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

[JimboToronto]

Aaaaand four hours of low volume melt-up wiped out.

4 hours? It was at $260 4 hours ago.

This dip barely touched $270.

Feeling bearish today?

Yes, for today. Tomorrow is another story.

Understandable.

I think we all knew there would be a profit-taking/retracement/beartrap/correction today after last night's shenanigans.

It's just a matter of how far. I'll stick with my call from last night (and reaffirmed this morning) and say that if we finish over $260 I'll consider the day to be a success.

[billyjoeallen]

That only applies if we didn't experience a final bottom. your chart assumes its a bear market always.

That is NOT the short squeeze. It's the stutter step (the fake out) BEFORE the short squeeze. Volume tells the story. We're going to $350, but I dunno how far down we're going first.

Nobody is more aware than me how dangerous it is to be short right now, but we're still up over 27% in the last week and I think there will be more of a correction first. volume right now still shows more resistance than support.

I'm not even sure what pattern it is supposed to be but it looks really the same!

Also it is 6:50 am in China. Dump maystart anytime now. Fasten seat belt.

careful it is a3day chart by the look of it and the three days has not completed yet

The circle (ok elipse) on the left should be one peak farther left. This snapshot conveniently misses the volume. The volume of the crash to $275 followed by a lower volume peak, a lower volume dip and then the short squeeze. We've had the crash and the low volume peak on this cycle but not the high volume short squeeze (yet).

[Afrikoin]

It is a bear trap.

Corrective wave on larger scale. Why? Elementary basics from here http://www.elliottwave.net/educational/basictenets/basics1.htm

See for yourself.

*Gulp*

Hmmh, the drop looks to have impulse structure, at least on Bitstamp. I could of course be wrong (and thus get bear trapped ), but imo this movement doesn't seem very corrective at all.

i see it now

[franckuestein]

i will bet my eggs on it  that we will see the $400 at least this week

Let's quote this and see where price goes by the end of the week
Hope you're right! haha

[BlindMayorBitcorn]

I knew I should have sold and bought back lower. That pump was mental!

[LFC_Bitcoin]

So prepare for a slow grind down with a new low sometime in 2 to 3 weeks?

Should probably remove your begging bowl (sig) if BTC is such a joke

[BlindMayorBitcorn]

Aaaaand four hours of low volume melt-up wiped out.

4 hours? It was at $260 4 hours ago.

This dip barely touched $270.

Feeling bearish today?

Yes, for today. Tomorrow is another story.

Understandable.

I think we all knew there would be a profit-taking/retracement/beartrap/correction today after last night's shenanigans.

It's just a matter of how far. I'll stick with my call from last night (and reaffirmed this morning) and say that if we finish over $260 I'll consider the day to be a success.

Did you trade that pump dude?

[damiano]

What's going in on bitfinex?

[ChartBuddy]

Coin
Explanation

[Fatman3001]

We're still over $20 up on finex. If the price moves like this every day for a couple of months I might upgrade my ride.

https://www.youtube.com/watch?v=kMFJBd40Awo

[ajaxmoor]

i will bet my eggs on it  that we will see the $400 at least this week

I will bet you 1 BTC for that .I am sure your nuts are worth more than that . IF not BTC, then you can escrow your nut s too.

[JimboToronto]

Coin
Explanation

A very interesting day finally completed (UTC) and a good one

Lots of ups and downs for the traders and a good gain for the holders.

[findftp]

Was a bit confused, fucked up some little trades, but glad the pump came at last.
Prepare for moon (which we were promised)

[damiano]

Coin
Explanation

A very interesting day finally completed (UTC) and a good one

Lots of ups and downs for the traders and a good gain for the holders.

Looks like we're going up.

[DaRude]

I can't help but question the mentality of people who are selling under $300. Essentially BTC just got an official approval from US. Kinda hard to claim that an asset is a ponzi or a pyramid when it's licensed, trading in NY, and backed by NY stock exchange  

[ajaxmoor]

Was a bit confused, fucked up some little trades, but glad the pump came at last.
Prepare for moon (which we were promised)

Well, Unfortunately, I came back after 3 months of vacation and I already lost half the value of my holdings.
I feel worse. Hope the price comes back to where it was before.

[ajaxmoor]

I can't help but question the mentality of people who are selling under $300. Essentially BTC just got an official approval from US. Kinda hard to claim that an asset is a ponzi or a pyramid when it's licensed, trading in NY, and backed by NY stock exchange  

When the price was over 300, then a small dump happened, which wasfollowed by a panic dump to 270 .
I think, that keeps people worried about then having holding the entire day without any worry.

[inBitweTrust]

I can't help but question the mentality of people who are selling under $300. Essentially BTC just got an official approval from US. Kinda hard to claim that an asset is a ponzi or a pyramid when it's licensed, trading in NY, and backed by NY stock exchange  

Those people are either day traders who seek to profit on volatility regardless of price or trolls misrepresenting themselves. (throw in an occasional person desperate who lost their job , or has a nasty drug habit to feed as well)

But yes, I agree with your premise.... I'll be surprised if I don't see 400-600 in a few months.

[thresher]

I can't help but question the mentality of people who are selling under $300. Essentially BTC just got an official approval from US. Kinda hard to claim that an asset is a ponzi or a pyramid when it's licensed, trading in NY, and backed by NY stock exchange  

When in the past week a fat guy on twitter and then a countdown of a rocket to the moon managed to convince a bunch of people to buy btc, well it does make you think.........either way go to the moon it helps me out

[DaRude]

I can't help but question the mentality of people who are selling under $300. Essentially BTC just got an official approval from US. Kinda hard to claim that an asset is a ponzi or a pyramid when it's licensed, trading in NY, and backed by NY stock exchange  

When the price was over 300, then a small dump happened, which wasfollowed by a panic dump to 270 .
I think, that keeps people worried about then having holding the entire day without any worry.

Only for daytraders trading on emotions who are less stable than a teenage girl with ADHD?

Fundamentally this is huge and a good news. Refuse to believe that it's already correctly priced in at bellow $300. I think only china dumping can hold this back (which currently already has a ~$9 3% spread with finex)