towards $25K the beginning of next week, before a correction, in order to close June comfortably above $20K.

1. Price closed yesterday above $20K ✔️

Price is looking positive so far today. Ideally another close above $20K today would print a doji reversal at volume support on the 3 Day chart (ideally above the open of $20.4K):



I don't think that's too much to ask for right now as price is currently carving out a V-shaped reversal on smaller time-frames (such as the 4hr):



Price is facing resistance at the $21K level as anticipated (volume point of control), so re-testing $19K local support seems plausible, but I think reclaiming $20K is more likely to install some hope into the market rather than more panic selling. Already the bigger question for me is whether the 200WMA will hold if/when $30K is re-tested, rather than if $17.5K is the low.

my fears are for the july 7-14 time frame. there will be fud as to whether the fed jumps 50 or 75 points.

and if they do jump the 75 and say we will be looking the jump in august I would think the markets drop and drag btc down under 16k and closer to 15k.

for now i think we are good.

A while back I illustrated inflation in 1970s vs 30 year t-bills for the most part t-bills paid 1-2% better than inflation for 1972 to 1982

early this year t-bills did 2-3% and inflation was 8.6% a loss of 5-7%

so the guy with fuck you money say 20 mill was facing a real problem. and the fed is working to close this gap.  oh they are fucking a shit ton of people to do it and i am not sure how long they will keep it up but it hurts btc bigly.

[Richy_T]

I was never attracted to owning gold—too heavy, too difficult to transport, too risky to store at home or in a deposit box, not easily verifiable in terms of purity, very difficult and costly to secure. Bitcoin solves all that and more. It pays to use a non-material store of value that can be stored securely on a piece of paper or even in one's neurons.

Gold is great for its practical uses, though—contact/PCB plating in the electronics industry is one.

I've considered that having a few small denomination coins (1/10 oz or so) around for if things get really bad but definitely metallurgy and electroplating have got so much better that hard-to-detect fakes would likely be a problem if things got that bad. Gold does have the benefit that people understand (or think they do) what it is. Paper is right out, of course.

[dragonvslinux]

My personal benchmarks for this type of reversal would be the following:

1. Closing today above $20K (roughly 10% below the 200WMA which wouldn't be a disaster). Ideally above $21K consolidation, but can't be too hopeful.
2. Closing next week above the 200WMA (which will be $22.4K next week). Reclaiming $20K would likely achieve this I think, especially $21K.
3. Then trading towards $25K the beginning of next week, before a correction, in order to close June comfortably above $20K.

1. Price closed yesterday above $20K ✔️

Price is looking positive so far today. Ideally another close above $20K today would print a doji reversal at volume support on the 3 Day chart (ideally above the open of $20.4K):



I don't think that's too much to ask for right now as price is currently carving out a V-shaped reversal on smaller time-frames (such as the 4hr):



Price is facing resistance at the $21K level as anticipated (volume point of control), so re-testing $19K local support seems plausible, but I think reclaiming $20K is more likely to install some hope into the market rather than more panic selling. Already the bigger question for me is whether the 200WMA will hold if/when $30K is re-tested, rather than if $17.5K is the low.

my fears are for the july 7-14 time frame. there will be fud as to whether the fed jumps 50 or 75 points.

and if they do jump the 75 and say we will be looking the jump in august I would think the markets drop and drag btc down under 16k and closer to 15k.

for now i think we are good.

Thanks for the info, that's useful to know. I'd also be somewhat cautious/fearful around this time-frame, especially if by then price has rebounded to the $30K level that then acts as macro resistance.

I also think for now we are good, and a rebound is more likely than further downside at present. It's the dead cat bounce scenario I'm more concerned about, that of a solid rebound that fails to hold the 200WMA second time around. That would be the sort of scenario imo that could lead to $12K prices, especially if the Weekly RSI get's rejected from leaving oversold conditions, that could be somewhat tragic.

