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

[shmadz]

Looks like it has leveled out for now but if you look at the 1w charts its obvious Bitcoin is going to continue its downward spiral below $272.

Bitcoin value has come back to roost folks...get used to it.

If your not all fiat right now you will miss the reset when it hits single digits before starting the next bubble.

Personally, I would be more afraid to be all fiat at this point. I have a position in this market and I will not be shaken out by panic moves.

It reminds me of something I once read, I think it went something like this:

"My dear boy," said old Partridge, in great distress "my dear boy, if I sold that stock now I'd lose my position; and then where would I be?"

My point is this, we are all just playing a game, trying to get more of what the other players have. You can play for fiat, or you can play for keeps.

The choice is yours.

[NotLambchop]

... You can play for fiat, or you can play for keeps.

The choice is yours.

Sage & inspiring words of a true BTCeanie BTCeliever.  
Not laughing right now, honest.

[shmadz]

@ Steven Irving

The link to the explanation is broken. Chart buddy shows a 3D view of market depth at bitstamp over the past hour. It's just a series of lines drawn minute by minute showing the order book changing over time.

[twiifm]

Looks like it has leveled out for now but if you look at the 1w charts its obvious Bitcoin is going to continue its downward spiral below $272.

Bitcoin value has come back to roost folks...get used to it.

If your not all fiat right now you will miss the reset when it hits single digits before starting the next bubble.

Personally, I would be more afraid to be all fiat at this point. I have a position in this market and I will not be shaken out by panic moves.

It reminds me of something I once read, I think it went something like this:

"My dear boy," said old Partridge, in great distress "my dear boy, if I sold that stock now I'd lose my position; and then where would I be?"

My point is this, we are all just playing a game, trying to get more of what the other players have. You can play for fiat, or you can play for keeps.

The choice is yours.

What you never heard of stops?  Terrible trading advice whoever told you that

[Stevenirving]

@ Steven Irving

The link to the explanation is broken. Chart buddy shows a 3D view of market depth at bitstamp over the past hour. It's just a series of lines drawn minute by minute showing the order book changing over time.

Thank you for explaining that

[shmadz]

You can play for fiat, or you can play for keeps.

The choice is yours.

What you never heard of stops?  Terrible trading advice whoever told you that

Right, I guess that Jesse Livermore is just some idiot who had never traded before  

Btw, here's some first hand experience of how well stops work in bitcoin land where the exchange operators know exactly where your stops are placed.

Stop losses? LOL!

I deposit fiat to the exchange. I withdraw bitcoins to cold storage. Then I wait.

I tried using stop losses. Once I put one on really low and the price briefly spiked down to half a cent below my stop loss, then shot straight back up to the moon again.  

[shmadz]

... You can play for fiat, or you can play for keeps.

The choice is yours.

Sage & inspiring words of a true BTCeanie BTCeliever.  
Not laughing right now, honest.

Thanks for clipping that part and bringing to light how incredibly cheesy it sounded.

Oh well, I guess I'm just a beanie baby dreamer,

[twiifm]

You can play for fiat, or you can play for keeps.

The choice is yours.

What you never heard of stops?  Terrible trading advice whoever told you that

Right, I guess that Jesse Livermore is just some idiot who had never traded before  

Btw, here's some first hand experience of how well stops work in bitcoin land where the exchange operators know exactly where your stops are placed.

Stop losses? LOL!

I deposit fiat to the exchange. I withdraw bitcoins to cold storage. Then I wait.

I tried using stop losses. Once I put one on really low and the price briefly spiked down to half a cent below my stop loss, then shot straight back up to the moon again.  

You can start a new position.  Only noobs hold their losses too long.  Then they get deep in the red they get afraid to take a loss and hope the price comes back up.  That's how bag holders are born.

Trust me I've done this like first 2 years when I first started trading.  Never fall in love with your trades.  Better to stop out out and take a small jab to the chin than hold on til your trade blows up

[shmadz]

Edited

You can start a new position.  Only noobs hold their losses too long.  Then they get deep in the red they get afraid to take a loss and hope the price comes back up.  That's how bag holders are born.

Trust me I've done this like first 2 years when I first started trading.  Never fall in love with your trades.  Better to stop out out and take a small jab to the chin than hold on til your trade blows up

If you're trading on margin, then yes, I'd agree.

