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Question: What happens next?
$7,500 - 24 (58.5%)
$9,500 - 17 (41.5%)
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21433608 times)
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May 21, 2013, 03:03:51 PM
 #9961

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May 21, 2013, 03:11:30 PM
 #9962

Is $123 the new $13?

Hope it's not like the 2011 $13 where it slowly went down...
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May 21, 2013, 03:14:08 PM
 #9963

Something might just start to be happening. The walls around 121 are starting to get eaten for the first time (200BTC at 121.39 in the last minute)
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May 21, 2013, 03:15:33 PM
 #9964

Something might just start to be happening. The walls around 121 are starting to get eaten for the first time (200BTC at 121.39 in the last minute)

Just noticing that.  Looks like we may be headed to 120.
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May 21, 2013, 03:27:42 PM
 #9965

that wouldn't be me much of a price move  Roll Eyes
But it depends on trading volume, which is still too low for that. There are still 440BTC sitting at 121.33 and 2930 to get to 120.97.
It would need a lot more volume to destroy those walls.
Just thought it interesting that they even get attacked at all, at that volume, looking how massive they are...

Right now I am waiting for bitstamp to go down, which is sitting at 117.4/118.2 (Bid/Ask), which is very high in comparison to the average offset to mt.gox of the last days.
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May 21, 2013, 03:30:55 PM
 #9966

Rampion +1
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May 21, 2013, 03:48:31 PM
 #9967

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.
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May 21, 2013, 04:21:38 PM
 #9968

yall ready?  Let get this party started  Grin
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May 21, 2013, 04:24:22 PM
 #9969

Goooood Morning Bitcoin!!

good quick daily updates on bitcoin!  Smiley
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May 21, 2013, 04:37:44 PM
 #9970

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.


Very good point.  Didn't think of that.
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May 21, 2013, 04:41:54 PM
 #9971

So if I understand correctly, the volume is even more abyssal than we think?  Sad

Wouldn't services like Bitpay use some darkpools?
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May 21, 2013, 04:42:01 PM
 #9972

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.


Very good point.  Didn't think of that.

Who are you and what happened to Coinseeker? Seriously, did you go to FUD rehabilitation or what?
Welcome, whoever you are  Grin
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May 21, 2013, 04:49:13 PM
 #9973

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.


Very good point.  Didn't think of that.

Who are you and what happened to Coinseeker? Seriously, did you go to FUD rehabilitation or what?
Welcome, whoever you are  Grin

One sees life differently when loaded with coins Cheesy
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May 21, 2013, 04:52:49 PM
 #9974

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.


What you say is theoretically correct, but in practice I think you are overestimating a bit the volume of Bitcoin business transactions. Check Bitpays recent history: during their best month they managed $5.2M transactions in Bitcoin... And those where 99% buys from Avalon batch #3, which was sold through them. IMO this means that the rest of business transactions in Bitcoins is a peanut, I would be very surprised to discover that Bitpay accounts for more than 5% of the daily volume we had during the last days.

In fact, I bet that Silk Road merchants generate more volume in exchanges than Bitpay (if you take out the spikes in orders to BFL/Avalon).
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May 21, 2013, 04:54:17 PM
 #9975

This reflects my experience.

There is no such thing as a "Bitcoin economy".
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May 21, 2013, 04:55:12 PM
 #9976

So if I understand correctly, the volume is even more abyssal than we think?  Sad

Wouldn't services like Bitpay use some darkpools?

It is certainly interesting. I think since BTC isn't only a stock/currency/protocol/technology/commodity/etc. we might be witnessing something oddly new - just a balancing, so to speak of current demand coupled with a bit of uncertainty. I'm sure there is lots of money on the side waiting for BTC to jump up (and then they will ride that wave) or waiting for BTC to crash (and then they will try to pick-up "cheap" BTC's).

Looking at all the incredible topics at the conference (via the articles on the bitcoinchannel.com) I'm really struck by something:

This isn't just about BTC. We are entering a technological/protocol of an era that is game changing. AND very little of it is about making money with BTC. It is about:

decentralizing DNS
creating decentralized means of voting
tracking or "ledging" stock transactions/ownership (and government, etc.!)
decentralized electronic markets
more cryptocurrencies
decentralized exchanges

TONS of decentralized services - every governments worst nightmare, but inevitable.  Wink
(The cat is out of the bag and the bag is no where to be found.)
And of note here, the only real "coming down" on us by the government has been to follow FinCen regulations... UM OK!

And just from an "end user" perspective (ha ha), what this amounts to is anybodies guess, but it sends chills down my spine more and more the deeper I get into it.

I pulled some of the ideas above from this article, really a brilliant and mind opening read. http://reason.com/archives/2013/05/20/the-top-3-things-i-learned-at-the-bitcoi
This Black Swan is really a Black Swan within a Black Swan (and all participants are anti-fragile) - see my sig for definition clarification

Got off tangent there, welcome to BTC
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May 21, 2013, 05:03:35 PM
 #9977

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.


What you say is theoretically correct, but in practice I think you are overestimating a bit the volume of Bitcoin business transactions. Check Bitpays recent history: during their best month they managed $5.2M transactions in Bitcoin... And those where 99% buys from Avalon batch #3, which was sold through them. IMO this means that the rest of business transactions in Bitcoins is a peanut, I would be very surprised to discover that Bitpay accounts for more than 5% of the daily volume we had during the last days.

In fact, I bet that Silk Road merchants generate more volume in exchanges than Bitpay (if you take out the spikes in orders to BFL/Avalon).

+1

But not the merchants , the buyers Smiley.
Most of the merchants hold down to how much they can , waiting for a new spike , just like anyone else.
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May 21, 2013, 05:12:26 PM
 #9978

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.


Very good point.  Didn't think of that.

Who are you and what happened to Coinseeker? Seriously, did you go to FUD rehabilitation or what?
Welcome, whoever you are  Grin

  Wink  I honestly just don't see anything negative ATM, other than low volume. That's not necessarily bad for Bitcoin though. The huge ask wall at Bitstamp is concerning but not sure what to make of it.  There seems to be confidence out there, lots of good news and no real bad news that I can find.  And I looked hard too.   Grin

While I think it's a coin flip at this point, if I had to bet, I'd stick with prices going up based on what I see.  That could obviously change.  
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May 21, 2013, 05:14:55 PM
 #9979

Coinseeker bullish...

Who's left to buy coins then?  Tongue
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May 21, 2013, 05:20:50 PM
 #9980

This kind of volume is just the buying/selling from Bitcoin transactions.

BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.

Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.

We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.

Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.


Very good point.  Didn't think of that.

Who are you and what happened to Coinseeker? Seriously, did you go to FUD rehabilitation or what?
Welcome, whoever you are  Grin

  Wink  I honestly just don't see anything negative ATM, other than low volume. That's not necessarily bad for Bitcoin though. The huge ask wall at Bitstamp is concerning but not sure what to make of it.  There seems to be confidence out there, lots of good news and no real bad news that I can find.  And I looked hard too.   Grin

While I think it's a coin flip at this point, if I had to bet, I'd stick with prices going up based on what I see.  That could obviously change.  

So, just a few days ago you had nothing good to say, really. What that you have observed has changed this?
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