[cAPSLOCK]

Seems like the big boys are having trouble liquidating Celsius the way they want to. You can see all the middle of the night high volume dumps where someone was attempting to manipulate the markets downward. A lot of talk that it’s exchanges trying to force their own customers to be liquidated. This market’s goal seems to be to liquidate every single long and short until all the leveraged traders are wiped out.

I heard Celsius is talking to banks and can probably defend their position now.
Liquidated positions for BTC and ETH are steadily dropping so everything is calming down.

I have seen several posts from Simon Dixon (on twanker) talking about "helping them".  Evidently he, and a group of investors he seems to guide have a lot of fingers in that pie.

It's interesting.  Because from *MY* vantage point Celsius is the kind of company that is doing wrong by Bitcoin... maybe some of their products are legit... but they SEEM like the sort of company that is doing all kinds of shenannagains via selling paper bitcoin, and offering leverage products.  I dunno.  Maybe they are just collateralized loans? which is not SO bad... but I do not know.

Also I have always felt Dixon was respectable... but this sort of thing makes him take a dent too in my humble opinion.

The Old fiat system's bread and butter was loaning out the same thing more than once... and people have not looked at Bitcoin hard enough to realize why that is a SUPER-TERRA-BAD idea.  It works when what you are dealing with is DEBT... but Bitcoin is NOT debt, it is actual value.

Anyway... it just seems to me these setups are just a recipe for disaster.  Even people investing great sums in bitcoin businesses either just don't understand bitcoin, or are willing to take risks to basically rip people off.

I think crypto investors/users/exchanges should demand insight and proof of collateral positions held by coins.
Exchanges should only list coins they can prove to be solvent IMO.

But yes this bear market has done good to get rid of the worst setups...

Kind of a vicious circle.  This bear market was CAUSED by this foolishness.  Or at least seriously exacerbated by it.

[ChartBuddy]

Explanation

[Torque]

Seems like the big boys are having trouble liquidating Celsius the way they want to. You can see all the middle of the night high volume dumps where someone was attempting to manipulate the markets downward. A lot of talk that it’s exchanges trying to force their own customers to be liquidated. This market’s goal seems to be to liquidate every single long and short until all the leveraged traders are wiped out.

I heard Celsius is talking to banks and can probably defend their position now.
Liquidated positions for BTC and ETH are steadily dropping so everything is calming down.

I have seen several posts from Simon Dixon (on twanker) talking about "helping them".  Evidently he, and a group of investors he seems to guide have a lot of fingers in that pie.

It's interesting.  Because from *MY* vantage point Celsius is the kind of company that is doing wrong by Bitcoin... maybe some of their products are legit... but they SEEM like the sort of company that is doing all kinds of shenannagains via selling paper bitcoin, and offering leverage products.  I dunno.  Maybe they are just collateralized loans? which is not SO bad... but I do not know.

Also I have always felt Dixon was respectable... but this sort of thing makes him take a dent too in my humble opinion.

The Old fiat system's bread and butter was loaning out the same thing more than once... and people have not looked at Bitcoin hard enough to realize why that is a SUPER-TERRA-BAD idea.  It works when what you are dealing with is DEBT... but Bitcoin is NOT debt, it is actual value.

Anyway... it just seems to me these setups are just a recipe for disaster.  Even people investing great sums in bitcoin businesses either just don't understand bitcoin, or are willing to take risks to basically rip people off.

I think crypto investors/users/exchanges should demand insight and proof of collateral positions held by coins.
Exchanges should only list coins they can prove to be solvent IMO.

But yes this bear market has done good to get rid of the worst setups...

So let me get this straight:

1. Satoshi created Bitcoin as a response and rejection to all the fiat scammery and fuckery going on in the trad finance market and banking system.

2. A centralized, pre-mined, no hard limit, over-leveraged, fractional reserve Ponzi shitcoin/de-fi ecosystem gets created around Bitcoin called "crypto", embodying all the same scammery and fuckery of the trad finance market and banking system.

3. People out there who claim to understand what Satoshi created are inexplicably defending the Ponzi shitcoin/de-fi ecosystem with phrases like "maybe some are legit" or "maybe they are ok" or "just collateralized loans, so not that bad" or "may bring some good to the world".  