If you're holding on to a position in the most volatile asset class the world has ever seen for the last 4 years, and seen the market go from 2 dollars to 1200 and back again now to 300, maybe you'd have a different perspective?

I wanted to edit this and apologize for being combative.

I think the point I was trying to make is that sometimes in a fast moving, volatile market, many times the price will run on you and you won't easily be able to open a new position.

Of course this can work both ways and you can indeed be left holding the bag.

I was simply trying to point out that there is a chance that it is the fiat bag holders that might lose out on this deal.

[ChartBuddy]

Explanation

[keithers]

I'm really surprised to see btc under 300.I told myself that I was happy with my long term holdings, but I am so tempted to log on to coinbase and buy 3 or 4 more...

[twiifm]

Only noobs hold their losses too long.  

If you're trading on margin, then yes, I'd agree.

If you're holding on to a position in the most volatile asset class the world has ever seen for the last 4 years, and seen the market go from 2 dollars to 1200 and back again now to 300, maybe you'd have a different perspective?

Depends when you started the position.  I would not hold a long position that is making new lows.  That is suicide.  

If you day trade naked options you get 100-400% moves like everyday.  Tough as nails to trade unless you are super discipline w cutting losses and riding winners.  That and position sizing and risk management.  That's the tough thing though.  People are more psychologically prone to cut winners and ride losses.  It takes a lot of experience to do the opposite

[twiifm]

I'm really surprised to see btc under 300.I told myself that I was happy with my long term holdings, but I am so tempted to log on to coinbase and buy 3 or 4 more...

Don't do it man.  Breaking Livermore's rule of trading #12:  never average losses

[maranello1561]

dumping in progress 

cant believe this 

Bitcoin Days Destroyed pretty stable though at between 6M-8M... so most dumpers are just yesterdays pumpers, not many long time bagholders jumping ship yet

[noobtrader]

dumping in progress 

cant believe this 

Bitcoin Days Destroyed pretty stable though at between 6M-8M... so most dumpers are just yesterdays pumpers, not many long time bagholders jumping ship yet

btw
i buy some more coin from usd which i put on swap on finex...

[shmadz]

Only noobs hold their losses too long.  

If you're trading on margin, then yes, I'd agree.

If you're holding on to a position in the most volatile asset class the world has ever seen for the last 4 years, and seen the market go from 2 dollars to 1200 and back again now to 300, maybe you'd have a different perspective?

Depends when you started the position.  I would not hold a long position that is making new lows.  That is suicide.  

If you day trade naked options you get 100-400% moves like everyday.  Tough as nails to trade unless you are super discipline w cutting losses and riding winners.  That and position sizing and risk management.  That's the tough thing though.  People are more psychologically prone to cut winners and ride losses.  It takes a lot of experience to do the opposite

These naked options sound... exotic.

Where can you trade these naked options on bitcoin?

[noobtrader]

I'm really surprised to see btc under 300.I told myself that I was happy with my long term holdings, but I am so tempted to log on to coinbase and buy 3 or 4 more...

Don't do it man.  Breaking Livermore's rule of trading #12:  never average losses

averaging is ok, catching fallen knife is not ok

[am432]

OK so moving along with the same old usual for bitcoin we all know and love. Lets not forget it has risen and fallen more then 9...12 times up and down. I am curious what can cause such a movement surely the price should have dropped slowly to spread its value among the new bitcoins; but it seems to never do this so is it possible this short small drops are the result and the low price gets everyone buying them giving a breath of new income and flow. Thus jetting up the price rapidly like we have seen it before at 1k-1.3k/bit.I also have a theory about making bitcoins into a power source but this would require some tuning to make a new coin to do this.  Anyway anyone know why exactly did it drop. Was it like that one time someone jacked a bunch of accounts linked to bitcoin and stole/destroyed a few mill?
namaste brothers and sisters

[YourMother]

Don't worry, early adopters. I will buy bitcoin at $5-$10 in a couple of weeks, just like you all did. LMFAO. It's just that i won't have to lose years of my life on a forum.

[maranello1561]

Don't worry, early adopters. I will buy bitcoin at $5-$10 in a couple of weeks, just like you all did. LMFAO. It's just that i won't have to lose years of my life on a forum.

Keep in mind, in bitcoin, moon comes to you!