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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21433745 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (129 posts by 23 users deleted.)
Coinseeker
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May 21, 2013, 05:31:57 PM
 #9981

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?

If you notice, last week when people where screaming "rally", I said clearly it wasn't because I just didn't see any real momentum to push through and I was right.

Now, I look at this huge ask wall at Bitstamp and everyone seems confident.  There's no desperation to sell and people are holding their positions.  Add to that, nothing but good media coming out of the US, Canada (While apparently confused on what the law says) is backtracking from it's previous position against the banks.  DHS at least is pretending to only be focused on FinCEN violations, although I'm not convinced this is the end of it. But all in all, things are quite.  

That's either a really good sign of Bitcoin's continued resilience or a scary sign of rough times ahead.  Like I said, to me it's a coin flip but there's more positive than negative right now, from what I see.  That would lead me to believe we're going to see at least a small upswing, possibly as high as 130 sometime this week.  

That's my weekly prediction.  Shocked  
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May 21, 2013, 05:40:46 PM
 #9982

Coinseeker is long, bearish sign,  sell sell sell!

Cheesy
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May 21, 2013, 05:49:41 PM
 #9983

ETA 8 hours, until likely break out at $122. .
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May 21, 2013, 05:51:25 PM
 #9984

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May 21, 2013, 06:02:56 PM
 #9985

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May 21, 2013, 06:40:23 PM
 #9986

http://www.youtube.com/watch?v=fNLhxKpfCnA
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May 21, 2013, 06:41:25 PM
 #9987

https://www.youtube.com/watch?v=A7TuFy0fcuw
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May 21, 2013, 07:02:35 PM
 #9988

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May 21, 2013, 07:50:47 PM
 #9989

Market sentiment!


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May 21, 2013, 07:51:35 PM
 #9990

The Ask Wall is getting higher and higher on bitstamp today !   Shocked
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May 21, 2013, 07:55:33 PM
 #9991

The Ask Wall is getting higher and higher on bitstamp today !   Shocked

Look at the BTC-E Bid Wall:

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iota the future


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May 21, 2013, 07:59:28 PM
 #9992

The Ask Wall is getting higher and higher on bitstamp today !   Shocked


thats good news.. just got verified there (1day, now thats FAST)..   
sepa on the way.. keep them walls up there please..   

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May 21, 2013, 07:59:35 PM
 #9993

The Ask Wall is getting higher and higher on bitstamp today !   Shocked

Yeah it is! Really interesting. Why so many offers to sell above the current price?
Scare tactic or real?

And yet it is stable.
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May 21, 2013, 08:02:45 PM
 #9994

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May 21, 2013, 08:06:17 PM
 #9995

The Ask Wall is getting higher and higher on bitstamp today !   Shocked

Yeah it is! Really interesting. Why so many offers to sell above the current price?
Scare tactic or real?

And yet it is stable.

I believe they call this stage 'denial'
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May 21, 2013, 08:19:25 PM
 #9996

I believe they call this stage 'denial'

A friendly reminder from a 2011 survivor.

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May 21, 2013, 08:46:09 PM
Last edit: May 21, 2013, 08:57:21 PM by Abandon
 #9997

I believe they call this stage 'denial'

A friendly reminder from a 2011 survivor.



It obviously broke a very strong support a while before it started to crash- and in what looks like a downward trend.

Lower highs, and only slightly higher lows- people wanting to cut their losses at near the same price where they bought, when they had thought it was going to finally go up the first time. This kind of repeating pattern eventually loses steam and it crashes before recovering.
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May 21, 2013, 08:54:09 PM
 #9998

It obviously broke a very strong support a while before it started to crash
So did we.



Just stay on your toes, that's all I'm saying.
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May 21, 2013, 08:58:48 PM
 #9999

I believe they call this stage 'denial'

A friendly reminder from a 2011 survivor.



There is a bit more to the story , right?  The spike before that led to this... but I would be labeled a bear if I bring that up. Smiley
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May 21, 2013, 09:00:19 PM
 #10000

It obviously broke a very strong support a while before it started to crash
So did we.



Just stay on your toes, that's all I'm saying.

Bubbles are an exception; for any excess rise, there has to be an excess fall, before it will pick up the underlying trend again. From the way I see it, it's doing very well, higher lows, higher highs.
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