Sigh. Really ?? REALLY??

There is ZERO defence to the "crypto" fuckery scam ecosystem. Zero. It's the same shit being created in the fiat trad finance world all over again, just with a new coat of paint. It is a blight on the world, and is dragging Bitcoin adoption down. All by design.

[bitserve]

South Korea delays its 20% tax on bitcoin gains until 2025.

What is the harm of bitcoin due to South Korea imposing tax on bitcoin gains?

Barely none. Insignificant. In practical terms: Zero.

[goldkingcoiner]

There is ZERO defence to the "crypto" fuckery scam ecosystem. Zero. It's the same shit being created in the fiat trad finance world all over again. It is a blight on the world, and is dragging Bitcoin adoption down. All by design.

I think that once the altcoin anchor weighing down Bitcoin is cut off, which will happen sooner or later, Bitcoin will stand on it's own again and we will see a huge rebound. So to me, the altcoins are just keeping Bitcoin at a cheap price. Which I am thankful for.

[ImThour]

Crazy how people taking every piece of news either bullish or bearish.
Sometimes the news is just a news, doesn't affect the price at all.

[eXPHorizon]

https://www.youtube.com/watch?v=ay7KWpwISa0

[Wilhelm]

Seems like the big boys are having trouble liquidating Celsius the way they want to. You can see all the middle of the night high volume dumps where someone was attempting to manipulate the markets downward. A lot of talk that it’s exchanges trying to force their own customers to be liquidated. This market’s goal seems to be to liquidate every single long and short until all the leveraged traders are wiped out.

I heard Celsius is talking to banks and can probably defend their position now.
Liquidated positions for BTC and ETH are steadily dropping so everything is calming down.

I have seen several posts from Simon Dixon (on twanker) talking about "helping them".  Evidently he, and a group of investors he seems to guide have a lot of fingers in that pie.

It's interesting.  Because from *MY* vantage point Celsius is the kind of company that is doing wrong by Bitcoin... maybe some of their products are legit... but they SEEM like the sort of company that is doing all kinds of shenannagains via selling paper bitcoin, and offering leverage products.  I dunno.  Maybe they are just collateralized loans? which is not SO bad... but I do not know.

Also I have always felt Dixon was respectable... but this sort of thing makes him take a dent too in my humble opinion.

The Old fiat system's bread and butter was loaning out the same thing more than once... and people have not looked at Bitcoin hard enough to realize why that is a SUPER-TERRA-BAD idea.  It works when what you are dealing with is DEBT... but Bitcoin is NOT debt, it is actual value.

Anyway... it just seems to me these setups are just a recipe for disaster.  Even people investing great sums in bitcoin businesses either just don't understand bitcoin, or are willing to take risks to basically rip people off.

I think crypto investors/users/exchanges should demand insight and proof of collateral positions held by coins.
Exchanges should only list coins they can prove to be solvent IMO.

But yes this bear market has done good to get rid of the worst setups...

So let me get this straight:

1. Satoshi created Bitcoin as a response and rejection to all the fiat scammery and fuckery going on in the trad finance market

2. A centralized, pre-mined, over-leveraged, fractional reserve Ponzi shitcoin/de-fi ecosystem gets created around Bitcoin called "crypto", embodying all the same scammery and fuckery of the trad finance market

3. People who claim to understand what Satoshi created are inexplicably defending the Ponzi shitcoin/de-fi ecosystem with phrases like "maybe some are legit" or "maybe they are ok" or "just collateralized loans, so not that bad" or "may bring some good to the world".  

Really ?? REALLY??

There is ZERO defence to the "crypto" fuckery scam ecosystem. Zero. It's the same shit being created in the fiat trad finance world all over again.

1. True and this will remain

2. You don't understand the difference between crypto and Bitcoin.

3. With that type of reasoning every company is a Ponzi scheme.

It's not the same shit because the printer can't go brrrrrrrrr